6 Cheapest Platforms to Pay Rent Using a Credit Card – Aquireacres
If you tell your parents or grandparents that you are considering paying your rent with a credit card, they may lecture you or completely scare you. For years, they have paid their rent in cash or through NetBanking. But the world is evolving and you need it too! Also, there are many online platforms that allow you to pay your rent online with a credit card at the cheapest rates. These platforms ensure that your rental payment experience is not only simple and convenient, but you will also enjoy a number of benefits.
While there are a number of platforms that provide the ability to pay rent with a credit card, let’s first take a look at the benefits of paying rent online.
Why pay the rent with a credit card?
Let’s first understand why it is beneficial to pay the rent with a credit card:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
Here are the cheapest platforms to pay for rent with a credit card:
is a credit card bill payment app that rewards you for paying your credit card bills on time. The CRED app allows you to pay your rent with a credit card every month. The app ensures you get CRED points, rebates, and rewards while paying your rent. You can visit the CRED Application and request the CRED Rental Payment Service for a transaction fee of 1% to 1.5%, depending on your credit card network.
- Some of the advantages of paying the rent with a credit card through the CRED application are:
- If you pay the rent with your HDFC Bank credit card through the CRED app for three consecutive months, you will get a guaranteed gift voucher worth Rs. 2021
- If you pay your rent for the first time with an AXIS Bank credit card, you will get a refund of Rs. 500
- If you pay your rent with your IDFC Bank credit card, you can earn up to 10 reward points
- You can also get auto-applied coverage worth Rs. 1 lakh
Magicbriks is one of India’s leading real estate platforms for buying, selling, and leasing residential and commercial properties. Magicbriks has introduced a new feature that allows users to pay rent with a credit card on their platform, earn rewards, and much more. Magicbriks is also one of the cheapest platforms to pay for rent with a credit card because it charges a minimum processing fee of 1% of the transaction amount if you use a VISA or Mastercard credit card.
- In addition to being an inexpensive rental payment platform, it offers many benefits to users. If you paid your rent through Magicbriks, the landlord will receive it within one day of starting the payment and you will get an instant rental receipt on your registered phone number or email ID. Plus, you can be sure that when you enter your credit card credentials or owner’s bank account details, all information is safe with Magicbriks.
- Some of the advantages of paying your rent with a credit card through Magicbriks are:
- You can win coins and offers up to Rs. 23000
- Take advantage of free rental insurance up to Rs 1 lakh and your family’s insurance
- Get a chance to earn a 100% refund on your rent
- Take advantage of a 10 to 50% discount on the best brands such as Domino’s, Myntra, PharmEasy, EaseMyTrip, rentickle, etc.
- Get a chance to win exclusive offers from banks
- Get rewarded for the biggest monthly expenses and double your savings
NoBroker is another real estate platform that allows users to buy, sell and rent real estate. The platform allows you to pay the rent and maintenance of the community with a credit card. Major credit cards like Visa and Mastercard can be used on the NoBroker platform to make rental payments, earn reward points, and refunds.
Some of the advantages of paying your rent with a credit card through NoBroker are:
- If you are the 100th user using NoBroker to pay rent with credit cards, you will get a refund of any Rs. 100 or Rs. 1000
- Earn up to Rs. 30,000 reward points on your Visa and Mastercard.
- Plus, earn reward points on annual spending with your credit card
- Receive your payment receipt immediately to your registered email address
- Your landlord receives the rent within two business days of starting to use it with a credit card.
Housing.com is another real estate platform that makes paying the rent with credit cards simple and convenient. The platform allows you to pay the rent directly to the owner’s account without any hassle and get additional discounts, bonuses, and exclusive coupons from famous brands.
Some of the advantages of paying your rent with a credit card through Housing.com are:
- If you pay your rent with a credit card through the Housing.com platform, you can earn up to 3% reward points from your credit card provider.
- Enjoy 100% secure credit card transactions
- Get instant digital rental receipts to your registered email address
Paytm is the most popular platform in India for paying bills, booking tickets, recharging, and much more. Paytm also allows users to seamlessly pay rent by credit card from its platform. While paying the rent through this platform, you can decide if you want to transfer the rent to the owner’s bank account or to the UPI ID.
Some of the advantages of paying your rent with a credit card through Paytm are:
- Enjoy a highly secure and transparent platform to pay your rent with a credit card.
- Get additional refunds and offers for your future transactions
- Track your rental payments through the Payment History section of the Paytm mobile app
- Easily achieve your credit card rewards and fee waiver milestones
- Pay up to 10 rental installments each month
Freecharge is a platform provided by Axis Bank and is a payment application. With Freecharge, you can easily transfer the rental from your credit card to the owner’s account. A minimum convenience fee of 1.1% is charged for each rental payment transaction you make with your credit card. You can also earn up to 3% reward points while paying your rent with your credit card.
Some of the advantages of paying the rent with a credit card via Freecharge are:
- Earn up to 3% reward points every time you pay your rent with a credit card
- Add up to 3 lessons at a time and convert up to Rs. 2 lakh rental per day
- If you pay your rent with an Axis Bank credit card, you will get 3 times more bonus points
It is always a good idea to explore your options before making the final decision to choose the cheapest credit card rental payment platform. However, Magicbriks remains the preferred choice for many due to its minimal processing fee compared to the other benefits and perks it offers.