Money experts say the benefits can be substantial – and they go beyond financial savings alone
– outpacing the rise in homeowners – credit card issuers and fintechs are targeting this growing segment of the population with new perks.cashback program through its credit card. Meanwhile, Canadian fintech Chexy has allowed users to pay rent through their existing credit cards and reap cashback rewards since 2023.Both charge the user’s credit card and send the receiver an e-transfer, so nothing changes if that’s how they normally accept rent payments.
Chexy, for example, works by charging the user’s credit card and then paying the landlord, but it costs users 1.75 per cent. This means they need to be using a credit card with a cashback rate of at least 2 per cent to make it worthwhile, said Cheryl Pinto, a Toronto-based personal finance coach at Wealth Works Solutions.
Even a card like Scotiabank’s Momentum Visa linked with Chexy is capped once users reach $1,000 in cashback for the year. After that, the rate drops to 1 per cent. But there are benefits to credit-card rent payments beyond cash rewards. Ryan Kurtz, a certified financial planner at Objective Financial Partners, said using a credit card to pay rent can ensure you never miss a payment.
Card Rent Credit Chexy User Cashback Koho Scotiabank Canada KOHO
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