Here's Why You Should Pay Rent With a Debit Card to Build Your Credit
21 oct. 2024
Written by
Written by
Brianna Harrison (Credit Card & Travel Writer)
Brianna Harrison (Credit Card & Travel Writer)
Table of contents
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Title
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Paying rent with your debit card has been the norm for a while, but did you know that you can now earn rewards and even build your credit score? You can do all of that and more with Chexy. Instead of sending an e-Transfer to your landlord, use Chexy to pay rent with your debit card.
In this article, we discuss all the reasons why you’ll want to start paying your rent with Chexy.
Why You Should Pay Rent With Your Debit Card
Paying rent with your credit card has many perks, including earning rewards (like points, cashback, and even free flights!), splitting rent with roommates, building your credit, and more. But for those who don’t have the best credit card or can’t qualify for one right now, paying rent with your debit card makes the most sense.
It may not have as many advantages, but with Chexy, paying rent with your debit card can start helping you reach better finacial tools and is great if you’re a student or newcomer to Canada and have yet to be approved for a credit card.
Here are all the reasons why you should pay rent with your debit card:
Build Your Credit
As a newcomer to Canada or a student who doesn’t have a lenghty credit history and credit score to get a credit card, it can be difficult to get your credit score high enough to be approved for credit cards, loans, and other credit products.
Chexy allows you to opt into the Chexy Credit Builder, even if you’re using a debit card to pay rent. It’s completely free, and your landlord doesn’t even have to know. Your monthly rent payments will be reported to Equifax, one of Canada's two main credit bureaus.
With just a few months of timely rent payments, you’ll see your credit score start to increase. And you don’t need to do anything other than ensure you have enough money in your account to pay your rent! It’s as easy as that.
Earn Rewards
Unlike most credit cards, debit cards typically don’t come with rewards. However, there is one debit card in particular that you can use to pay your rent that will earn you points on every dollar.
The Scotiabank Preferred Package chequing account comes with a debit card that earns Scene+ points on every transaction–including rent payments. Students and newcomers to Canada will qualify for this bank account through the StartRight Program, which helps newcomers get started with their first bank account.
The Scene+ debit card earns you 1 Scene+ point for every $5 spent on everyday purchases and 1 Scene+ point for every $1 spent at Cineplex.
Here’s an example of just how many Scene+ points you can earn (minus processing fees) by paying your rent with Chexy:
Let’s say your rent is $1,500 per month. You earn 1 Scene+ point for every $5 spent, so you’ll earn 300 Scene+ points every month. It costs 1,250 Scene+ points for a regular movie ticket at Cineplex. In just 4 months, you’ll have almost enough points for a free ticket!
If you decide to save your points, in just one year, you’ll earn 3,600 points, which you can use towards free groceries, discounts at restaurants, and even free travel.
Click here for more info on the Scene+ program, how it works, and how you can turn your points into rewards.
Automation
One of the biggest advantages of paying rent with Chexy is that it’s automated every month. As long as you have enough money in your chequing account, which you should, we will automatically chargeyour rent payment a few days before the due date and send it to your landlord on rent day.
You no longer have to worry about remembering when to pay rent; it’s all done for you.
Convenience
While paying rent with a credit card has many advantages, using a debit card is just as convenient and great for those new to the country who don’t have a credit card yet. If you have a debit card that earns rewards (more on this below), you won’t be missing out on one of the best perks of using Chexy.
You also don’t have to worry about paying off your credit card and potentially accumulating interest if you can’t pay it off in full every month.
How to Pay Rent With Your Debit Card With Chexy
When you sign up for Chexy, all you need to do is select the debit card option from the list of either credit card, debit card, pre-authorized debit, or bill pay (coming soon). Enter your information, like your address, your landlord’s name and email for e-Transfer, the amount of rent you pay, and your rent due date.
After completing the verification process, you’ll be all set to pay your rent with debit every month. No more worrying about sending an e-Transfer to your landlord on rent day!
So, what are you waiting for? Even if you don’t have a credit card, you can still pay your rent with Chexy to earn rewards and start building your credit for a better financial future.
Subscribe to our newsletter below for up-to-date credit card, travel, and rental content.
Paying rent with your debit card has been the norm for a while, but did you know that you can now earn rewards and even build your credit score? You can do all of that and more with Chexy. Instead of sending an e-Transfer to your landlord, use Chexy to pay rent with your debit card.
In this article, we discuss all the reasons why you’ll want to start paying your rent with Chexy.
Why You Should Pay Rent With Your Debit Card
Paying rent with your credit card has many perks, including earning rewards (like points, cashback, and even free flights!), splitting rent with roommates, building your credit, and more. But for those who don’t have the best credit card or can’t qualify for one right now, paying rent with your debit card makes the most sense.
It may not have as many advantages, but with Chexy, paying rent with your debit card can start helping you reach better finacial tools and is great if you’re a student or newcomer to Canada and have yet to be approved for a credit card.
Here are all the reasons why you should pay rent with your debit card:
Build Your Credit
As a newcomer to Canada or a student who doesn’t have a lenghty credit history and credit score to get a credit card, it can be difficult to get your credit score high enough to be approved for credit cards, loans, and other credit products.
Chexy allows you to opt into the Chexy Credit Builder, even if you’re using a debit card to pay rent. It’s completely free, and your landlord doesn’t even have to know. Your monthly rent payments will be reported to Equifax, one of Canada's two main credit bureaus.
With just a few months of timely rent payments, you’ll see your credit score start to increase. And you don’t need to do anything other than ensure you have enough money in your account to pay your rent! It’s as easy as that.
Earn Rewards
Unlike most credit cards, debit cards typically don’t come with rewards. However, there is one debit card in particular that you can use to pay your rent that will earn you points on every dollar.
The Scotiabank Preferred Package chequing account comes with a debit card that earns Scene+ points on every transaction–including rent payments. Students and newcomers to Canada will qualify for this bank account through the StartRight Program, which helps newcomers get started with their first bank account.
The Scene+ debit card earns you 1 Scene+ point for every $5 spent on everyday purchases and 1 Scene+ point for every $1 spent at Cineplex.
Here’s an example of just how many Scene+ points you can earn (minus processing fees) by paying your rent with Chexy:
Let’s say your rent is $1,500 per month. You earn 1 Scene+ point for every $5 spent, so you’ll earn 300 Scene+ points every month. It costs 1,250 Scene+ points for a regular movie ticket at Cineplex. In just 4 months, you’ll have almost enough points for a free ticket!
If you decide to save your points, in just one year, you’ll earn 3,600 points, which you can use towards free groceries, discounts at restaurants, and even free travel.
Click here for more info on the Scene+ program, how it works, and how you can turn your points into rewards.
Automation
One of the biggest advantages of paying rent with Chexy is that it’s automated every month. As long as you have enough money in your chequing account, which you should, we will automatically chargeyour rent payment a few days before the due date and send it to your landlord on rent day.
You no longer have to worry about remembering when to pay rent; it’s all done for you.
Convenience
While paying rent with a credit card has many advantages, using a debit card is just as convenient and great for those new to the country who don’t have a credit card yet. If you have a debit card that earns rewards (more on this below), you won’t be missing out on one of the best perks of using Chexy.
You also don’t have to worry about paying off your credit card and potentially accumulating interest if you can’t pay it off in full every month.
How to Pay Rent With Your Debit Card With Chexy
When you sign up for Chexy, all you need to do is select the debit card option from the list of either credit card, debit card, pre-authorized debit, or bill pay (coming soon). Enter your information, like your address, your landlord’s name and email for e-Transfer, the amount of rent you pay, and your rent due date.
After completing the verification process, you’ll be all set to pay your rent with debit every month. No more worrying about sending an e-Transfer to your landlord on rent day!
So, what are you waiting for? Even if you don’t have a credit card, you can still pay your rent with Chexy to earn rewards and start building your credit for a better financial future.
Subscribe to our newsletter below for up-to-date credit card, travel, and rental content.