Posted on: June 21, 2017

Now use your Credit Cards to Pay for Rent

use your Credit Cards

With the transition from cash to digital payments gaining traction, the next expense area being targeted is rent. RentPay, a London-based company RedGirraffe’s fintech platform, can now be used for paying rent through credit cards. Currently, individuals with credit cards from HDFC, SBI Cards, IndusInd Bank, Axis Bank, ICICI Bank and Kotak Mahindra Bank can avail this facility.

How to Pay Rent Through Your Credit Card?

  • You would need to register yourself on RentPay via RedGirraffe’s website.
  • Fill your details along with your landlords’ details with a rent agreement.
  • After the completion of the process, a RedGiraffe ID (RG-ID) will be issued, which will be registered with your credit card issuer.
  • Rent payments will get automatically credited from your account to your landlord’s bank account on a stipulated date of every month.

RentPay charges a transaction fee of 0.39% including taxes for every transaction. A minimum amount of Rs.39 is charged for all the banks except SBI Cards. For instance, if a cardholder pays a rent of Rs.10,000 using RentPay, then they would have to pay Rs.39 extra as transaction fee which is very less as compared to other online portals which charges high convenience fees.

Cardholders that will avail this facility stand to benefit a lot from this as they would earn high reward points given the large transactions.

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