For many Canadians, rent is the biggest monthly expense. But what if you could turn that expense into a cash-generating opportunity? Thanks to Chexy, you can now pay your rent with a credit card and earn up to 4% cash back. This innovative approach not only saves you money but also helps boost your credit score.
Introducing Chexy: Revolutionizing Rent Payments
Chexy is changing the game by allowing tenants to pay rent with a credit card while landlords receive an e-transfer. This means no changes for landlords but significant benefits for tenants. With Chexy, you can earn cash back on your rent, improve your credit score, and gain flexibility in payment scheduling.
How Chexy Works
Four days before your rent is due, Chexy charges your credit card the rent amount plus a 1.75% transaction fee. You earn cash back on this total amount. Then, Chexy sends an e-transfer to your landlord on the due date. The process is seamless, and your landlord doesn’t need to do anything differently.
Cash Back Options: Choosing the Right Credit Card
To maximize your benefits with Chexy, selecting the right credit card is crucial. Here are some options:
- Tangerine MasterCard: No annual fee, 2% cash back on recurring bills, netting you 0.25% after fees.
- American Express SimplyCash Preferred: 2% cash back with a $10 monthly fee.
- Scotia Momentum Visa Infinite: The top choice with 4% cash back on groceries and recurring bills, including rent.
The Scotia Momentum Visa Infinite Advantage
This card offers a whopping 4% cash back on your rent payments through Chexy. With a 1.75% fee from Chexy, you still end up with a net gain of 2.25%. For those using this card, the annual fee is easily covered within a few months due to the high cash back rate.
Building Your Credit Score
One of the hidden benefits of using Chexy is the positive impact on your credit score. Every time you pay rent with your credit card, it adds to your credit activity. Paying your statement balance in full each month will improve your credit history, which is a crucial factor in boosting your credit score.
Flexibility in Rent Payments
Chexy provides flexibility by allowing you to pay rent with a credit card, even if you don’t have the funds immediately. This can be particularly useful if your rent is due before your paycheck arrives. With the credit card’s billing cycle, you gain a few weeks of breathing room, ensuring you never miss a rent payment.
Real Savings: A Personal Example
Let’s break down the numbers. Suppose your monthly rent is $2,175. With Chexy’s 1.75% fee, your credit card will be charged $2,213. Using the Scotia Visa Infinite, you earn 4.07% cash back on this amount, which translates to $88.52. After deducting the $38 fee, your net gain is $50.40 per month. That’s a 2.32% discount on your rent, leading to significant annual savings.
Setting Up Chexy: A Step-by-Step Guide
Getting started with Chexy is straightforward. Here’s how you can set it up:
- Sign up using the referral link provided to earn rewards.
- Enter your contact information and rent details.
- Provide your landlord’s information for the e-transfer.
- Link your preferred credit card to Chexy.
- Verify your identity by connecting to a bank account (only for verification).
- Upload your lease agreement and select your first payment date.
Once set up, your Chexy dashboard will display your payment details and any changes can be made directly through the platform.
Conclusion: Why Chexy is a Game Changer
Chexy offers a unique opportunity to earn cash back on rent, a major household expense. By leveraging the right credit card, you can turn a necessary payment into a financial advantage. With added credit score benefits and payment flexibility, Chexy is a no-brainer for tenants looking to maximize their financial health.
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