CRED RentPay – step wise process to pay your monthly house rent using credit card. Also learn how CRED RentPay works, charges and benefits
Rent Payment is the biggest recurring monthly expenditure for tenants. Earlier, house rent payments were used to be mostly in cash or Cheque. But, the entry of Fintech apps and companies in market have transformed the ways, we used to make rent payment.
Now, there are many ways like IMPS, NEFT, RTGS, UPI transfer to make house rent payment. But you must have credit balance to use any of these ways. In wake of COVID-19 crisis many people are facing cash crunch and unable to pay rent of their accommodations.
Everyone wants to keep emergency fund or cash in hand to meet financial contingencies in near future. To fulfill such needs, many companies like CRED app, Housing.com, NoBroker.in, RedGirraffe have offered the facility to pay rent using credit card.
Credit Card is a financial instrument which allows you to avail a line of credit while making rent payment and paying the amount later. You can also convert your house rent amount into EMIs if you opt for paying rent using credit card.
In this post, we will learn how to pay house rent using credit card with CRED RentPay.
What is CRED?
CRED is a members-only app used to pay credit card bill and get rewarded in form of reward points, Cash back. It is a platform that enables card users to manage multiple cards at a single place. Members with high credit scores are eligible for exclusive rewards upon timely payment of their credit card bills.
Recently, CRED has launched two new features – CRED RentPay and CRED Stash, latter will be discussed in upcoming articles.
CRED RentPay allows its members to pay monthly house rent using credit card, directly from the CRED app. This feature enables card users to pay rent on credit, save emergency fund, enjoy interest free credit period (45-50 days) and earn exclusive rewards to use credit card. Moreover, there is no need of rental agreement or any other document.
Members will also receive CRED coins to spend on products, services and experiences from CRED partners equivalent to the rent amount.
How CRED RentPay Works – Pay House Rent Using Credit Card
Paying rent through credit card is a new service offered by many fintech apps companies, which acts as virtual intermediary between the tenant (cardholder) and landlord. Rent charged to tenant’s credit card is transferred to landlord’s account.
CRED RentPay allows you to pay rent using credit card in simple steps.
If you are new to CRED app, then you must register first. You can download the app from play store and install.
If you already have CRED app on your device, then follow these steps to pay rent using RentPay –
Step 1 – Login to CRED App and Choose “RentPay” Option.
Step 2 – Enter the “Rent Amount” and Proceed.
Step 3 – Enter your landlord’s bank account details – account number, re-enter account number, IFSC code and Proceed. You may also pay by UPI by entering your landlord’s UPI address.
Step 4 –Fill you “address details” in next screen and click on proceed.
Step 5 – Total payable amount including “additional charges” will be displayed on the screen. Choose the credit card and click on “Pay Now”.
Some apps also provide facility to set auto pay instructions, in which your credit card is automatically charged on set date for rent amount and transferred to your landlord’s account. However, auto pay option on CRED is not available yet.
CRED RentPay Service Charges
Service charges are paid as transaction fee charged by the payment gateways. The applicable service charges amount is added to the rent amount while checking out.
CRED RentPay can be availed at a small transaction fee that ranges from 1% to 1.5% depending on the member’s credit card network.
However, Service Charges are NIL, if you opt for rent payment using UPI.
Benefits of CRED RentPay
Paying rent using credit card unlocks many benefits and perks that otherwise you would not get using cash mode.
Reward Points – Paying rent via credit card earn your exclusive rewards points at handsome reward rate. You can earn up to 3.3% extra reward points on your super premium credit cards.
CRED coins – Along with reward points, CRED RentPay gives the opportunity to earn CRED coins for paying credit card bill.
Free Credit Period – Also enjoy up to 45-50 days of interest free credit period. Paying rent via credit card helps you to hold emergency fund or cash in your hand or bank account, earning interest on it.
Reach Milestone Faster – Credit card issuers also provides you milestone benefits like annual fee waiver on achieving certain spend limit. You can easily achieve target at a faster pace by using credit card for paying rent and enjoy milestone benefits.
Paying house rent via credit card using CRED app is really a rewarding experience. Who had thought of earning extra benefits on paying rent but CRED made it possible with RentPay. With using RentPay, you can loosen burden on your monthly budget. CRED RentPay not only ease the monthly rent payment but also helps you to earn extra profit on credit card spends.
You need to pay service charges for using this option, but a right credit card will recover. In upcoming time, CRED will also empower its members set up auto-pay instructions for timely payments.
There are many apps or services available to pay rent via credit card with competitive transaction charges, you can also use them. If you still have any doubt or question regarding CRED RentPay, raise your query in comment section below.
Have you used similar kind of services before? Let us know about your review and experience of using CRED RentPay.
Don’t have CRED App? Download it now from below link, to claim exclusive rewards and benefits.