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In a monthly budget, the portion dedicated to rent is often considered one of the largest expenses. It is now possible to pay your rent with a credit card and, as a result, receive cash back or rewards on this expense.
This is now possible thanks to Chexy, a Canadian company that allows tenants to pay their rent by credit card. Here are the details.
The concept is simple: you pay Chexy the amount of your rent each month by credit card, and Chexy then takes care of sending a payment to your landlord, whether by Interac transfer, pre-authorized debit or bill payment.
Depending on the credit card selected for your payment, you’ll earn reward points or cash back on this payment. In Canada, American Express and Visa credit cards are accepted and are charged a 1.75% fee by Chexy. For international credit cards, there is a 2.5% fee.
Even better; the whole process is automated. You can even reduce your Chexy fees by participating in the referral program. Read our guide on using Chexy to pay your rent for the full details:
Chexy not only allows you to earn rewards on the dollars you spend on rent as a tenant, but also to unlock welcome bonuses from certain credit cards.
In addition, payments made through Chexy are categorized as “recurring payments” by some credit cards. Ceratin credit cards, give you a higher discount on this category.
The choice of credit card for payment through Chexy is very important. To maximize cashback, we recommend using the Scotiabank Momentum Visa Infinite+ Card for your payments with Chexy.
Here is an example of using the Scotiabank Momentum Visa Infinite+ Card to pay your rent with Chexy for a full year:
For example, if your rent costs $1,000 per month, you could get $600 cashback in the first year by taking advantage of the welcome offer for the Scotiabank Momentum Visa Infinite+ Card and paying with Chexy.
Chexy charges a 1.75% fee, so using its services for a year would cost you $210. Based on this example, you still get a net cash back of $390 on your rent.
The Scotiabank Momentum Visa Infinite+ Card has no annual fees in the first year and pays out cashback in November; therefore, the ideal time to subscribe is in December or early January to make the most of this first year without annual fees.
To find out how to maximize your welcome offer, see our article on optimizing the Scotia Momentum® Visa Infinite +* Card:
Landlords can revise your rent every year. If you have recently experienced a rent increase, there are ways to offset it by earning rewards or cash back on every dollar spent on your rent.
The combination of Chexy and the Scotiabank Momentum Visa Infinite+ Card is the best way to get optimal cashback on every rent payment. With rent prices on the rise, this strategy can help you better manage your budget and ease the high costs of daily living.
Note that you can now use Chexy to pay bills and taxes by credit card, for even more rewards!
Savings this way:
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