In the hustle and bustle of modern life, credit cards have become a convenient option for paying rent in India, especially when cash flow is tight. The rise of digital payment apps has revolutionised how we handle rent, making it simpler and more secure, allowing tenants to avoid the hassle of cash or cheque transactions while landlords receive timely payments. And this is all while also enjoying benefits like cashback, reward points, and an interest-free period of up to 45 days. Evidently, these apps have really transformed the rent payment process. In this article, we’ll know about the best app to Pay Rent with Credit Card and their features.
Best App to Pay Rent With Credit Card
Finding the right app to pay rent with a credit card involves balancing convenience and costs. Here’s an in-depth look at some of the top apps available:
Paytm
Convenience Fee: 1% + GST
Features and Benefits: Paytm stands out for its ease of use and comprehensive features. It offers a 45-day interest-free period on purchases, cashback, and rewards. The app provides digital rent receipts and agreements, streamlining payment history management. With its integrated bill feature, you can handle multiple payments effortlessly, making Paytm a solid choice for hassle-free rent payments.
PhonePe
Convenience Fee: 1.70% + GST
Features and Benefits: PhonePe supports American Express cards and automates rent payments to ensure punctual transactions. It also facilitates communication between tenants and landlords and offers cashback and rewards. Its user-friendly interface is equipped with robust security features, tracking digital payments for both parties.
Buildium
Convenience Fee: 2.95%
Features and Benefits: Buildium caters to property managers with tools for managing rent payments, transactions, maintenance requests, and lease agreements. It includes a user-friendly portal that speeds up payment processing by up to 70% and offers ACH payments and e-signature capabilities. Separate apps for tenants and managers streamline operations and communication.
PayZapp
Convenience Fee: 2.5% + GST
Features and Benefits: PayZapp allows rent payments via major platforms like RedGiraffe. It offers bonus points and cashback, and its wallet option facilitates payments on NoBroker, providing additional cashback benefits.
ePayRent
Convenience Fee: 1.99%
Features and Benefits: ePayRent supports payments with credit cards, debit cards, and net banking, ensuring security with encryption. It provides instant rent receipts via email for HRA exemption claims and offers reward points on payments.
CRED
Convenience Fee: 1% to 1.75% + GST
Features and Benefits: CRED, known for credit card management, now offers rent payment options. It includes cashback and rewards on rent payments, an automated payment feature for recurring transactions, and efficient digital record-keeping. Users benefit from an interest-free credit period and a robust rewards system.
NoBroker
Convenience Fee: 1% + GST
Features and Benefits: NoBroker manages property transactions, including rent payments and society maintenance. It supports Visa and Mastercard, offers up to 30,000 reward points, and sends payment receipts promptly. Referrals can also earn a 50% discount on fees.
RedGirraffe
Convenience Fee: 0.39% + GST
Features and Benefits: RedGirraffe’s low fee is due to its connections with multiple banks. It allows automatic payment alerts and requires minimal setup time. Its low service fee makes it a cost-effective choice.
Magicbricks
Convenience Fee: 0%
Features and Benefits: Magicbricks allows for credit card rent payments with minimal processing fees. Payments reach landlords within one day, and the platform enhances security for your credit card details. Benefits include cashback, rewards up to Rs. 23,000, free rental insurance up to Rs. 1 lakh, and discounts on popular brands.
Freecharge
Convenience Fee: 0.9%
Features and Benefits: Freecharge, powered by Axis Bank, offers a straightforward way to pay rent with a low convenience fee. You can transfer up to ₹2 lakh daily and earn up to 3x edge reward points or cashback with Axis Bank credit cards.
Google Pay
Features and Benefits: Google Pay, previously known as Tez, is a widely used digital payment app in India that employs UPI for seamless transactions. By linking directly to a bank account, it eliminates the need for repetitive data entry, simplifying rent payments and other expenses. The app features a user-friendly interface for quick transactions, including rent payments, bill settlements, recharges, and ticket bookings. Benefits include cashback, rewards, and secure UPI PIN authentication. While it has no monthly subscription fee, it offers limited customer support and occasional technical issues.
Amazon Pay
Features and Benefits: Amazon Pay facilitates rent payments through its digital wallet service within the Amazon ecosystem. Transactions can be completed effortlessly with stored payment methods, avoiding the need to re-enter card details. The app supports both online shopping and rent payments, providing cashback, discounts, and transaction incentives. There is no subscription fee, though its integration is mainly within Amazon, which may restrict its use outside the platform.
Airtel Payment Banks
Features and Benefits: Airtel Payments Bank, from Bharti Airtel, streamlines financial transactions, including rent payments. It integrates with Airtel’s services for smooth money transfers, phone recharges, and payments. The app offers cashback and rewards, and is widely accepted. However, it is primarily designed for Airtel customers and may require extra verification for users of other telecom services. There is no subscription fee for its core features.
BHIM UPI
Features and Benefits: BHIM UPI, a government-backed app, allows direct bank transactions for rent payments, eliminating cash or cheques. It’s secure, efficient, and has no transaction fees. With broad acceptance across banks and retailers, it’s a cost-effective option. However, it has fewer features than other apps and can experience glitches during peak times.
CheQ
Features and Benefits: CheQ facilitates rent payments with a credit card, offering a quick and convenient solution. The app supports multiple payment methods, including UPI, and features an intuitive interface. It is transparent about fees and sends automated reminders for upcoming payments, helping to avoid late fees.
Why Should You Pay Rent Using a Credit Card?
Paying rent with a credit card isn’t just convenient- it’s smart. Here’s why:
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Cashback Offers
Many credit cards come with enticing cashback offers when you use them for payments. By paying your rent with a credit card, you can take advantage of these cashback deals, getting a percentage of your rent back as a reward. This can add up over time and put some extra money in your pocket.
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Earn Reward Points:
Credit card transactions often earn you reward points that can be redeemed for discounts or gifts. Paying your rent with your credit card helps you accumulate these points, which you can use for future purchases or bookings with various brands.
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Free Credit Period:
One of the biggest perks is the free credit period. Most credit cards offer up to 45 days of interest-free credit. If you pay your rent within this period, you won’t incur any interest charges, giving you extra time to manage your finances.
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Timely Payments:
If your salary comes in after your rent is due, paying with a credit card can solve the problem of late payments. You won’t have to worry about explaining delays to your landlord. You can pay the credit card bill within the interest-free period, ensuring your rent is covered on time.
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Boost Your Credit Score:
Regular, timely payments can positively impact your credit score. Paying your rent with your credit card, especially if you make large transactions, can help boost your credit score, provided you keep your credit utilisation ratio under control.
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Minimum Formalities:
Using a credit card for rent payments is straightforward. Once you’ve set up your landlord’s details, many platforms allow you to automate the payments. This minimal setup reduces the hassle and ensures your rent is paid on time without constant manual intervention.
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Meet the Annual Spending Limit:
If you struggle to reach your credit card’s annual spending limit, paying rent with your credit card can help. Regular rent payments contribute significantly to meeting your annual limit, helping you make the most of your credit card’s benefits.
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Frequently Asked Questions (FAQs)
Which payment methods are compatible with these applications?
These apps typically support various payment methods including digital wallets, debit/credit cards, net banking, and UPI. You can choose the method that works best for you and your landlord.
How should I proceed if there are problems making a rent payment?
If you face problems like a failed transaction or incorrect deductions, contact the app’s customer support immediately. Most apps offer dedicated support through helplines, email, and in-app chat to help resolve payment issues swiftly.
