For most people, rent is the biggest expense every month. Before Chexy, tenants had no choice on how they would pay rent - something that has now changed forever. Chexy offers tenants an opportunity to pay rent online, easily split with roommates, earn rewards and build credit on rent. But should you be using your debit or credit card? In this blog, we will explore the pros and cons of paying rent for each of those methods. 

Debit Card 

When you pay your rent with a debit card through Chexy, the payment is deducted directly from your chequing account. There are several advantages to using a debit card to pay your rent: 

• You will never have to worry about missing a payment as long as you have sufficient funds in your checking account. 

• Secondly, if you have roommates, Chexy makes paying rent incredibly easy. Once all the roommates have signed up, their share will automatically be taken. 

• Lastly, when using Chexy, you can earn rent cash back from shopping at partner brands.

However, when you choose to pay rent with a debit card, you will not be able to earn any points or rewards from your card issuer, as debit cards do not typically offer rewards programs. This means that you will miss out on potential rewards that you could earn by using a credit card to pay your rent.

Credit Card

Paying rent with a credit card through Chexy can be an excellent way to earn rewards and points. Many credit cards offer rewards programs that allow you to earn points, cashback, or other rewards for every dollar you spend. This can be a great way to earn rewards for paying a significant expense like rent.

Here is the list of the best credit cards to pay your rent with. Additionally, here is a comparison tool for different credit cards that you can use to find the best credit card that suits your needs. 

In addition to earning rewards on your card, paying with a credit card through Chexy allows you the same convenience you would otherwise enjoy with debit, including: 

• Automated payments 

• Easy Roommate Splitting

• Earn Rent Cashback With Partner Brands

However, it is essential to note that paying rent with a credit card can also have drawbacks. If you do not pay off your credit card balance in full each month, you will be charged interest on the balance. This can quickly add up and offset any rewards you earn from paying rent with a credit card. So, make sure you pay off your credit card in full or set up auto-pay, which you can learn how to do from our blog post on managing your credit card and increasing your credit score.

When it comes to paying rent, both debit and credit cards have their advantages. Paying rent with a debit card offers the convenience of never missing a payment, easy roommate splitting, and earning rent cashback from partner brands. More importantly, it doesn’t cost much!

On the other hand, paying rent with a credit card offers the additional benefit of being able to earn rewards with your current card. Here is a list of the top American Express credit cards to use when paying rent.

Ultimately, the right payment method will depend on your financial goals and priorities. If you prioritize earning rewards, paying rent with a credit card may be the better option. However, if you value convenience and never miss a payment, paying rent with a debit card may be the way to go.

Get started with Chexy today and start earning rewards on rent.

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