Search Results for: plastiq

Plastiq, a once favorite bill-payment service for manufactured spenders, has slowly gotten worse over the years with a gradual but pronounced death. Some of the ways:

Earlier this year they announced that they’re going public via the $480 million dollar Colonnade Acquisition Corp SPAC. I can only assume that they’re trying to emulate other SPACs like BODY, which went public and managed turn $10 in net asset value per share into a current price $0.70 in just a little over a year. EDITORS NOTE: I know sometimes we say silly things at MEAB and “Colonnade” sure looks like a silly thing, but it’s the SPAC’s real name. Really.

So, what are they up to now? Well, another kind of “nothing good”, I assure you. In order to drive away price sensitive customers that use the service because it’s a bit cheaper than others, they’re raising processing fees to 2.9%, the par for the industry. Obviously they’re doing this so that they can compete on features alone and lose customers that way, except faster than before.

Is there still room for Plastiq in a manufactured spender’s toolbox? I guess so, but barely. I’d take this as a good opportunity to find alternatives that are less cruddy and more functional.

Happy Wednesday!

I’ll be honest: It was hard not to make today’s picture about Colonnade, but since it’s Plastiq it had to be a louse. I don’t make the rules friends.

  1. The Citi Shop Your Way Rewards Mastercard has new targeted offers for utility spend, once per month for November, December, and January, delivered by both USPS mail and email. We’ve seen:

    – 10% back for $600 or more in spend, up to $700 in spend
    – 10% back for $450 or more in spend, up to $500 in spend
    – 5% back for $500 or more in spend, up to $1,200 in spend

    (Thanks to birt and Dave)
  2. Plastiq is once again accepting American Express cards for payments in certain categories. Fees are currently 2.9% + $0.99-$1.49 which makes it more expensive than average for credit card bill payment services, though not without utility.

    Is Plastiq trustworthy? Well, they’ve effectively exiting bankruptcy and have a person best described by “a kid’s cartoon cowboy transforms into a real person, puts on a suit, and for some reason is always a little sweaty” as a CEO. So, uh, yeah. At least you have chargebacks as a backstop.
  3. Giftcards.com has 5% off of $100 Visa gift cards with promo code SPOOKY5 or SCARY5 through November 6, maximum $15 back per order.

    Normally these range somewhere between a good deal and a great deal when stacked with portal bonuses, however apparently they sent an email to affiliates saying that there’s no payout on orders places utilizing these codes. There’s a small chance that the email is wrong, so if you’ve got a gambling mindset today then you’ve found your mark. (Thanks to GCG)
  4. Do this now: Register for Wyndham’s Q4 promotion for double points on stays of two nights or longer through January 12, 2024. (Thanks to FM)
  5. The Chase Marriott Boundless card has a targeted sign-up bonus for 75,000 Bonvoy points and a $300 Marriott e-gift card after $3,000 spend in three months via the Chase app. The card has a $95 annual fee, and my unpopular opinion is that this is the best version of this card’s sign-up bonus because the $300 card pays for resort-fees and parking on those “free” points or certificate stays.

    My more popular opinion is that you’ll still be Bonvoyed somehow while you’re at a Marriott property.

Happy Wednesday!

Plastiq’s CEO shows up at MEAB’s doorstep later today.

  1. American Express Offers has two big offers:

    – 25,000 Membership Rewards with $1,500 spend with Royal Caribbean through December 31
    – $100 statement credit with $500 spend at Hiltons in Nevada through March 15, 2024

    American Express does clawback offer bonuses that are refunded, but in a rather simplistic way. (Thanks to Conner)
  2. United TravelBank funds can now be gifted to friends and family, and in related news TravelBank loads still work for the American Express Platinum’s airline incidental credit. This is great news at first blush, but the addition of “friends” probably means this isn’t going to end well for anyone.
  3. Plastiq, the once plucky upstart bill pay service that failed to IPO, went bankrupt, and was then acquired by its (loose) competition, has taken a page from the airline frequent flyer playbook: A silent devaluation. They’re now charging $0.99 for ACH delivery and $1.49 for paper check delivery in addition to other fees.

    16 days ago they announced that they’d accept American Express payments in a “couple of weeks”. They don’t currently accept AmEx, so I guess by “accept American Express payments” they really meant “charge new fees when sending to American Express, but also everyone else” which frankly is the most Plastiq thing that could have happened.
  4. Vacasa redemptions through Wyndham also took a note from the frequent flyer playbook with a silent devaluation. Vacasa redemptions were 15,000 points per bedroom and worked on properties that cost up to about $500 per bedroom before fees, but now the limit is somewhere around $350 per bedroom.

    We’ve been #bonvoyed by a non-Marriott hotel chain.
  5. The Gift Card Shop has 50% off of purchase fees on orders over $150 using promo code 2023HOLIDAY through October 29.

    Visas and Mastercards are issued by InComm. (Thanks to SideShowBob233)

The airline frequent flyer playbook in action.

  1. Bank of America has an annual promotion called “More Rewards Day” on a single day when all of your Bank of America cards earn an additional 2% cash back or 2x points on spend. It’s back again for 2023, and it’s scheduled for November 9.

    Last year it was very lucrative for some and frustrating for others because it was effectively capped only by your credit lines, but sometimes Bank of America’s fraud algorithms ran rampant like a rabid bunny with a Napoleon complex. As a result, Bank of America has limited rewards to $2,500 in purchases per personal card or corporate account this year.

    Now’s a good time to apply for Bank of America cards so that you’ve got them in-hand to hit minimum spend for November 9.
  2. Plastiq has a storied past with churners. Once upon a time it was one of the easiest platforms for no-cost or low-cost debit liquidation, but that slowly eroded into crapulence and then bankruptcy. Some highlights:

    – A great way to have scheduled tiny transactions in June 2021
    – Plastiq: The Zigening in March 2022
    – When IT and Promotions Fail Together in August 2022
    – Plastiq: A Slow Requiem in November 2022
    – Plastiq declares bankruptcy in May 2023

    They were acquired by Priority Technology Holdings in bankruptcy, and a few weeks ago a judge approved the new company’s bankruptcy exit plan.

    Plastiq’s background helps frame the news that they shared: Plastiq will be accepting American Express cards for payments starting in a few weeks. Knowing Plastiq, it’s not going to be implemented properly. Always be probing.
  3. American Express Offers has an offer for $200 back on $2,000 in spend through November 21, up to two times. So far it’s been seen on both the personal and the business Amazon cards, but likely exists on other cards too. (Thanks to Ragerz78)
  4. Chase Offers and BankAmeriDeals have an offer for 10% back on IHG purchases of $100 or more, up to $31 cash back through November 15. Yes, you can capture these without staying at a Holiday Inn Express. (Thanks to DoC)

Happy Wednesday!

Bank of America’s fraud algorithms personified.

  1. Kroger is having a weekend 4x fuel points promotion running Friday through Sunday on third party gift cards and fixed value Visa and Mastercard gift cards. Resale markets have nearly recovered to rates found before Kroger started banning accounts because, like the documentary Jurassic Park taught us, life will find a way. (Thanks to GCG)
  2. Plastiq has filed for bankruptcy and already has a vulture company that’s agreed to scoop up its assets, pending court approval. The payment processor was once a great arrow in the manufactured spender’s quiver, but the company’s unstated mission was to perfect the art of a slow death spiral and they succeeded spectacularly. Their bankruptcy shouldn’t be surprising ay after they failed their merger with the Colonnade SPAC which caused the SPAC to die too.

    Plastiq wasn’t without utility even as recently as this week, but maybe that’s changed. Personally I’m not going to send any further payments through the platform, but you’re all adults; do what’s best for you. (Thanks to VFTW)
  3. Chase increased the bonuses on its personal Southwest cards through June 26, and each includes a single use promo code for up to eight passengers for 30% off of a paid or award booking.

    – Rapid Rewards Plus: 60,000 bonus points and 30% off code
    – Rapid Rewards Premier: 60,000 bonus points and a 30% off code
    – Rapid Rewards Priority: 60,000 bonus points and a 30% off code

    These offers are available via referral too, so make sure you use a friend’s referral link and make their day too unless you’re referring from another player.
  4. Do this now: Register for Wyndham’s summer promotion for 5,000 bonus points on two night stays, 10,000 bonus points on three night stays, or 15,000 bonus points on four night or longer stays through September 5. If you’re a Wyndham card holder you’ll get a one-time additional 5,000 bonus points on your first stay too. Complex much?

Plastiq obviously was part of this manufactured spender’s quiver.

No doubt you’ve heard from dozens or hundreds of sources about Silicon Valley Bank’s collapse, and while it looks like all deposits will be available and accessible, we can still learn something here.

First, let’s talk about some of the relevant ripple effects that we’ve seen over the weekend:

Next, we can project a bit about what will happen in our game based on these datapoints:

  • Bank bonuses will become more important from a risk avoidance perspective for high net-worth individuals and businesses in case the next failure doesn’t have assets to cover beyond FDIC limits and the Fed’s new emergency fund doesn’t come through
  • Banks will be more willing to offer bonuses in the short to medium term to win new high net-worth customers
  • Credit card companies sign-up bonuses will probably go down because banks will want to increase their banking bottom line in the short term
  • Big banks will offer more credit card incentives for deposit holders to keep them locked into the ecosystem (like BoA’s Premium Rewards program) – JPMC is a notable exception to this though
  • FinTechs will be less rewarding as competition lags and the need to diversify banking partner risk increases
  • Businesses and characters that need loans to continue may find themselves in a rough spot because long term financing prospects look hard and expensive

Blah, blah, blah, how about something immediately actionable poindexter MEAB? Fine, let’s get back to basics: Office Depot/OfficeMax has $15 back on $300 or more in Mastercard gift cards through Saturday. These are Metabank Pathward gift cards, so as always, have a liquidation plan in place (unlike Silicon Valley Bank, amirite?)

An excerpt from the Silicon Valley Bank rate hedging playbook.

Introduction

In what has become an annual MEAB tradition for three years in a row (and trust me, if I do something three years in a row it’s a Ron Burgundy style “kind of a big deal”), it’s time for another installment of Travel Hacking as Told by GIFs, but without Ron Burgundy.

Previous versions:

As a certain prolific human wrecking ball and worlds fastest beta tester likes to tell me, LFG!

The GIFs

Getting ready for the MEAB 2022 Travel Hacking as told by GIFs post.

We started the year with most American Express business cards offering bonuses of up to $200 per card or 20,000 Membership Rewards per card, up to 99 times. Yes, it was a huge bonus, but we had to prepare for a bunch of small talk and impatiently waiting while a phone rep adds 99 variations of your name to your account.

Pictured: 99 AU cards with your name on them (go ahead and count, I’ll wait).

Mastercardgiftcard.com turned out to be a great way to hit minimum spend American Express cards for a chunk of the year, at least until they started charging cash advances, illustrated here.

The silent response when MEAB geeked out with the Monty Hall problem applied to flights.

Chase drops the bonus for pay yourself back categories from 50% to 25% on the Chase Sapphire Reserve (probably) due to massive abuse and gaming.

After Southwest’s epic meltdown, we get to see their operations staff working on their computer crew optimizer in real time.

Plastiq announces that they’re going public via the Colonnade SPAC, and then produces a commercial outlining their 2023 business plans.

When a manufactured spender successfully executes an AmEx triple dip.

American Express tries to convince us that this year’s Q4 referral bonus with +4x on travel and transit spend isn’t lame. We still remember the better 2021 4-for-us and best 2020 3-for-all variants of the offer.

Delta and Starbucks partner up, and mainstream bloggers see yet another 10 page puff piece in their future.

Capital One sees American Express with all the giant 250,000 point sign-up bonuses and decides it’s time to play ball. Then, American Express responds.

Nearside’s 2.2% cashback everywhere debit card announces by email that it’s shutting down.

A few hours later, Nearside emails everyone and says “J/K, J/K, we’re fine”

Then the next day, Nearside announces that no, it’s actually dying.

Kroger’s inner crazy-monologue sends itself a message about wiping out fuel points accounts, and then does it.

We watch as the Unsung Hero Synchrony Rakuten card slowly dies.

Brex decides that it’s going to focus on only large businesses and leaves everyone else high and dry.

Marriotts in Japan welcome their most loyal guests when tourism reopened in October.

Delta announces that they’re getting rid of the CRJ-200s from their fleet, and provides video of the final torture-tube flight.

Travel hackers look for Lubbock on the world map for some reason.

Kroger starts replacing US Bank gift cards with Metabank gift cards.

Southwest’s reservation system stops taking calls due to random equipment failures.

Trying to place orders at Dell looks great, until your order is cancelled after it’s confirmed.

We react to PayPal key going away.

J and F flyers realize what’s going to happen to award space now that Emirates awards can be booked with Air Canada Aeroplan miles.

MEAB prepares for the 2022 Travel Hacking as told by GIFs early in the year to make it easy later, and then face-plants via procrastination as the year moves on.

Thanks for reading friends! Just like Tanya in the White Lotus Season 2, I’m sure only good things are to come at MEAB!

MEAB is here with the real questions for you this year, like: “What if Manufactured Spend, Loyalty, and Travel hacking companies were Vice Presidents?” Hard hitting stuff I know! Also, it’s slow during the last week of the year so I guess let’s go:

Happy Thursday!

MEAB’s official 2022 tee-shirt.