Reports over the last few days indicate that American Express notified Plastiq to discontinue allowing mortgage payments over their platform. This is bad news for points and miles enthusiasts looking for an easy way to hit minimum spend on a new credit card. Furthermore, it jeopardizes my plan to make all mortgage payments with my Blue Business Plus card. After reading this unfortunate news, I decided to log into Plastiq last night and try to make a payment. It appears Plastiq might still be allowing some Amex mortgage payments after all.
Scheduled Amex Mortgage Payments, Heloc’s and More
Currently I have two mortgage related accounts setup with Plastiq. The first is my regular mortgage which is scheduled to be paid on the 22nd of each month. Some reports indicate already scheduled payments are exempt from this new American Express ban. I’ve decided I’m not going to mess with my scheduled payments and see what happens on the 22nd. I’ll keep everyone posted with what happens next week.
I’ve also got a home equity line of credit (Heloc) that we occasionally tap into for large home repairs and things of that nature. Since the amount due on that isn’t always the same, it’s not setup on a recurring basis. Last night I went to make a payment with my Blue Business Plus card and didn’t have any problems. The transaction processed normally. Presumably a Heloc is considered the same thing as a mortgage since they are both liens on our house?
Typically, all good things come to an end. I’m sure I’m on borrowed time with making mortgage payments on my BBP card. That being said, don’t give up quite yet if you’ve got payments to make or a minimum spend to hit. Plastiq might still accept your American Express card. If you’ve never tried Plastiq before, click here to setup a new account and receive $500 in fee-free transactions! Full disclosure: I also receive Plastiq credit if readers sign up.