Year 2020 has strongly emphasised on the need for emergency fund. With a series of monthly payments such as Home Loan EMIs, Credit Card Bills, Housing Rent, Utility Bills, Tuition Fees of kids & Grocery Bills a salaried individual’s monthly outflows are almost fixed. During COVID Crisis when maximum people faced stalled income, it was difficult to manage cash flows for many of us.
However, those who exercised a bit of caution and used their preapproved credit limit could get enough time traction to rejig their inflows and outflows. Let’s find out how your Credit Card that lets you enjoy 50 days free credit period, can also at the same time take charge of your compulsive monthly payments of Rent payout and save more in your pocket.
All you need to do is download the app, connect your card such as SBI Simply Save Credit Card, HDFC Millennia or any other card and set out the recurring payments to your land lord’s bank account & more. The transaction will be automated every month on the chosen date, saving you from the hassle of remembering the payment date each month. You can also add multiple cards for different transactions. Thus, you can direct SIs from your credit card and protect your credit score.
Some of the benefits of paying rent through Credit Card are:
Redgirraffe ‘RentPay’is a pioneer fintech platform in the domain. It allows tenants to pay out rentals via leading partner card issuers such as HDFC Bank, Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, SBI-GE Cards & Yes Bank. The USP is low cost of transaction.
To use Redgirraffe rent pay, follow these steps:
NoBroker Pay facilitates payment of house rent using a range of options such as Credit Cards, Debit Cards, E-Wallets etc. You can use the facility via Nobroker App & Website. Card Transactions through NoBroker Pay, lets you earn cashback and/or reward points re your card’s reward schemes.
This is relatively a new platform and the service fee is low like RedGirraffe. The rent payment is marked as utility payment.
To use the service on NoBroker Pay you simply need to share basic details such as landlord’s contact & account details, monthly rent amount and date of payment. Then choose your preferred mode of payment and the same will be processed as instructed.
Housing.com is another reliable platform to pay rent through Credit Card and earn exclusive offers, cash backs, reward points, air miles & more. The transaction can be made within 30 seconds. You also get access to automatic rent receipts on the platform which can be used for HRA claims. The payment is 100% safe and powered by razor pay. It will take 1-2 days to transfer the amount. All leading Credit Card Brands have tie up with housing.com for digital rent payments via cards.
CRED is one of the leading RentPay apps that allows members to directly pay housing rent with Credit Cards. The members can earn free cash, interest-free credit period, and earn reward points for the spends. Besides the Credit Card linked rewards and offers, you also earn Cred Coins which is additional cash back to you. Currently CRED offers best in class customer service at higher fee up to 1.5%. But all companies can be linked to CRED including Amex and Diners. All you need to do is register as a member, add cards & set the payments.
Payzapp facilitates users to connect through other rent pay apps such as redgirraffe and No broker and pay the housing rent hassle free online. You will earn additional cashback offers and points for the transactions. Thus, you get to save more using your PayZapp Wallet.
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