This post may contain affiliate links; please read our advertiser disclosure for more information.Plastiq, a service that lets you pay select bills using a credit card, has filed for bankruptcy.This is a service that was quite popular, and still is to some extent, in the miles and points hobby. For a free, you can pay bills that normally don’t allow credit card payments. The fee has gone up to 2.9% in recent years, and some credit card issuers have added restrictions. So Plastiq is no longer as useful as it used to be. But it can still come in handy when you need to quickly increase your credit card spending, especially when working towards a nice welcome bonus.If you are one of those people who still uses Plastiq to pay bills, then we have some bad news. View from the Wing reports that the company has filed for Chapter 11 bankruptcy protection. Plastiq, which at one point received a $550 million market valuation, already had issues when its processor, Silicon Valley Bank, failed earlier this year.The San Francisco-based company listed both assets and liabilities in the range of more than $50 million to as much as $100 million in a Chapter 11 petition filed in the District of Delaware.VFTW reports that this is not a liquidation, and if all goes according to filings in day one proceedings, service might not be interrupted.Plastiq has secured $7.1 million of debtor-in-possession funding to finance itself through bankruptcy, court papers show. The company plans to sell itself in bankruptcy.But the outcome is still very uncertain, so you should probably refrain from making any payments through Plastiq for now.Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.Increased Offer! Chase Sapphire Preferred® Card – 80KChase Sapphire Preferred® Card is one of the most popular travel cards around. It earns 3X on dining plus 2X on travel and unlocks the ability to transfer Ultimate Rewards to partners like Hyatt & Southwest. Right now earn 80K Ultimate Rewards after $4K spend in the first 3 months. $95 annual fee is not waived.Learn more about this card and its features!Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Source: milestomemories.com