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Top 10 Cheapest Platforms to Pay Rent Using a Credit Card
Credit cards have become a popular method for paying rent in India. Landlords typically expect rent payments to be made by a specific deadline each month, but sometimes, individuals may find themselves short on cash due to various reasons. In such situations, credit cards can be very useful. You can pay your rent with just a swipe and then repay the bank later. The 45-day interest-free period that credit cards offer provides ample time to secure the funds needed to repay the bank.
Today, numerous rent payment apps are available online that allow you to pay rent using credit cards. Let’s explore 10 Cheapest Platforms to Pay Rent Using a Credit Card (the top 10 apps).
Top Ten Rent Apps To Pay Rent Using Credit Cards
| App | Convenience Fee |
|---|---|
| Paytm | 1% + GST |
| PhonePe | 1.70% + GST |
| Buildium | 2.95% |
| PayZapp | 2.5% + GST |
| ePayRent | 1.99% |
| CRED | 1% to 1.75% + GST |
| RedGirraffe | 0.39% + GST |
| Freecharge | 0.9% |
The Growing Trend of Paying Rent with Credit Cards
The practice of paying rent with credit cards has gained traction in recent years, driven by technological advancements and the increasing preference for cashless transactions. This trend is particularly appealing to millennials and tech-savvy individuals who value convenience and the opportunity to maximize credit card rewards.
Benefits of Using Credit Cards for Rent Payments
- Reward Points and Cashback: Earn points or cashback on your rent payments.
- Interest-Free Period: Utilize the grace period to manage cash flow.
- Building Credit Score: Timely payments contribute positively to your credit score.
- Convenience: Automate payments to avoid late fees.
- Security: Enhanced security features of credit cards reduce fraud risks.
Overview of Rent Payment Platforms in India
Criteria for Selection
- Transaction Fees: Lower fees are preferable.
- User Interface: Ease of use and intuitive design.
- Security: Robust security measures.
- Additional Features: Value-added services like reminders and split payments.
List of Platforms
- PhonePe
- CRED RentPay
- PayZapp
- MyGate
- RentPay
- EZPay
- Propelld
- ePayRent
- Paymatrix
- Freecharge
Platform Analysis
1.PhonePe
PhonePe is one of India’s most popular payment apps. In 2021, it introduced a rent payment feature. The app’s interface is user-friendly and similar to Paytm and Freecharge, requiring you to enter only the essential details.
Features and Benefits of PhonePe:
- The app allows individuals to use American Express credit cards, a feature not available on other payment apps.
- Includes an automated payment option, ensuring timely payment of rent without manual intervention.
- Features a communication tool that enables direct interaction between tenants and landlords.Offers incentives, cashback, and rewards, making it a highly attractive option for users.
- Provides a user-friendly interface coupled with advanced security features for safe transactions
- Maintains detailed records of digital payments, simplifying tracking and documentation for both tenants and landlords.
2. PayZapp (By HDFC Bank)
You can pay your rent using a credit card with PayZapp. However, it’s not a standalone app for rent payments; it connects you to other major platforms for this purpose.
Features and Benefits of PayZapp:
- RedGiraffe Integration: PayZapp connects you to the RedGiraffe app for rent payments, allowing you to earn bonus points or cashback.
- Nobroker Payments: Use the PayZapp wallet option to pay rent on Nobroker and avail of extra cashback offers.
3. CRED RentPay
CRED is a credit card bill payment app that rewards you for paying your credit card bills on time. It also allows you to pay your rent using a credit card each month. By doing so, you can earn CRED points, cashback, and other rewards. To use the CRED rent pay service, you can visit the CRED app and apply for it. The service charges a transaction fee ranging from 1% to 1.5%, depending on your credit card network.
Some benefits of paying the rent using a credit card via CRED app are:
5. RentPay
Features and Services
- Automated Payments: Set up recurring payments.
- Low Transaction Fees: Minimal charges for transactions.
- Security: High-level security measures.
Pros and Cons
- Pros: Automated payments, low fees.
- Cons: Limited additional features.
User Experience: RentPay is appreciated for its simplicity and low fees, though it lacks some advanced features offered by competitors.
6. EZPay
Features and Services
- Ease of Use: Simple setup and payment process.
- Low Fees: Competitive pricing for transactions.
- Security: Robust security protocols.
Pros and Cons
- Pros: Easy to use, low fees.
- Cons: Limited to certain cities.
User Experience: Users like EZPay for its ease of use and low fees, although its limited geographical availability can be a drawback.
7. Propelld
Features and Services
- Flexible Payment Options: Multiple payment methods.
- Low Transaction Fees: Minimal charges for transactions.
- Security: High-level security measures.
Pros and Cons
- Pros: Flexible payment options, low fees.
- Cons: Customer service can be improved.
User Experience: Propelld is favored for its flexibility and low fees, though users have noted room for improvement in customer service.
8. ePayRent
ePayRent is an excellent platform that links landlords and tenants, streamlining the online rent payment process. With ePayRent, you can use a credit card to pay your rent and benefit from a zero-interest credit period of up to 45 days. Additionally, paying your rent on time can enhance your credit history (CIBIL score) and earn you reward points.
Some benefits of paying the rent using a credit card via ePayRent are:
Secure Payments: Using ePayRent, you can securely make payments with a credit card, ensuring that your sensitive information is protected through encryption.
Instant Rent Receipts: Receive your rent receipts instantly via email, which you can then use to claim HRA exemption.
Reward Points: Earn reward points for every payment made through ePayRent, which you can later redeem for various benefits.
9.Paymatrix
Conclusion
Paying rent with a credit card in India has become increasingly popular due to the convenience and benefits it offers. Each platform has its own unique features and fee structures, making it essential to choose one that best fits your needs. Platforms like RedGiraffe, CRED RentPay, and NoBroker stand out for their competitive fees and user-friendly interfaces. As this trend continues to grow, more platforms are likely to emerge, offering even more options for renters in India.
