The TRUTH About Paying Rent With Credit Cards

In this video, we take a look at how you can pay rent with credit cards in Canada, and how you can use the Chexy rent service to earn cash back on your rent payments.

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We first begin by discussing how to pay rent in Canada with credit cards. There are a number of services that specialize in the pay rent with credit card in Canada category. The most notable of these Canada rent services is Chexy.

Chexy enables Canada housing rent with credit cards in exchange for a 1.75% processing fee. This means that if you use your credit card to pay rent, you will pay slightly higher with services like this due to the processing fee. So the question is, are there any situations in which paying this extra fee is worth it?

There are 3 cases in which it would be wise to pay rent with credit cards in Canada. The first is when your credit card offers more cash back on all purchases than the 1.75% fee. This would mean that you get more in cash back from puing your rent with credit card than the fee that you pay in order to do so. Credit cards like the Rogers Mastercard, Amex SimplyCash Preferred, and many others allow you to do so with their high cash back rates.

The second situation is when you are trying to qulify for a sign up bonus. Some premium credit cards require you to spend a lot in the first couple of months in order to receive a ton of points as a a sign up bonus. Since paying rent is the biggest expense for most people, the ability to put your rent payments on your credit card can massively help in trying to qualify for a sign up bonus without necessarily spending any more than you normally would.

And last but not least is in the case of an emergency where you kay be running slightly late for your rent payment, or if your paycheck is not coming on time to pay for your rent. Now obviously this channel does not encourage spending money that you can’t afford to pay off right away with your credit card, but if you are going to be able to pay off your card completely before the due date, and you just need to pay your rent right now while you wait for your paycheck to come in or something along those lines, then this is a service you could use.

0:00 Intro
0:56 The Fee
1:35 Situation 1
2:26 Situation 2
3:30 Situation 3
4:27 Should You Do It?
4:46 Follow Me on Social Media

#creditcard #chexy #rentat