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.
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.