For years, people have been paying their rents, usually by cash, cheque, and on some occasions through NetBanking. However, with changing times these payment methods are also changing. Numerous websites offer the best rent payment options when using a credit card. These websites guarantee that your rent payment process is easy and comfortable, as well as provide you with several advantages.
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Benefits of Paying Rent Using Credit Card
- When you use a Credit Card to pay rent, you receive 45 days of free credit time. As a result, you will not be charged any interest money if you can pay off your credit card bill within this period.
- In contrast to cash payments, using a credit card for rent payments might earn you various rewards that can be used later to get discounts.
- Banks or NBFCs assess a person’s credit score while determining whether they are qualified for a loan or not. Therefore, you can boost your credit score to more than 750 by paying your rent using a credit card.
- Paying through credit cards is the best option to avoid any hindrance or obstruction. It ensures timely payment.
- If you pay your rent through a credit card each month, you will face no trouble in meeting your spending limit for the year.
Important Facts to Remember While Using Credit Card For Rent Payment
Although paying your rent with a credit card could be handy, there are a lot of things to keep in mind. Listed below are some of those facts-
- Credit card payments should be used as a last option. You should restrain yourself from using a credit card for paying rent unless you are going through severe financial straits.
- When paying rent on a regular basis, the credit card company may impose hefty service fees, which may go up to 2-4%.
- If you are using automated rent payments, you risk missing a payment if your card expires or goes beyond the limit.
- If you delay or miss one payment, your credit score will go down.
- Lastly, the interest that you have to pay will be very high, even after undertaking the EMI feature of the credit card.
Rent Payment by Credit Card Using Cheapest Platforms
1. NoBroker
NoBroker is a real estate website where users can buy, sell, and rent out their properties. You can use a credit card to pay rent and community maintenance through the app. This platform allows its users to pay their rent using major credit cards such as Visa and Mastercards while also winning reward points and discounts.
Benefits:
- The rent will be received by your landlord within 2 working days of the transaction being initiated.
- You receive a reward of either 100 rupees or 1000 rupees if you are the 100th customer to pay their rent using a credit card via Nobroker.
- Your payment receipt will be sent to your registered email ID immediately.
- If you use Visa or Mastercard, you can win up to 30,000 rupees worth of reward points.
- Additionally, you can collect points while using your credit card for annual purchases.
2. Housing.com
Another real estate platform that makes it quick and easy to pay rent with a credit card is Houshing.com. This website enables hassle-free direct rent payment into the landlord’s account. You can win several discounts, special prizes, and different coupons.
Benefits:
- Your payment receipt will be sent to your registered email ID immediately.
- You can win reward points from your credit card company up to 3%.
- Enjoy completely safe and secure money transfers.
3. Paytm
The most widely used platform here in India for recharging mobile devices, paying bills, booking travel arrangements, and various other things is Paytm. Rents can also be paid through Paytm using credit cards in a quick and easy way.
Benefits:
- As many as 10 payments can be made each month.
- The transactions made using a credit card are extremely secured and transparent
- You can easily earn bonus rewards, offers, and cashback.
- Your rent payments can be tracked on the Paytm app through the option “Payment History”.
4. Freecharge:
This payment app is owned by Axis Bank. Every transaction carries a 1.1% basic convenience fee. You can use Freecharge to transfer rent from your account to your landlord’s account easily.
Benefits:
- Rent paid with an Axis Bank credit card earns you three times as many edge reward points.
- You can earn bonus points up to 3% each time you use your credit card to pay your rent.
- You can also transfer up to 3 lakhs rupees in a single time.
5. Cred
With the help of the app CRED, you can pay your credit card bills online and earn points each time. With a transaction fee that varies from 1% to 1.5%, depending on your credit card network, you can apply for CRED rent pay service through the CRED app.
Benefits:
- Rent payments made with an IDFC Bank credit card will earn you up to 10 times as many reward points.
- You receive an ensured gift certificate worth Rs. 2021 if you pay your rent with your HDFC Bank credit card through the CRED app for three months in a row.
- AXIS Bank will give you a reward of Rs. 500 if you use your credit card to pay your rent for the first time.
In conclusion, Before selecting the cheapest platform for paying the rent with a credit card, it is usually a good idea to consider your possibilities.