Chexy is a Canadian company that offers several options for paying your rent in order to earn rewards or increase your credit rating.
The services of Chexy services are aimed primarily at renters who want to :
When it comes to rewards, Chexy has created a calculator that allows you to see the value you can get by combining the number of points accumulated and Chexy‘s fees.
It’s easy to see that, although debit card fees are lower, this payment method doesn’t earn rewards, unlike credit cards.
You can also take advantage of this calculator to explore various credit card options recommended by Chexy for use with their services.
Paying rent by card with Chexy is a three-step process:
Please note: This process can only work if your landlord accepts your rent payment as an Interac transfer. If this isn’t the case at present, you’ll need to communicate with them to confirm that it’s possible.
Since November 16, 2023, rental payments made via Chexy have been categorized as “recurring payments” by credit card issuers. To make the most of it, we recommend the Scotia Momentum® Visa Infinite* Card, which offers 4% cash back on this category, and therefore your rent payments with Chexy.
For example, if your rent is $1,500 a month, you could earn $720 a year in cash back. Deducting the 1.75% fee, that’s a net return of 2.25% on your rent (or $405 on a $1,500 rent), excluding the welcome offer!
Tip: By applying for your card now, you can take advantage of the first year with no annual fee, and receive your cash back in November 2024. If Chexy is a service you’d like to try out, now’s a good time to try it out for a few months without paying annual credit card fees. That said, the optimal time to buy the card with this strategy is in November.
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).
The Scotia Momentum® VISA Infinite* card is an excellent Visa credit card for cash back.
And its insurance benefits are excellent!
It’s now possible to lower Chexy fees by adding other bill payments related to your home to your Chexy account. Essentially, your Chexy fees will drop by 0.10% each time one of these bill payments is added to Chexy :
As a result, you can reduce your fees from 1.75% to 1.45% by adding the three bill payments to Chexy. Please note that this feature is available in beta version for the time being, and to a limited number of Chexy users.
By signing up for Chexy‘s rent payment service, you can earn cashback on your online shopping. The principle is the same as using the Aeroplan eStore, Rakuten, Club Boomerang orother online shopping portals.
The cashback you earn will then be deducted from what Chexy charges to your credit card, so it can help cover service fees.
Chexy also offers its Credit Builder service to help you build your credit score. For each rent payment, Chexy sends a report to Equifax, one of Canada’s leading credit bureaus.
This service, available for a fee of $9.99 per month, can help anyone trying to raise their credit score, whether they’re newcomers, students, or anyone with a specific goal in mind (buying a home, for example). So it’s a good way to keep your credit report up to date and active by showing positive use.
With a better credit score, you can get a better rate when you apply for a mortgage, and save a lot of money over the years. Or be approved for better American Express, Mastercard or Visa credit cards.
Living with roommates? Chexy now offers a service that lets you split the rent and then send a single transfer of the monthly total due to the landlords. As a Chexy user, you can invite your roommates to sign up for the service. Chexy will combine the rent payments and send a single transfer to your landlord. That said, there’s nothing to stop you using Chexy individually in a shared apartment if your landlords agree to separate payments.
Please note: Chexy’s website is currently available in English only, but their services are available to all Canadians.
To use Chexy to pay your rent, follow the steps below.
Go to the Chexy website, then enter your details to create an account, or log in from your Google account.
Next, indicate your main purpose for using Chexy, such as earning rewards on your rent, for example.
To complete this process, make sure you have :
As a security measure, Chexy must verify your identity using the Plaid authentication service. All you need to do is provide the information requested, and make sure it matches your government-issued ID.
Once you have added your information, you will need to select your payment method:
Then, once the lease agreement has been added and everything completed, the automation of Chexy is underway, and Chexy will charge your rent to your card four days before the agreed payment date, with a fee of 1.75% of your rent each month (if paid by credit card).
Please note: If you are not used to sending your rent by Interac transfer, be sure to confirm this process with your landlord. Not all owners accept this form of payment. Chexy seems to be working on services for those who pay their landlords by pre-authorized payment or as a bill payment, but these services are not yet available.
If you can use Chexy to pay your rent, it’s a great way to earn points every month and unlock welcome bonuses that stretch over several months.
These include the American Express CobaltMD Card, the Platinum CardMD from American Express, and many high-end cards that require you to reach a certain high annual spending threshold to unlock bonus points.
Also, these cards generally offer points whose value is greater than the fees charged by Chexy. For example, we estimate the value of an Aeroplan point at 2 cents.
Here are some of them:
In addition, some credit cards offer cash back, so you’ll also come out ahead when you pay your rent through Chexy. One example is the SimplyCash® Preferred Card from American Express, which offers 2% cash back (plus a hefty welcome bonus). That said, with Chexy payments categorized as recurring payments, The Scotia Momentum® VISA Infinite* Card is the most advantageous.
If you’re a renter looking to unlock a credit card welcome bonus with high spending requirements, using Chexy ‘s services can help you achieve your goals. The most important thing is to make sure you pay off your credit card balance in full every month to avoid interest charges, otherwise all the benefits of Chexy will be cancelled out.
Yes, it is possible to pay your rent by credit card in Canada using the services of Chexy, a Canadian company.
To pay your rent by credit card, you need to sign up to Chexy. Chexy takes care of charging your rent to your credit card, and then sends an Interac transfer to your landlords. The process is automated, so you never miss a rent payment.
It’s now possible to pay your rent with a credit card in Canada using the services of Chexy, a Toronto-based company.
Savings are here:
