In this digital age, paying rent with a credit card can be much faster and more convenient than using checks and cash. However, navigating the world of digital payments can be difficult, especially if you live in Canada. Don’t be concerned! We’ve answered all of your frequently asked questions so you can decide whether credit card rental payments are right for you.
Can you use a credit card to pay rent?
Yes, but it can be quite costly.
Third-party payment services will accept credit card payments and transfer the funds to your landlord’s bank account. These services, however, charge additional fees to process your payment.
First, check with your landlord to see if they accept credit card rent payments. If they do, you can save money by not having to pay additional fees.
How do you put rent on a credit card?
You can pay your rent using a third-party service.
RentMoola, Get Digs, and Plastiq, for example, will process your rent payment and automatically transfer it to your landlord. While all of these services accept Visa, only RentMoola and Plastiq accept MasterCard and American Express. Plastiq accepts Discover and Diners Club credit cards as well.
Is it smart to pay rent with a credit card?
Yes, it is possible.
Large credit card payments may allow you to accumulate rewards from your credit card company. If you make your payments on time, it can help you improve your credit score.
Who shouldn’t pay their rent with a credit card?
Anyone with a bad credit score or erratic income is not a good candidate.
If you are unable to pay off your credit card debt in a timely manner, your overall credit score may suffer. Use your own judgement to determine whether credit card rental payments are a good option for you.
For example, if you are between jobs, you should probably avoid paying your rent with a credit card.
How can I pay my rent with a credit card for free?
You can’t get away with not paying your rent.
Unfortunately, all third-party payment services charge an additional fee to process your payment. Instead, look for a third-party service that charges a lower overall fee.
For example, some businesses charge a 1% fee, while others charge up to a 4% fee.
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