One of my sources of passive income is cash back from my credit cards. I presently own the Citi Double Cash back credit card which has 2.0% cash back on all purchases. The biggest expense in my monthly budget is mortgage payment (principal + interest + property taxes). Unfortunately, it is not possible to pay mortgage using a credit card.
Say hello to Plastiq. Plastiq allows me to pay with credit cards where cards are not accepted. Such payments include mortgage payments, auto purchases, taxes, utilities etc. The catch is they charge a 2.5% fee. Taking into account my 2.0% cash back, I would be shelling out 0.5% on fees. Think of it as a convenience fee.
Plastiq has a promotion running where it is possible to pay bills (No Fee) using MasterCard in Masterpass. This promotion runs from June 1, 2018 to September 30, 2018. The fee will show clearly as zero on checkout page. The promotion applies to any bill of 250$ or lesser. It is possible to schedule multiple 250$ bill payments on the same day. The limit is for a single transaction only. Assuming a mortgage o 1,000$ per month it would amount to 4 X 20 = 80$ in cash back (passive income). Ideally it would be nice to couple this with a new credit card. This would facilitate meeting the spending limit for sign up bonuses.
In case you are interested (not a referral link)
Plastiq
Plastiq Masterpass promo
Hey DG, I'm a big believer of putting all expenses on cash back cards too. Nice find. Tom
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DeleteInteresting strategy Geek. Too bad I don't have a credit card that gives me cash back. I was thinking about getting one that does, but it seems like a lousy reason to open up another line of credit.
ReplyDeleteSound like a pretty good idea, I have 3 rental properties not sure it will work for me. I might have to research more about this strategy, but I would love to put all of my mortgage on credit card so I can get some cashback rewards.
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