Rent Payment Through Credit Card, which is advantageous because you receive system-generated receipts, additional liquidity due to the 45–50-day interest-free repayment period, reward points, the ability to set up automated payments, and the benefit of paying rent even if there is a shortfall in funds. the 7 best platforms for Rent Payment Through Credit Card as follows.
Why Should You Pay Rent Payment Through Credit Card?
Rent Payment Through Credit Card, Let us first explain why it is useful for you.
Earn Reward Points
Unlike cash transactions, Rent Payment Through Credit Card can buy you reward points that can be redeemed to get discounts on future purchases or bookings from renowned brands.
Free Credit Period
Rent Payment Through Credit Card, you get 45 days of the free credit period. Therefore, if you pay your credit card bill within these 45 days, you won’t have to pay any interest charges.
Meet the Annual Spending Limit
A lot of users who own a credit card face the issue of not meeting the annual spending limit of their credit card. However, Rent Payment Through Credit Card every month, you will be easily able to meet your annual spending limit.
Boost your Credit Score
If your credit score is poor (below 750), you can raise it (to 750 or higher) by making substantial purchases on a regular basis (like rent). For those who are unaware, a credit score is considered by banks or NBFCs when determining whether an individual is qualified for a loan. However, it is not suggested to exceed 30% of your credit utilisation ratio because this might have a negative impact on your credit score.
1.Freecharge
Axis Bank’s Freechange platform is a payment app. Rent can be effortlessly transferred from your credit card to your landlord’s account using Freecharge. Every transaction using your credit card to pay rent is subject to a 0.9% convenience fee excluding GST . When paying rent with a credit card, you can earn up to 3% in reward points.
Some benefits of paying the rent using a credit card via Freecharge are:
- Stand a chance to earn cashback or reward points based on your card scheme
- Add up to 3 landlords at a time and transfer up to Rs. 2 lakh of rent amount in a day
- If you pay the rent via Axis Bank credit card, you get 3x edge reward points
2.CRED
CRED is a credit card bill payment app that pays you for making on-time payments on your credit card bills. The CRED app allows you to pay your rent each month using a credit card. While paying your rent, the app ensures that you get CRED points, cashback, and prizes. You can apply for CRED rent pay service through the CRED app for a transaction fee ranging from 1% to 1.5%, depending on your credit card network.
Some benefits of paying the rent using a credit card via CRED are:
- pay rent online instantly without any delay
- you get interest-free credit period by paying rent through credit card
- CRED members earn exclusive reward points on rent payment
- get rent payment alerts every month on the set date
3. Paytm
Paytm is India’s most popular platform for paying bills, booking tickets, recharging phones, and performing a variety of other things. Paytm’s platform also allows consumers to pay rent with a credit card without any fuss. You can choose whether to transfer the rent to your landlord’s bank account or the UPI ID when paying your rent through this site.
Some benefits of paying the rent using a credit card via Paytm are:
- Enjoy a highly secure and transparent platform to pay rent using a credit card
- Win additional cashback and offers for your future transactions
- Track your rent payments via the ‘Payment History’ section on the Paytm mobile application
- Easily achieve your credit card milestones of fee waiver and bonus rewards
- Make up to 10 rent payments every month
4. Magicbricks
Magicbricks is one of the cheapest sites for paying rent with a credit card because it only charges a 1% processing fee if you use a VISA or Mastercard credit card.
Some benefits of paying the rent using a credit card via Magicbricks are:
- You can earn cashback and offers up to Rs. 23,000
- Avail free rental insurance of up to Rs 1 lakh and secure your family
- Get a chance to win 100% cashback on rent
- Avail 10 to 50% off on top brands like Domino’s, Myntra, PharmEasy, EaseMyTrip, rentickle, etc.
- Get a chance to win exclusive offers from banks
- Earn rewards for paying the biggest monthly expense and maximise your savings
5. NoBroker
Paying rent online with credit cards is now possible with NoBroker Pay! You can pay your house rent or commercial rent with your credit card and earn rewards. Currently the Nobroker pay rent service fee is 1-2% for all payment methods but remember that this fee too is subject to change anytime
Some benefits of paying the rent using a credit card via NoBroker are:
- Renter’s Club Get 50% Off on processing fees by inviting your friends
- Earn miles and reward points on your Visa and Mastercard cards plus enjoy upto 45 days interest free credit period.
- they accept major cards like Visa and Mastercard so your property payment is hassle free.
- Payment receipts are generated instantly and sent directly to your email ID. Claim your HRA with ease.
- NoBroker Pay is a product by NoBroker and is 100% secure with PCI compliant payment gateway.
6. Housing
Housing.com is a Mumbai-based real estate search portal which allows customers to pay rent through a credit card. money get transferred within few hours. it levy a small convenience charge (1-2%) when you pay through credit card. The amount is mentioned in the payment page and is included in the final payment.
Some benefits of paying the rent using a credit card via Housing are:
- Credit card rent payments can be easily automated for scheduled transfer every month on a certain date
- Low Platform fee compared to other with Instant settlement
- Any person who uses your referral code will get 20% off on the convenience fee
- Instant message to landlord
- rewards from housing.com
7. PhonePe
PhonePe, one of India’s most popular digital payment services, now accepts credit card payments for rent. In 2021, the digital payment financial app added the Rent Payment option. The interface is comparable to Paytm and Freecharge, requiring you to provide only the necessary information to pay rent.
Some benefits of paying the rent using a credit card via PhonePe are:
- The platform accepts Credit Cards from banks, including American Express, a feature you may not find on any other app.
- You do not have to attach or enter rent agreement details for paying the rent using a credit card via PhonePe.
- Paying rent using PhonePe allows you to earn cashback and vouchers.
Things to Consider Before Rent Payment Through Credit Card
Although paying your rent with a credit card could be handy, there are a lot of things to think about before making it a habit. Here are some important things to think about before paying your rent with a credit card.
- If the rent is more than 50,000, you will have to upload the rent agreement on the platform you use to pay the rent.
- Although you might be paying the rent using a credit card and paying the credit card bills on time, the credit utilization score would eventually increase. It would certainly affect your credit card score.
- Rent Payment history using a credit card affects over 35 per cent of the credit score. Even if you have missed a single payment or delayed it, your credit score would be affected negatively.
- Many cards are not providing rewards.
- You must refrain from using a credit card to pay for rent unless you are in severe financial straits. You might also think about getting a loan from a friend or relative. Credit card payments for rent must only be used as a last option.
- You may like to read Should I pay minimum due on credit card ?
Way Forward
Rent Payment Through Credit Card is best idea. but Before deciding to choose the cheapest platform for credit card rent payments, it is usually a good idea to consider your possibilities. Despite this, many people continue to choose Paytm and CRED because of the low processing charge in comparison to the other benefits it provides.