Paying rent with a card.

A place to discuss anything... except credit cards!
4 posts
Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Paying rent with a card.

Postby Vermonster » Tue Nov 10, 2015 9:56 am

So paying rent with a credit card is becoming a more popular option. It is faster and more secure than dropping a check in a mailbox, and requires significantly less manpower. It lets the renter pick a different date to pay, and can net some nice rewards. But a lot of times the processing fee is passed on to the renter, thus negating most cash back/points.

So first question is; how do you feel about paying rent with a credit card? Any serious objections, or would you do it if you could? What sort of rewards would you have to see in order to convince you to pay with a card?


Our new place has a flat fee of $25 per CC transaction. The benefit is that we can pay a lot of our "other" fees with rent as one payment. Total charge for a month is going to be about $1840. With my DC that would net ~$37 per month, minus the $25 fee sets me $12/month ahead of the game. Not much in a single month, but over the 14 months on our lease, that turns into $168 extra. I feel like that is just on the edge of being worth it. If that $25 was a one time charge for setting up automatic payments, I would be all over it. But a big part of me doesn't want to give them an extra $300 a year just so I can have $168.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k


Tubpbs
Centurion Member
Centurion Member
 
Posts: 827
Joined: Mon Oct 19, 2015 2:08 pm

Re: Paying rent with a card.

Postby Tubpbs » Tue Nov 10, 2015 11:16 am

I would pay with a CC even if I broke even...for a lot of the reasons I pay for a lot of things with CC, but mostly convenience and simplicity etc etc. Nothing gets lost in the mail and so on and so forth.

I'd prefer CC to eCheck / direct debit also because of the theoretical protection.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1157
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: Paying rent with a card.

Postby Vattené » Wed Nov 11, 2015 5:19 pm

I'd also pay with a card as long as I broke even, but I'd even pay for a pack of gum with a card just to add a few cents to the rewards I got. It's more convenient and you can easily prove every time you paid them...PLUS you get a net benefit in rewards. What's the downside?

If you just don't like the company and hate the thought of giving them an extra $300 a year: they will likely have to pay over 2% in processing fees so on balance it will probably be costing them.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

ingramjuan
Centurion Member
Centurion Member
 
Posts: 265
Joined: Thu Nov 20, 2014 5:32 pm
Location: EARTH

Re: Paying rent with a card.

Postby ingramjuan » Wed Nov 11, 2015 9:48 pm

Vermonster wrote:So first question is; how do you feel about paying rent with a credit card? Any serious objections, or would you do it if you could? What sort of rewards would you have to see in order to convince you to pay with a card?


I have no objections and have been considering paying with my discover, especially since the first year I get double the cash back and will come out ahead. Now the second year I would have to do some math?
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes



Return to “The Lounge”

Who is online

Users browsing this forum: No registered users and 0 guests