Sometimes we find ourselves in a situation where our income is not enough, but we need to pay for some considerable costs. One of the enormous costs we all have to deal with is rent payments.
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Renting an apartment or house can be expensive, especially if you’re not sure that you’ll stay in the city for a long. That’s why many people choose to rent furnished apartments. When it comes to paying for rent, however, you’ll want a credit card that offers the best possible protection. Because when you pay your rent with a credit card, you can get big rewards or other perks.
There are credit cards on the market specifically designed to help people pay rent. They allow you to pay rent, and then you can pay off the balance every month. With these kinds of payment plans, you don’t have to worry about getting sucked into a super-high interest rate.
The market is full of credit cards and other payment methods, but not all of them help pay rent. This blog is going to look at the best credit card for paying rent without getting ripped off.
6 Reasons Why Paying Rent Through Credit Card Is Beneficial
You will be able to take advantage of extra perks and advantages in addition to using the remaining credit card limit. Here are several Points:
1. Improves Your Credit Score
For those who don’t know, your credit score is a three-digit figure based on your capacity to make payments. Your credit score will rise if you pay your credit card payments on time. Any individual’s credit rating is based on how much credit they have used. The two most crucial aspects to consider in this case are the person’s credit use and payback history. Therefore, if a person uses the card for a routine activity like paying rent, their credit score increases.
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2. Timely Payment Without Any Hassle
If your credit card company permits it, you may even automate rent payments. If the auto debit option is used, credit card payments are automatically taken from the bank account. The chances of the payments being late in this circumstance are quite slim. The credit score can also be established in this manner.
3. Earn Rewards Point
Depending on the credit card you use to pay your rent online, you may be able to earn rewards points. These reward points can later be used for gifts, rebates, and payment reductions. Even after paying the high interest on credit cards in this situation, the benefits that the reward points provide are occasionally a worthwhile choice. To maximize the value of these reward points and make credit card use more affordable, one might thus utilize them in more purchases.
4. Benefit from Interest-Free Credit Card Bill Repayment
If you pay your rent online using a credit card, you have 45 days to settle the credit card bill without incurring interest. There won’t be any interest charged on your rent payment if you pay the bill within these days.
5. A Bank Transfer
Bank transfers take a long time and are quite troublesome unless you are using IMPS or UPI. However, applications that make it easy to pay your rent with a credit card transmit the money instantly and with little red tape. These payments can also be automated for simple transfers each month on a specific day. You and your landlord will be notified via SMS once the transfer is complete.
6. Easily Reach Spending Milestones
These days, many credit cards have no annual fee and other milestone-based privileges, which essentially means you may renew your credit card for free or receive additional rewards/benefits provided you fulfil the expenditure requirements. For instance, Rs. 3 lakh must be spent on SBI Card Prime to eliminate renewal fees. It will be considerably simpler to accomplish that goal and receive the fee waiver if you use your credit card to pay your rent.
Read: Check Out How NoBroker’s Rent Payment Service can make Your Life Easier
The Rewards And Benefits Of Credit Cards
1. HDFC Bank Infinia Credit Card
1.1 Milestone Advantages
If you spend Rs. 10 lakh or more during the current year, you are exempt from paying the renewal membership fee for the following year.
1.2 Travel Advantages
You may enjoy more than 1,000 airport lounges domestically and internationally with only a free Priority Pass membership.
The MasterCard/Visa Lounge Access Program offers cardholders four free visits to domestic lounges each quarter.
The card has the lowest 2% foreign exchange markup on all out-of-country purchases.
1.3 Lifestyle Advantages
You can make specific restaurant reservations, movie tickets, hotel reservations, and much more with access to your concierge service.
With the Infinia credit card, you may play free gold games at some of the top golf courses in India and the rest of the world.
Get access to special dining establishments at specific golf courses around the nation with the card.
During the visit, the principal cardholder will have all green fees waived.
Infinia credit card holders are eligible for a free Club Marriott membership.
1.4 Eating Benefits
Get exclusive deals and savings of up to 15% at more than 3,000 partner restaurants when you use the HDFC Infinia credit card.
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Get up to 20% off the cost of meals and drink at restaurants inside Marriott Hotels.
Enjoy up to 20% off on “Best Available Rates” on rooms at Marriott Hotels in India and “Weekend Rates” at Marriott Hotels in the Asia Pacific to make the most of your membership.
1.5 Rewards from Reward Points
With this card, you’ll have access to one of the best rewards programs offered by the bank.
Every Rs. 150 you spend with the card earns you 5 reward points, with no restrictions.
Earn up to 10 times quite so many bonus points on Smartbuy when you travel and shop.
The reward points expire three years after they are accumulated.
2. Axis Bank Magnus
2.1 Milestone Rewards
High spenders might consider getting the Magnus Credit Card because of the newly introduced Milestone Rewards Monthly Milestone Benefit, which will be available from February 2022.
2 nights at Marriott hotels may be purchased for 25K reward points through point transfers.
2.2 Access To Airport Lounges
There are a maximum of 8 guest accesses on Priority Pass (for admission to international lounges) every “card anniversary year.” It also includes unrestricted access to domestic lounges as long as you can obtain add-on cards, which is hit or miss right now.
2.3 Concierge Perk
For easy and hassle-free airport transportation, it offers VIP Assistance Services.
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The services offer help with all aspects of the airport procedures, such as speedy check-in, expedited security screening, immigration support, and porter and buggy services.
2.4 Golf Advantage
Axis Magnus lacks the free Golf advantage, unlike the majority of other premium and super premium credit cards.
This is because, to cut expenses, they essentially substituted the golf benefit with airport meet & greet services, which makes perfect sense.
However, if you have a Mastercard, you qualify for the Mastercard World Golf benefit, which provides one free instruction and a maximum of four free games per year.
2.5 Rewards
On Magnus, the standard reward rate for edge rewards is uninteresting. However, it’s simple to save far more than what HDFC Infinia and other ultra-premium cards provide when 2X promo & 3X promo, occasionally come around.
The brand-new and attractive bonus of 5X on the Travel Edge website may come in handy when buying flights.
The easiest approach to get the most out of Axis Rewards is to transfer your points to one of the recently established Points transfer partners.
The “point value” is raised as a result of the standard 20p (Edge rewards portal redemptions) to 40p (Marriott/ITC transfers), or even 80p if youlook at airline partners.
3. SBI Card PRIME
3.1 Welcome Advantage
Gift cards for any of the following retailers: Yatra, Aditya Birla Fashion, Bata/Hush Puppies, Shoppers Stop, and Pantaloons, valued at Rs. 3,000.
3.2 Movie and Dinner
On dining and movie purchases, earn 5X Reward Points (10 Reward Points).
Receive discounts of up to 25% on eating expenses at affiliated restaurants (only with the AmEx variant)
Rewards Rate For every Rs. 100 spent on groceries, eating, movies, and department stores, 10 Reward Points are earned; for every Rs. 100 spent on all other retail purchases, 2 RP are earned.
3.3 Travel Benefits
This includes a free Club Vistara Silver membership, a free Trident Privilege Red Tier membership, and access to domestic and international airport lounges.
Golf
Complimentary 4 rounds of golf, 1 free lesson every month, as well as up to 50% discount on golf games are included (With MasterCard Variant only)
3.4 Access to Lounge
8 free domestic airport lounge visits each year (max visits 2 per quarter)
With a Priority Pass Membership, you receive four free passes per year to international airport lounges (2 per quarter)
3.5 Insurance Advantages
Air accident insurance (worth Rs. 50 lakhs) and fraud liability insurance (worth Rs. 1 lakh) are available starting 48 hours before the loss of the card and ending 7 days after the bank is notified.
3.6 Zero Liability Insurance
applicable from 48 hours before to 7 days after reporting the loss of the card to the bank, fraud liability insurance of Rs. 1 lakh.
4. YES Prosperity Edge Credit Card
4.1 Golf Advantage
4 free rounds of golf including green fees at specific golf courses in India per year.
Each month, one free golf lesson is offered at specific Indian golf facilities.
4.2 Domestic and International Lounge Program
Only the Primary Cardmember may make one free trip to a domestic airport lounge in India per calendar quarter.
For cards issued by Mastercard for the Primary Cardmember, a complimentary Priority Pass membership for the International Lounge Program is available upon request. For cards issued by VISA, cardholders may enter lounges overseas bearing the LoungeKey emblem by presenting their Visa-branded YES BANK Credit Card.
For cardholders, lounge admission at foreign airports will cost US $27 plus GST.
US $27 plus GST will be charged for each visit from a visitor.
4.3 Insurance Protection
In the event of the unintentional death of the principal cardholder, perks of the Prosperity Edge credit card include a Credit Shield Cover.
50 lakhs of rupees in life insurance coverage in case of an aviation disaster.
15 lakhs of rupees in medical insurance coverage for unexpected hospitalization when travelling abroad.
Card Protection Plan (CPP) for emergencies, card loss, theft, and fraud.
4.4 Waiver of Fuel Surcharge
For purchases between Rs. 400 and Rs. 5,000, all petrol stations in India will waive the 1% fuel levy.
4.5 Rewards
Accelerated points for certain YESCART transactions.
| Reward Points Earned | Activities |
| 2 | For Spending Each Rs. 200 On Select Categories |
| 4 | For Pending Each Rs. 200 On All Other Categories |
| 5x | First Three Yes Paynow-Registered Biller Purchases (Offer Valid Only On The First 5 Registered Billers). |
| 15000 | On Expenditures Of Rs. 6 Lakh Or More In Each Anniversary Year |
5. Axis Vistara Infinite
5.1 Milestone Prizes
The expenditure-related milestone benefit, which may fetch us a nice 8% value (excluding CV points) depending on spending, is the most crucial aspect of the Vistara Infinite Credit Card.
Then, if we add up the recurring incentives (CV points) that we receive for our purchases, we receive an additional 3% or so, which is a pleasant icing on the cake.
Having said that, we typically receive excellent reward rates of up to 7.5 L of spending before the reward rate starts to decline as we approach the final milestone benefit at 12 L of spending. But even so, that offers a travel card one of the greatest reward rates.
5.2 Gold Membership for Vistara
As long as the credit card is in use, in addition to the fantastic rewards & coupons we receive, we also receive Club Vistara “Gold” Membership.
This card (Axis Vistara Infinite) & the other pricey Vistara Credit Card (IndusInd Explorer), which costs 40K INR, are the only two credit cards in India that provide the gold tier, which is often difficult to obtain.
So when you get it at First Year Free price, it is unquestionably an incredible deal (limited period offer till 31st Dec 2022).
The upgrade vouchers, for instance, are each worth at least 10,000 INR. Although most of my upgrade vouchers expire, they are still handy if you travel frequently.
5.3 Access To Airport Lounges
Your boarding card will automatically include the lounge access perk through Club Vistara Gold membership as mentioned above if you are flying Vistara (any class).
However, you may use the built-in Visa Infinite offer if you decide to fly with another airline and need access to a lounge. Simply swipe to enter.
5.4 Golf Advantage
If you play golf, these free rounds represent a decent deal. Axis Golf’s booking system is also superior to those of the majority of other banks, including HDFC.
The golf bonus on an airline credit card is intriguing, but most Business Class customers probably have some knowledge of the sport.
5.5 Rewards
Although collecting Club Vistara Points (CV Points) on routine purchases is not the card’s USP, it is nevertheless important to understand what you may expect to get in return.
Although I would prefer to value CV points at 75Ps, the high fares in 2022 (due to the Covid effect) make it possible to assign a value of 1 INR per point even for economy redemptions, and perhaps even much more in a select low-demand sector.
6. Standard Chartered Ultimate
6.1 Free Access To Airport Lounges
India airport lounges: 4 free visits each quarter with Visa Infinite. You may see a list of airport lounges that accept Visa access here.
International airport lounges (outside of India): Priority Pass members receive one free visit each month. This is only accessible if you used your card for more than Rs 20,000 in the preceding month.
6.2 Rewards
Per Rs. 150 spent, earn 5 reward points.
Even if the transaction value is less than Rs 150, you will still receive reward points on the Ultimate card.
Only this card offers a fixed 3.3% reward rate, making it a daily spend card even for modest purchases.
SC sometimes offers promos that assist in generating more returns. SC offers limitless cashback between October and December, bringing the rewards rate nearly to 5%.
Rent Using NoBroker
Several services on the market let you pay your rent online while staying within the credit card limit. One such site is the NoBroker Pay Rent function, which gives a ton of advantages and perks as well as quick transactions. Using the Pay Rent function, you can easily produce rent receipts for claiming HRA. For credit card, debit card, and UPI payments, the Pay Rent function is accessible.
FAQ’s
Q1. How can I receive cashback when I pay my rent online?
Ans. Depending on the credit card company you use to pay your rent, you may be eligible to receive cashback or points. According to the regulations of your issuer, these incentives and cashback will be immediately applied to your account.
Q2. Are there any additional fees for making a rent payment online?
Ans. Yes, if you pay your rent online with a credit card, the credit card company will impose a modest processing fee of 1 to 2%.
Q3. Will my credit card payment for rent result in a receipt?
Ans. Yes, you will immediately receive a digital receipt on your registered email address and cellphone number after your rent has been successfully sent to the landlord.
Q4. s using a credit card to pay rent a wise move?
Ans. The answer to this issue is not straightforward, and many other considerations must be taken into account before making a choice. Costs associated with the use of credit cards are one of the most crucial variables. Rent payment costs might go up by at least 5% as a result of using a credit card. Using a credit card to pay for rent is also advantageous if the cardholder is willing to make this payment.
Q5. How can I pay my rent using a credit card?
Ans. Rent may be paid using a credit card in a few simple steps and is incredibly straightforward to do. You just need to include your landlord’s information and the amount, and you’re set to start paying the rent each month.
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