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Paying rent by credit card

Photo: rainbow of credit by frankieleon

Rent is due and you have a couple of options of how to pay - have you considered paying with your credit card?

As a myRent user, the option to pay by credit card is provided. Before you decide if paying rent by card is right for you, take a look at the benefits and drawbacks.

Benefits

  • By paying with your card, depending on your credit card’s reward program, you can earn points that could be used towards future purchases or travel
  • If you’re short on cash one week, paying by card ensures that your rent is still on time and keeps you in good standing with your landlord, all while allowing you to effectively pay rent later when your credit card statement is due
  • Paying by card can make splitting rent with roommates easier
  • It could help you build good credit if you are paying your credit card account off in full each cycle

Drawbacks

  • Extra merchant fees are charged when you pay by credit card at a rate of 2.6% + GST

As with any credit card purchase, it is wise to only spend what you know you’ll be able to pay off when your bill is due. If paying by card sounds right for you, you can set up payments in your myRent account.

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