Paying house rent is generally one of the biggest payments you make every month. Technology has developed the usage of credit cards in a very effective method. Days are gone when a credit card was considered a tool that will force you to make extra expenses. Many third-party services allow you to make rent payments through credit cards. Paying rent online by credit cards can be rewarding as it enables you to meet your spending milestones. You can also get bonus benefits and rewards.
Benefits of Paying rent online via credit Cards
Below are some more reasons why one should pay rent through a credit card:
Improve your Credit Score:
Your credit score might be affected because of the under-utilization of your credit limit. Timely payment of rent through credit will not only help you in using your unutilized limit but will help in boosting your credit score. An improved credit score will increase your loan eligibility.
Get rewards for using credit card limit
You might be aware of the rewards and discounts that your credit card provider extends. Nearly all credit card providers offer an award for using the credit limit for online transactions. Direct cash or bank transfer will not bring you any extra reward if you get bonus benefits for paying rent with credit card. You can redeem rewards for booking flight tickets, restaurant vouchers, and many more deals.
Timely rent payment
It’s hard for some tenants to maintain the funds to make regular payments. With payment through a credit card, you get 40 to 45 days of the interest-free credit period. With the option of transferring rent with a credit card, you can use your credit to make timely payments to your landlord and pay the bill on time.
Easy Bank Transfer
Except if you are making IMPS or UPI payments, bank transfers can consume lots of your time. Nevertheless, apps that facilitate rent payment with credit card transfer amount requires minimum formalities. After the transfer is done, you and the landlord will get the notification by SMS.
Enhance Clarity to Your Payment Records
Maybe the most neglected but one of the best perks of paying rent online is the clarity and easy access to your payment history. You can log in at any time to view your current detailed bill and your record of transactions in real-time. You get access to your payment information at your fingertips day or night.
Meet Annual Credit Spend Limit
Several credit card users face the difficulty of not meeting the annual spending limit of their credit cards. By paying the rent with your credit card, you can achieve your annual spending limit.
Get exciting offers & rewards
For every transaction form your card issuer, you attract reward points and cashback. You also enjoy additional offers and rewards from the rent pay apps.
Conclusions
Using an online medium to repay your rent can save a lot of time, tension, and headache. Rent payment through credit card is a comparatively unique service given by some fintech and real estate service providers. They act as a virtual agent between the tenant and the landlord. The rent charged to the tenant’s credit card is credited to the house owner’s bank account.
