BoA Credit Card 3% on Plastiq (up to 5.25% through Preferred Reward)

Plastiq recently broke the news that as of February 10, 2023, they will no longer accept American Express. Fortunately, there are still plenty of cards that are accepted by Plastiq. Bank of America’s Advantage Custom Cash Rewards card isn’t just accepted on Plastiq, but it can also earn 3% on Plastiq.

Three percent cashback on Plastiq would have been attractive when Plastiq used to have a lower fee (now 2.95%) and frequently ran promos. Regardless, it is worth a mention since it isn’t every day that you see a 3% card on Plastiq. If you have expenses you can process through Plastiq then putting it on an eligible 3x earning BoA card is an easy and cost-efficient way to meet the minimum spending requirement for the signup bonus. If possible, why not get a $500 signup bonus (DoC) and break even on the Plastiq fee?

To be eligible for 3% cashback, you need to choose “business consulting services” as the 3% category. The default 3% category is gas and the remaining 3% categories are office supply stores, travel, TV/telecom & wireless, and computer services.

If you have “preferred rewards for business“, your 3% cashback could be as high as 5.25%. Gold Tier (20k-50k), Platinum Tier (50k-100k), and Platinum Honor Tier (100k-1 Million) get you a 25% (3% becomes 3.75%), 50%, and 75% reward bonus, respectively. In other words, Gold, Platinum, and Platinum Honor can get you 3.75%, 4.5%, and 5.25% on Plastiq, respectively.

Note that there is a similar preferred reward program for individuals.

It should be mentioned that you can change your category once a month. 2% and 3% cashback is only available on a combined $50k spent per year, then after the card earns 1%.

Closing Thoughts

What else falls under the “business consulting services” category?