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.
Create your Chexy account via this link and use the code: MILES15 to get $15 off your next Chexy payment (this code is not valid on one-time payments).
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.
Please note: Chexy will pay your landlord by one of three methods: Interac transfer, pre-authorized debit or bill payment. Check with your landlord beforehand to see if one of these payment methods is acceptable.
The choice of credit card for payment through Chexy is very important. To maximize cash back, we recommend using The Scotia Momentum® Visa Infinite* Card for your Chexy payments.
The Scotia Momentum® VISA Infinite* card is recognized year after year as one of the best cash-back credit cards in Canada.
Currently, there is no annual fee in the first year, including on additional cards. And you can earn 10% cash back on all purchases for the first three months (up to $2,000 in total purchases).
With the Scotia Momentum® VISA Infinite* card, you get:
For example, if you spend $1,000 per month on groceries and/or recurring payments, you’ll earn $40 cash back per month, or $480 cash back per year with this card for this category of purchases! And that’s not counting the other purchases you’ll make with this card and the advantages it offers (particularly in terms of insurance).
If you rent, for example, you could use the Scotia Momentum® Visa Infinite* Card on the Chexy website to pay your rent and get 4% cash back!
The Scotia Momentum® VISA Infinite* card is an excellent Visa credit card for cash back.
And its insurance benefits are excellent!
Here’s an example of how you can use your Scotia Momentum Visa Infinite Card to pay your rent with Chexy for a full year:
$1,000
For example, if your rent costs $1,000 a month, you could earn $600 cash back in the first year by taking advantage of the welcome offer from the Scotia 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 Scotia Momentum Visa Infinite Card has no annual fee for the first year and pays out cash back in November; this means the ideal time to apply is in December or early January to maximize your 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 Scotia Momentum Visa Infinite Card is the best way to get optimal cash back 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!
Yes, it is possible to pay your rent with a credit card in Canada, but not directly to your landlord. You’ll need to use Chexy’s intermediary services, which accept credit card payments and forward the amount to your landlord.
It may be worth it if your credit card offers a cashback rate higher than the transaction fee. For example, with the Come to discuss that topic in our Facebook Group!
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