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Pay Rent with Credit Cards

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Since rent is a sizable monthly outlay, you may be considering charging it to a credit card in exchange for rewards and improved cash flow. After all, compound interest increases if you leave your savings in the bank for an additional month.

 

However, before making this decision, it’s essential to weigh certain factors, particularly credit card rent payment charges. These charges can vary depending on the card issuer and the terms of your agreement. Therefore, it’s crucial to carefully assess these charges to determine if paying rent with a credit card is financially beneficial for you. Read along to know more about the different factors to consider before paying rent with a credit card!

 

Advantages of paying rent using a credit card

 

Rent payment by credit card is a simple and hassle-free process that can offer many advantages. Following are a few reasons for using a credit card for paying a rent:

 

  • Collecting Reward Points: If you are paying your rent with a credit card, you can earn various reward points and cashback that can be retrieved as discounts, gift vouchers, and complimentary hotel stays, among others.
  • Convenience and Flexibility: By paying rent with a credit card, you no longer have to think about writing checks or arranging cash. You can easily use your smartphone to make the payment. Moreover, you can fix automatic payments to prevent missing out on payments.
  • Increasing your Credit Score: You can easily raise your credit score, provided you pay your rent timely. Although, make sure to check the credit limit and no use more than 30% of that amount.
  • Security and Protection from Theft: Credit cards have strong security features, including protection against theft. When making big payments, like rent, this amount of security gives you peace of mind.
  • Reach Milestones Based on Spending: Most credit cards come with milestone perks like not having to pay an annual fee and getting nice rewards when you spend a certain amount of money. Usually, rent is a big amount, and when you pay it, you get reward points.

How to pay rent on credit cards?

 

You can follow the below guide which can assist you through the process of paying the rent with the help of credit cards:

 

  1. Make sure you discuss this with your landlord and ascertain that they acknowledge credit card payments to avoid any future problems.
  2. Choose a credit card that offers various rewards and low annual fees, but also fits your needs and financial goals.
  3. It is advisable to fix automatic payments on your credit card so that you can pay your rent timely. This will help you escape late fees and possible problems with your lease.
  4. Check your credit card statement regularly to make sure that the rent payment went through properly. In case of any discrepancies, you can contact the credit card company right away.

4 Best credit card rent payment apps

 

Now that you are already aware of the advantages of paying the rent with a credit card and have gained a thorough knowledge of how it works, you can use these five following credit card rent payment apps which will ease your rent payment procedure:

 

AppsChargesDocs Required?Card Acceptance
BharatNXT1.25% – 1.45%NoAll, except Amex
RedGirraffe0.39% + GSTYesAll, except Amex
NoBroker1% – 2%NoAll
CRED~1.5%NoAll

BharatNXT

 

BharatNXT makes it easy to pay rent with a credit card from start to finish. You can just download the BharatNXT app, add your landlord as a beneficiary, and send the money to their bank account. On the other hand, landlords can just ask all of their renters to download the BharatNXT app and pay them that way.

 

Cred

 

Cred gives its users reward points, cashback, and other benefits when they pay their bills—including rent—on time. It has a clean, easy-to-use design and can also be used to pay UPI IDs. Also, based on your credit card network, processing fees will cost you between 1% and 1.5%.

 

NoBroker

 

NoBroker allows people to buy, sell, and rent real estate. On the NoBroker site, you can pay your rent with major credit cards like Visa and Mastercard and get points and cash back.

 

RedGiraffe

 

RedGiraffe was the very first app to offer this service. Although it can have a better user experience, it works with more than one bank and has a very low handling fee compared to other apps. Moreover, if your rent is more than Rs. 20,000, you will need to send your Rent Agreement.

 

Credit card rent payment charges by top banks

 

Here’s a curated list of the best credit card for rent payment, along with their associated processing charges. Whether you’re looking to choose the best credit card to pay rent or considering other transactions, it’s essential to note that all credit card transactions typically incur a processing fee.

 

S. NoCard Issuer / BankProcessing Charges
1Axis Bank1 % plus taxes
2Bank of Baroda1 % plus taxes
3HDFC BankNo charges on 1st transaction. 1 % plus taxes on 2nd transaction per month
4HSBC Bank1 % plus taxes
5ICICI Bank1 % plus taxes
6IndusInd Bank1 % plus taxes
7IDFC FIRST Bank1 % plus taxes
8Kotak Mahindra Bank1 % plus taxes excluding White and White Reserve cards
9RBL Bank1 % plus taxes
10Yes Bank0.5 % plus taxes

 

Having reviewed the list of best credit cards for rent payments, you’ve taken the time to carefully examine the various options available and their respective features. Additionally, you’ve thoroughly assessed the charges on rent payment by credit card. This comprehensive analysis allows you to make informed decisions regarding which credit card best suits your needs and financial circumstances when it comes to rent payments.

 

Maximizing benefits: navigating rent payments via credit cards

 

Rent payment via credit card charges can offer various benefits, such as building your credit history, earning rewards, and saving money. However, it’s crucial to ensure the transaction is smooth. Stay in touch with your landlord, choose a suitable credit card from BharatNXT’s list of the best rent payment credit cards, and monitor your credit card statements closely.

 

Note: The credit card interest rates and charges are subject to change at the credit card company’s sole discretion.

 

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