One of my favourite services right now is the PayTM app. It lets you pay bills with credit cards where normally you can’t use one, allowing you to earn additional miles and points. They are similar to Plastiq, but have a much better product and stronger customer service. PayTM is a large payment services company in India backed by Alibaba. They first launched in Canada in July 2017.

PayTM Cashback Offer

Until January 31, 2018, PayTM is offering 2% cashback when you use the app to pay a bill. The maximum amount of cashback you can get is $20, and is valid for both new and existing customers. Verified accounts can make up to $1,500 in bill payments per day, so it’s not hard to complete the offer. If you don’t already have an account, use promo code PTM9462620 to get an additional $10 bonus after paying more than $50 on your first bill.

Using PayTM

PayTM has two categories of payees – the first that accept credit cards, like Telecom and Utilities, and the second that only take PayTM cash, like credit cards and loans. Together, they have over 5,000 billers on the app which covers the majority of payees. Keep in mind, many companies now charge to refund you for overpaying bills, so I recommend only paying merchants where you won’t be requesting the funds back.

PayTM accepts American Express and MasterCard. There is a 2-4% fee with American Express, while they are waiving the fees temporarily on MasterCard. These transactions post as purchases and not as a cash advance, so they are qualifying.  I will be using my Alaska Airlines MasterCard or the MBNA Rewards World Elite MasterCard, which offers 2% cashback on all purchases. It may also be worth it to use your American Express, for example, if you are trying to complete the minimum spend to earn 75,000 Membership Rewards points with the American Express Business Platinum Card.

You cannot pay things like your brokerage account with a credit card, so you need to have PayTM cash. To load funds into your account, send them an Interac e-Transfer, which takes up to 1 business day. Alternatively, you can add money to your account at Canada Post, with a $500 maximum per day. The latter option is pretty neat, as you presumably get the funds instantly. All bill payments qualify for the cashback promotion, so even paying your credit card bills will count.

This is a great bonus for paying bills with PayTM. Obviously, it’s better than the alternative of getting zilch when using your checking account. Additionally, you can even transfer money to friends on the app. I love that PayTM has really gone ahead to create a neat product, and I’m excited to see what else they have in store soon.

Use promo code PTM9462620 to get a $10 bonus after paying more than $25 on your first bill.