How To Pay Rent With Credit Card
Paying your house rent is usually one of the biggest spends you make in a month. It is also important to pay your rent on time, and you may not have the liberty to skip paying the amount. For those living from pay cheque to pay cheque, an unfortunate and untimely cash crunch in a given month can thus leave you in a tight spot.
A can now come in handy to pay rent as well. HDFC Bank has tied up with RedGiraffe to offer you the facility of RentPay. Customers can utilise this facility to pay rent on a monthly basis, using their Credit Cards.
RentPay is the facility provided by RedGiraffe, in affiliation with HDFC Bank, to pay your rent using a Credit Card. RedGiraffe is a UK-based Fintech start-up, which provides you this service.
How do I pay rent using Credit Card?
HDFC Bank customers need to register for RentPay at the RedGiraffe website. You need to fill in your details, along with that of your landlord. After the due process is complete, you are issued a RedGiraffe ID . You need to register this RG-ID with HDFC Bank. Once the one-time registration is complete, the monthly rent payments will start getting credited into your landlords bank account each month on a predetermined date. A nominal fee is charged for this purpose.
To apply for HDFC Bank ? click here to get started!
Four Myths About Canadian Household Debt And A Few Unpleasant Truths
Millennials, which the company describes as 25 to 35 years of age, make up about 60 to 70 per cent of the RentMoola client base, as many consumers in that age range are unaccustomed to or uninterested in having cheques, the traditional form of paying rent.
Postrehovsky says the idea of charging more to credit cards has taken hold in some segments of society and the credit card companies have embraced the concept in the United States.
Visa and MasterCard are aggressively going after what they call the emerging segments. Rents is one, college tuition and taxes are all , he says.
Canadians Can Now Pay Their Rent By Credit Card And Millennials Love It
A service which allows you to directly pay rent or condo fees with a credit card is gaining subscribers but considering Canadians’ record debt levels, is this a great idea?
Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.
How To Pay Your Mortgage Or Rent With A Credit Card
So, lets say youve decided that paying your mortgage or rent with a credit card makes a lot of sense. Great!
Whats next? The next step is to figure out the best providers of these services to make these payments for you.
If you are a renter, you might already be making rent payments online by visiting an online portal or website. And on these websites, you might see an option to pay using a credit card. In that case, all youd have to do is just select that option and make your payments.
Making a mortgage payment is a bit more challenging for a number of reasons. For example, making rent payments with credit cards is a more common practice, while making a mortgage payment with a credit card is rarer. Also, your mortgage loan might be sold off numerous times, so figuring out where to even make your payments can be cumbersome if youre not using autopay.
In this next section, well show you how to pay your mortgage or rent with a credit card, starting with the best solution available.
Why You Shouldnt Pay Rent Using Credit Card Convenience Checks
The other important thing to note is the cash advance fee. You will be typically charged anywhere between 3% and 5% for simply using it. This is significantly more expensive than all the other methods you could use for paying your rent with a credit card.
To find out more about cash advances and how they work, check out our in-depth guide on the topic.
Read Also: How Can I Pay My Macy’s Credit Card Bill
Citi Double Cash Card
The Citi® Double Cash Card doesnt have a sign-up bonus, but its above-average cash back rate makes it a worthy contender nonetheless. With no limit on cash back earnings, Double Cash really shines for cardholders with hefty rent payments. Learn more about the Citi Double Cash card in our detailed review.
Pay Your Landlord Directly
This might sound like an obvious option, but some apartment buildings or complexes run by large management companies allow you to pay your monthly rent directly by using a credit card. However, its important to check if your landlord charges a fee for this service. If theres no fee, then youre in business, but if there is a fee, youll want to calculate whether the rewards youll earn from using the card are worth more than what youre being charged.
Also, since rent isnt a typical bonus category on most credit cards, youll want to use a card that earns a high return on everyday purchases. This makes credit cards such as the Citi Double Cash, the Chase Freedom Unlimited and the Capital One® Venture® Rewards Credit Card your best options.
The Only Time You Should Pay Rent With A Credit Card
Credit card rewards are a thingand some cards really deliver on this fact. If you can confirm that the perks of paying with a credit card actually do outweigh the cost of any convenience fee incurred and you pay your credit card balance off in full every month, it is likely worth it to pay your rent with a credit card. But, again, read the fine printif you fall behind on credit card payments, all bets are off.
How Do I Pay For Someone Else’s Rental Car
Just so, can I book a car rental for someone else using my credit or debit card?
Using someone else’s credit cardrent a carrentalcarrentalusedrental
Also to know, can you rent cars for other people?
Can my wife use my credit card to rent a car?
rentalcould rentcar using his credit card
What are the risks of renting a car for someone else?
The risk to you is simply this:
- You could be responsible for accidents where others are injured.
- You could be responsible for damage to the rental car itself.
- You could be responsible for damage to other vehicles damaged in an accident.
Read Also: Cabelas Reward Points
This Startup Built A Rewards Credit Card For Your Rentbut Its Long Game Is To Win A Place In Tomorrows Mortgage Market
As home prices soar and Americans gorge on mortgage debt, legions of younger Millennials and Gen Zers are stuck renting and wondering how theyll ever afford a home of their own.
To tap into this lucrative potential future mortgage revenue stream, a new startup called Bilt has come up with an intriguing long game: court todays renters. Its about building that kind of locked-in relationship with somebody from a young age, not just trying to spend a bunch of money acquiring them and finding them when they’re 35 and ready to buy, says Bilts founder Ankur Jain.
Ankur Jain has built two startups aiming to help young renters: Rhino and Bilt.
Bilt is publicly launching today a novel rewards credit card designed for rent payments, with no fees charged to either the landlord or tenant. Thats a big deal if youve ever tried to pay your rent bill with plastic instead of a personal check. Bilt aims to make money from interchange fees each time a user swipes the card for non-rent expenses, and through partnerships with some of the countrys biggest real estate owners. Customers can use their bounty of points on flights, hotels, workout classes or even down payments on homes through Federal Housing Administration or Fannie Mae mortgages.
You Have A Cheaper Bill Pay Option
At this point, most banks and credit unions offer free bill pay. In other words, theyll cut and mail checks to virtually any company or person with a U.S. address, free of charge. Even if your account doesnt come with free personal checks, you can almost certainly use its bill pay suite to make rent unless your property owner or management company belongs to the small but growing group of landlords averse to paper check payments.
Don’t Miss: Cabelas Visa Card Status
Can You Pay Rent With A Credit Card
How Student Loan Hero Gets Paid
Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appear on this site . Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.
Student Loan Hero Advertiser Disclosure
Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.
Weve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more
How do we make money? Its actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers .
Read on to find out how to pay rent with a credit card, and whether or not that makes sense for you.
Can I Pay Rent With A Credit Card
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Using a credit card to pay your rent has its advantages. For starters, you don’t have to go through the trouble of writing a paper check and waiting for it to be cashed.
Plus, it gives you flexibility. If your rent is due before payday, you can cover the expense with your card and pay yourself back when your paycheck arrives, all while avoiding an awkward conversation with your landlord about late fees.
Even if your landlord doesn’t accept credit card payments, you still have options. Some rent payment services will facilitate credit card payments for a fee. Its convenient, but it may end up costing you more than you would have paid if you’d simply opened your checkbook.
Also Check: Interest Rate For Best Buy Credit Card
You Want To Earn Additional Points And Miles
In my mind, the only reason you should consider paying your rent with a credit card is to earn extra credit card rewards. I mean, thats really the whole point, right? Your rent or mortgage is a big-ticket item that could potentially earn you a boatload of points!
While a cash back card doesnt usually provide enough return to make it worth your while, cards with travel benefits may be worth it. Weve used points and miles to travel the world for pennies on the dollar. You can too, provided you do this the right way.
To get even more specific, unless you can avoid paying a fee, snagging a signup bonus is the main reason you should attempt to pay your rent with a credit card. Many of the best rewards cards offer gigantic bonuses once you meet certain spending requirements. Using a credit card to pay your rent or mortgage is the perfect way to take advantage of these ridiculous point hauls.
Heres how it works: Lets assume youre shooting for a welcome bonus that is worth $750 in free travel or gift cards. By using a credit card to pay your rent through Plastiq, youll be charged a 2.5% fee on your transactions. So, if you charge $3,000 in rent, youve paid $75 in fees to help earn $750 in free stuff. That means youre ahead $675. Pretty cool, huh?
Just remember to proceed with caution.
Charging Your Rent Usually Means Paying Extra Fees
The best case scenario would be if your landlord or property management company accepts credit cards without a fee attached to each transaction, but this is very rare if they do accept credit, you’ll most likely have to cover the cost of the transaction fee.
If your landlord doesn’t accept credit cards, your second option would be to use an online bill payment service, but these are costly. Plastiq, a popular choice for renters, applies a flat 2.5% fee to every payment and PayPal Checkout charges a 2.9% processing fee, plus $.30 per transaction.
You May Like: Td Visa Gift Card Balance
Best Apps To Pay Rent Online With Credit Card
For ages, we Indians got used to pay rent via cash or through NEFT/IMPS as a default payment mode. In fact most landlords still insist on cash over NEFT as theyre not comfortable with sharing their bank accounts.
Yes, thats still happening in 2020. With Covid-19 pandemic outbreak & social distancing becoming new normal, its time for a change!
So this article helps you understand why you need to pay rent through credit card over other options and a detailed review of each of the service providers offering this solution. Here we go,
Benefits Of Using A Credit Card
You get several financial benefits when paying house rent, insurance premiums, and other similar expenses through a credit card. For example, a credit card allows you to make payments even if you do not have a sufficient balance in your account.
Here are some other benefits of using your credit card for rent-like expenses.
- Earn rewards: Credit card providers offer various deals and discounts on transactions. These could be in the form of cashback, travel points, or shopping vouchers. You can also get access to coupons and offers from several retail brands.
- Never miss a deadline: With credit card payments, you have the option of setting up standing instructions. If you choose to pay rent with a credit card, the amount will be transferred every month without fail. Even if you are short of cash, you can pay your rent through a credit card.
- Boost your credit score: When you use your credit card regularly for sizeable transactions, you earn a high credit score along with rewards. Remember, the score is maintained only if you make the payments on time.
- Cover sundry expenses: If you are ever strapped for cash, you can rely on your credit card to help you get through the jam. The only other choice in such cases is borrowing money, which can be quite risky. So, if you do not have enough balance in the bank to pay for your expenses, using a credit card is a viable option.
Also Check: Cabels Credit Card
Is It Possible To Pay Rent With A Credit Card
For most people, yes.
Many of the bigger rental companies do allow tenants to pay rent with credit cards, says Michele Cagan, CPA and author of Debt 101, a book released earlier this year.
If your landlord accepts credit card payments, there will typically be a fee between 1% and 5% per transaction. So if your rent is $1,000, that means you could spend between $10 and $50 in fees per month, or up to $600 per year.
Smaller landlords generally dont offer this option, Cagan says. But even if your landlord doesnt use it, you can use a service like RentPad or Plastiq to pay rent with a credit card. With RentPad, you can pay rent with a credit or debit card, and theyll mail the check to your landlord for a fee: $4.95-$9.95 per month for debit cards, and 2.99% for credit cards. With Plastiq, you can pay rent for a 1%-2.85% fee. Then the company pays your rent with a check or ACH payment.
Choosing A Rent Reporting Service
If youd like to report your recent payments to the major credit bureaus, there are several services that can help get the job done. Each has its own handful of perks and drawbacks, however, so its important to choose carefully.
Options include :
- LevelCredit : $6.95 monthly fee, allows you to add up to 24 months of past rent payments on your current lease for an additional fee, reports to Equifax and TransUnion, no landlord involvement required
- Rent Reporters: One-time $94.95 enrollment fee plus $9.95 monthly, reports to Equifax and TransUnion, requires landlords to verify property ownership, rent amount, and due date
- Rental Kharma: One-time $50 setup fee plus $8.95 per month, reports to TransUnion, requires landlord verification via one phone call
- Rock the Score: One-time $48 enrollment fee plus $6.95 per month, reports to Equifax and TransUnion, requires landlord to verify your lease, rent amount, and due date
- Variable pricing as low as $14.95/mo, reports to Equifax and TransUnion, requires landlord to verify lease or rental agreement
- Various monthly and annual pricing options, reports to Equifax and TransUnion, individual landlords must provide photo ID or verify identity with the companys Landlord Department, all property owners must verify each monthly payment
Read Also: What Is Credit Card Reconciliation