Visa Blocks Plastiq Pro Strategies + New Competitor in the Payments Space - Weekly Recap

[@RJFinancial]

Thanks for tuning in! Checkout my second channel and get $100 from Affinity Federal CU for your time - kzbin.info/www/bejne/lXK3mKClgp6mqKM

[@BlakeDaniels]

pay by bank and other similar services have become relatively popular in the niche market of legal cannabis - because of federal prohibitions on handling "drug money" regardless of the state legality, most dispensaries can't take credit cards or even process debit transactions. in most places the closest you can get is a manually processed atm withdrawal which obviously earns no rewards already, so in those markets it's been very easy to get people to switch over for the convenience and lack of atm fees. it will be interesting to see how it takes off in unrelated and un-handicapped industries.

[@RJFinancial]

That's a good point. I forget about how sensitive the banks can be or how silly the federal rules can be. I think it has a chance with a good UI and some level of savings/rewards

[@lebisque9194]

I just watched your Plastiq video and now this.Thanks for the update before I even tried this. I wanted to pay my car loan with it. I feel like as long as they're getting their money stop blocking. These card issuers just want to make it harder to meet that SUB. Ah, well. .

[@RJFinancial]

After thinking on it, we could likely still send ourselves checks via Plastic. Not sure why they'd care. Could even mail it to your work address or to a player 2. More hassle but still accomplishes the same goal of minimum spends

[@MannyCovington]

The Plastiq news is tough, such a great avenue for many people

[@SpencerJohnsonOfficial]

Danggg sad to hear about the Plastiq news. I never personally got to use it for my welcome bonuses, but I was looking forward to having that option available in the future. A lot of fun news this week man! Thanks for sharing as always.

[@scottb_02]

My mortgage company lets me pay with Visa, they charge me a $12 fee. They also let me pay multiple months at a time (same $12 fee). I use the Venture X for 2%, it’s Old Fort Banking Company here in Ohio.

[@scottb_02]

I’ve been tempted to try and use my US Bank Cash+ card to see if it’ll trigger the 5% for the Home Utilities category I always select. 🤔

[@RJFinancial]

That's a cool perk and uncommon for sure. US Bank has always instantly blocked my CC funding for bank accounts. Not sure if they'd treat this payment differently. Worth a shot as a test

[@jeremymoore450]

RJ, Wow what a great video Sir. Appreciate the shout out in the video. I am always and will be a huge fan of the show 😃 the chase IPs I wonder if people were using VPNs to try and apply for the cards and chase didn't like it.. hmm. I always look forward to the Sunday recap show. I like to see how you put it all together and what your thoughts are on it. Avant bank caters to people with lower credit scores they are a decent bank. Maybe they will be able to approve people for the MLS cards at a lower credit score.. Avant bank typically work with people with lower credit scores and rebuilding credit. I guess we will see on that part. Appreciate the video man.

[@RJFinancial]

Avant lower requirements is likely. With cards like that they tend to want to cast a wide net and manage risk with CL's or APR's. We can always find some good stuff, even on a slower week

[@ctbt1832]

Paying debt with debt is not a problem. Using credit cards cut down the bill much faster. And they know it. Paying more give the companies getting the money less interest

[@Doggieman1111]

Will be interesting to see how it all plays out

[@ridleyjoseph7337]

RJ keep applying pressure with the constant uploads love your stuff brother !!!

[@RJFinancial]

Appreciate you sir, have a great holiday

[@jimmyjames6492]

Man, that stinks about Plastiq. Thanks for the heads up + video!

[@RJFinancial]

I may have to test it but I feel like we could still send checks to ourselves or others to hit spend. This does make it harder tho

[@jarrod499]

The problem with all of these alternative payment options is that if the merchant is lowering their interchange costs then the consumer rewards that are offered have to suffer vs CC. Also they need fraud policies as good as CC.

[@RJFinancial]

We kinda end up stuck in the middle of the fight to your point. Either we pay more or we get less rewards. Either way the customer is often left with the short straw

[@williamgoodpaster5689]

This sport/hobby/game is like playing Chess. I love it!

[@RJFinancial]

It sure is. They block one path, then we find another way to the Queen

[@wesleyhaskins1569]

Isn’t the dollar bill technically debt too?

[@stanleymartinjr136]

I always enjoy the recap videos. I could see Pay by Bank as a way to provide a discount for people who use it. Maybe would be a payment button that says "Pay by Bank-Save $3.00" as an example. It reminds me of when gas stations give people a discount when they use cash as opposed to a credit or debit card. In reading some of the articles on Pay by Bank, it seems to be a longer process for authentication than just entering in a credit card number.

[@RJFinancial]

It's gonna have to be easy and offer some level of discount. I don't think most people care all that much about how they pay. At the start of EMV chips the length of authentication was an issue, then we kinda got use to it. Some spots in a a company food court I've seen don't even use EMV because they think it slows them down too much

[@iamjoemade3535]

That’s too bad to hear about Plastiq. Just got my Chase Ink and had planned on using it to invest in real estate using Plastiq. Dang!

[@RJFinancial]

I believe you could still send yourself or a player two a check to hit bonuses that way.

[@Yaw_Jr]

Similar situation - got approved for the Sapphire this week. Smh I had GREAT plans for plastiq!

[@Yaw_Jr]

​@RJ Financial oooooh REALLY? Thanks! I'll try that out

[@yassine5457]

​@@Yaw_Jr have you had any luck? I just got approved for a chase business card

[@docsays]

I definitely think paypal is taking on apple in the credit card space. I have the paypal card & we use it almost exclusively for online purchases which frequently accepts paypal for that 3% cashback!

[@RJFinancial]

It's underrated and likely a better card overall given PayPal popularity online vs apple pay. I may need to consider it as I look to build out a cash back set up

[@user-ek6bw1yf8z]

so can you still use a Visa for anything else other than debt repayment like if you wanted to pay someone for a service?

[@RJFinancial]

Yes, Visa and MC still work

[@Jason_The_Man]

The credit card companies are always looking for a way to block us from maximizing. If they put that much effort into making great cards, they’d have less to worry about. Maybe they should start implementing longevity bonuses.

[@RJFinancial]

The debt with debt is a silly thing to worry about considering how most cards are used always. This stopped being serious to me when they decided to issue cards on stated income.

[@Yaw_Jr]

Dang it! I LITERALLY just got a Chase Sapphire with Plastiq in mind to max those points! DAAAAAANNNGG! SMH

[@RJFinancial]

You could probably send yourself an ACH or check with Plastiq. I don't see why they'd block it.

[@coreygumball]

i heard if i use a chase ink biz cc it will kill the %0 intro apr is this true?

[@RJFinancial]

Because you run it through Plastiq? I haven't heard that one before. Not sure why chase would care.

[@Morphius420]

SUB'd --- Thanks for the tip on the upcoming MLS card, hopefully it'll have enough benefits to make it a primary card for the 2026 World Cup; Canada, Mexico and U.S. are hosting; flights, hotels, tickets, Uber, food/drinks, etc. etc. :)

[@RJFinancial]

Welcome & Happy New Year to you

[@dwighttaylor5107]

Always great content sir?

[@RJFinancial]

Have a good holiday sir

[@jamesjohnson-kb9ml]

So are there any sites that you can pay mortgage with Amex platinum

[@RJFinancial]

not that I know of. They try very hard to block these types of transactions. If you're looking for manufactured spend, I suppose you could send a check to yourself or a player two with Plastiq

[@d-c-g6525]

Hey RJ, I think melio be a work around for using chase ink cards to pay property taxes .Also, I applied for the ink cash when I 4/24 and got it now I'm 5/24. Would I still be rejected if I were to apply for another chase business card or is that for the first ink card?

[@RJFinancial]

I'm going to have to look into Mello, been waiting for a use case to make a vid on it. Yes, if you're 5/24 then no new chase cards. You can get other biz cards and it not count towards 5/24. If your saying you were 4/24 then got the ink cash, you'd still be considered 4/24 There's also been rumors that some of the cobranded cards are not currently in 5/24 but I've seen mixed data points. kzbin.info/www/bejne/o6TchYJ8aMZ4gK8

[@primeexample]

So i went on a credit union spree applying for savings accounts now im in chexsystems. not for anything derogatory but just inquiries. Should i be worried?

[@RJFinancial]

Check this out from my other channel. I do the same and I'm not personally worried. As long as you have at least one home base bank account you'll never be without a banking home. kzbin.info/www/bejne/Z3vbapmhf5V0fs0

[@Jordan-sq1oo]

Could be people using a vpn?

[@RJFinancial]

It's a possibility. I know folks try it from time to time when applying for out of state banks

[@mitchell.9632]

Did not know there are 21 MLS teams.

[@RJFinancial]

I'd say we all learned something today lol

[@thomask5038]

Man. Once MC follows Visa on "debt paying debt," that'll be the end for Plastiq.

[@RJFinancial]

It's interesting how far they'll go. Right now I believe we could still send ourselves or a player 2 a check to hit a bonus. If you mail it to your work office it would be hard for them to claim it was MS

[@thomask5038]

@@RJFinancial Wow. That's brilliant.

[@sandorvarga.6982]

SUCCESS.fratelo.

[@MissEnglish123]

I know it’s an opinion, but if ur practicing good money habits why do u need ur pay 2days early??? I’ve always felt that getting ur pay 2 days early is for those on the edge living paycheck, one of my banks is Citizens bank & they offer payroll 2 days earlier, I’ve never signed up, I can wait for my money

[@RJFinancial]

I don't think it's a super helpful perk. It simply sounds nice. I'd need to know more about behind the curtain. I think they ACH the bank gets is dated for a Friday. I also kinda feel like if you have it bank why are you holding it? Assuming it all settles prior to Friday

[@MissEnglish123]

@@RJFinancial I understand, if the bank has the money, why are the holding on to it? I can understand that point of view

[@JP-nq1er]

Why wouldn’t you want to get paid early? This argument doesn’t make much sense. Practicing good money habits has nothing to do with getting paid earlier. It’s easy to say pay your balance in full, practice good money habits, etc. but face reality. That’s easier said than done for many people. Life is expensive and with everything rising, the way many billion dollar companies treat their employees like shit and underpay them forcing many people to just barely get by while these corrupt execs are getting million dollar salaries & bonuses for often times poor management of the company. This is a bigger societal and systemic issue. While you should practice good money habits, not carry a balance, etc. that’s not so easy for a large part of the population who can barely pay rent & keep food on the table. So it’s insensitive & coming from a place of privilege to scoff at the corrupt banking industry doing something halfway decent like releasing someone’s paycheck early that they probably worked their ass off the previous week for. For many people that can be a huge benefit.

[@champstar9669]

"Major League Soccer" -- that's like "Professional video game player."

[@RJFinancial]

You mean you don't want to sub to my Twitch channel?

[@PointsInbound]

Haha imagine the feeling of being told you were denied because sanctions, lol

[@RJFinancial]

I'd take one of those letters to add to my denial collection lol

[@tantradossantos4501]

The denials sound like a VPN-related issue.

[@RJFinancial]

Good possibility. The banks love when people us VPN to apply for products when they're out of footprint lol

[@android7764]

iPhone 14 is going to be hot garbage. I collect phones (that are worth it) and have one from each major manufacturer. (Available in the states) I see no reason to replace the iPhone 12 in my collection. I'm waiting for the iPhone 15 to replace my iPhone 12 that I use exclusively as an overpriced iPod. For my daily carry, Team Pixel all the way! Aside from that, have you ever heard of a secured card being closed by the bank due to lack of use? I have a secured card from a credit union as my oldest active card that I've stopped using. I wondered if I should put some spend on it to keep it active but since they technically have the money already in a secured account, it makes the card valuable for them to keep open because if they close the account they'd have to give me my money back. So Is that something that happens or am I worried over nothing?

[@RJFinancial]

I want to skip to the 15 so we can finally get that USB C that everyone else has had for a decade. It's my last non USB C device... I haven't heard of that but then again we don't talk about secured cards much. It'd be interesting if they closed it as they still have some amount of money on deposit to secure it. Do they have PC options to a more useful card or at least one that doesn't tie up a few dollars?

[@android7764]

@@RJFinancial Def want that USB C. Lightning is old garbage and Apple not ditching it without being forced is asinine. They removed the headphone jack when no one asked for it for being an "old standard" and they called themselves courageous for it but won't replace the aged standard of lightning to USB C that literally everyone is asking for. They're so full of sh*t it's hilarious 😒 They do but their PC options are garbage and aren't worth it. I have better cards that do more for me in benefits and rewards rates. Plus just to product change to a PC card I'd need to do a hard pull which isn't attractive.

[@RJFinancial]

I haven't but we don't talk much about secured cards so not a ton of data points. They technically have some money on deposit to make it secured so I can see why they'd want to keep it open and no real risk. Could see if they have another more useful card to PC to. Would free up whatever money that have making it secured which would be nice. $1 Amazon reload every so often would be easy enough to keep it open

[@android7764]

@@RJFinancial Of their PC options they have 2 cards. That are basically the same. One is a low interest card that earns one point per dollar that can be redeemed for Merchandise, Travel & Gift Cards. The other is a Cashback card that has a higher APR & the points have the additional option to be redeemed for Cashback. Besides that, everything else is the same.

[@android7764]

(Sees monthly Q&A Vid) [Rolls up with the Android squad] Ayo! I heard you were talkin smack! Wuz gud blue bubble BOI! 🤣🤣🤣 Jk Jk 🤣😶‍🌫️😂😭

[@RJFinancial]

Lol I mean this week is the new Apple event…. Could be the perfect time to come on over.

[@android7764]

@@RJFinancial Nah, iPhone 14 is going to be hot garbage. I collect phones (that are worth it) and see no reason to replace my iPhone 12. Waiting for the iPhone 15 to replace my iPhone 12 that I use exclusively as an overpriced iPod. For my daily carry, Team Pixel all the way!

[@guaparra2]

First 🥇

[@RJFinancial]

Spirit award to you this afternoon sir!

[@willgomez1737]

Have you try doxo yet? I was looking around to pay my mortgage. They also use apple pay 🧐

[@RJFinancial]

i haven't heard of it. I'll have to check it out. Thanks for the tip