6 Cheapest Platforms to Pay Rent Using a Credit Card - Aquireacres

Why pay the rent with a credit card?

Let's first understand why it is beneficial to pay the rent with a credit card:

1. Earn Reward Points - Unlike cash transactions, paying the rent with credit cards can purchase reward points that can be redeemed for discounts on future purchases or bookings of popular brands. 
2. Free Credit Period - When you pay your rent with a credit card, you get a 45-day free credit period. So if you pay your credit card bill within 45 days, you won't have to pay any interest charges.
3. On-time payments: Suppose your rent is due on the first day of each month, but your wages are deposited on the fifth or sixth day. In such a case, you will not have to go through the embarrassment of convincing the landlord of the late payment if you pay the rent by credit card. Plus, you can pay your credit card bill with a 45-day free credit period to avoid interest on your rental payments.
4. Increase your credit score: If your credit score is on the lower side (below 750), you can improve it (to 750 or more) by making large transactions more frequently (such as rent). For those who don't know, banks or NBFCs take credit scores into account before determining if a person qualifies for a loan. However, it is recommended not to exceed 30% of your credit utilization ratio, as it can negatively affect your credit score.
5. Minimum procedures: All platforms that allow you to pay rent with credit cards ensure that the rental payment process goes smoothly by offering the latest technology. Plus, just fill in the owner details, then you can automate the rental transaction (if your credit card issuer allows it) for the rest of the year.
6. Meet the annual spending limit: Many users who own a credit card face the problem of not meeting the annual spending limit on their credit cards. However, by paying your rent with a credit card every month, you can easily meet your annual spending limit.

6 cheapest platforms to pay your rent with a credit card

1. CRED RentPay

CRED RentPay is one of the most popular platforms to pay rent using a credit card. It allows users to pay rent to their landlords with minimal transaction fees. Additionally, CRED offers reward points for every transaction, which can be redeemed for discounts and offers on various brands.

Also Read: Property prices may go up by 10-15% due to sharp rise in raw materials cost: CREDAI

2. RedGirraffe

Another cost-effective platform to pay rent using a credit card is RedGirraffe. This platform charges a nominal fee for credit card transactions and supports payments to landlords via their RentPay feature. The platform also integrates with various banks, ensuring smooth transactions.

3. Paytm

Paytm is a well-known platform for multiple financial services, and they have added rent payments to their list. Paying rent with a credit card on Paytm is simple and affordable, with fees generally lower than other services. Plus, Paytm allows you to earn cashback and points for each transaction.

4. NoBroker Pay

NoBroker Pay is designed specifically for tenants to pay rent to landlords without brokerage. It enables credit card rent payments with competitive fees, making it an attractive choice for cost-conscious tenants. NoBroker also allows you to earn credit card rewards on every rent transaction.

5. Housing.com Rent Payment

Housing.com offers a convenient way to pay rent using a credit card with minimal charges. The platform also provides a secure and user-friendly experience, making it a favorite for many tenants looking for easy rent payment options.

6. MagicBricks Rent Payment

MagicBricks is known for its property listings, but it also offers a service for rent payments using credit cards. With low fees and easy navigation, it has become a top choice for those seeking affordable rent payment platforms. MagicBricks also offers reward points for credit card transactions.

Why Use Credit Cards for Rent Payments?

Using a credit card to pay rent can offer several benefits that traditional payment methods do not provide. Here’s why it’s a smart choice:

1. Rewards and Cashback
• Credit cards allow you to earn rewards, points, or cashback on every transaction. When paying rent, which is usually a significant expense, these rewards add up quickly. Over time, they can be redeemed for travel, shopping, or bill payments.
2. Flexible Payments
• One of the major advantages of paying rent with a credit card is the flexibility it offers. If you're short on cash, a credit card can provide a buffer, giving you time to pay the balance over the next billing cycle. This flexibility can be helpful during financially tight months.
3. Building Credit Score
• Regular use of a credit card for essential expenses like rent can help you build a strong credit history. By paying rent on time using a credit card, you can improve your credit score, which is useful when applying for loans or future credit cards.
4. Ease of Transaction
• Paying rent through a credit card eliminates the need for manual transfers or cash withdrawals. It simplifies the process, and platforms offering this service make sure the payment reaches your landlord securely and on time.
5. Emergency Support
• In case of financial emergencies, using a credit card for rent payment can be a lifesaver. It provides instant financial backing while giving you time to sort out your finances.

Conclusion

Using a credit card to pay rent is a convenient and rewarding option that can make your financial management easier. The six platforms mentioned above provide cost-effective solutions for rent payments. In addition to saving on fees, paying rent with a credit card can help you earn rewards, gain financial flexibility, and even improve your credit score. If you’re looking for an affordable and smart way to handle your rent payments, consider using one of these platforms in 2024.