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. Chexy works with most Canadian credit cards, and setting up your rent payment is simple through their secure platform.
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. Since rent is often the biggest monthly expense, this consistent activity helps build a strong credit profile over time — something especially valuable for newcomers to Canada or students trying to establish credit.
Rewards Optimization
To maximize Chexy’s benefits, pair it with a high-reward credit card that offers elevated cashback on recurring bills or everyday purchases. Cards like the Scotia Momentum Visa Infinite or CIBC Dividend Visa Infinite can help you turn rent into valuable rewards — especially if you pay off your balance monthly and avoid interest charges.
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. This added time can help avoid overdraft fees or late rent charges, giving you more control over your cash flow.
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 Momentum Visa Infinite, you earn 4.07% cash back on this amount, which translates to $88.52. After deducting the $38.01 fee, your net gain is $50.51 per month. That’s a 2.32% effective discount on your rent — totaling over $600 in annual savings. These savings are even more meaningful when combined with the ability to build credit and manage payment timing.
Security and Simplicity
Chexy uses encrypted technology to protect your financial information, and the platform is designed with user experience in mind. Payments are scheduled automatically once set up, reducing the chance of missed or delayed rent. Tenants also receive email notifications and reminders, ensuring full visibility over each transaction.
Who Should Use Chexy?
Chexy is ideal for tenants who:
- Want to earn rewards from credit card spending
- Need more time between rent due dates and paydays
- Are building or improving their credit score
- Prefer digital, automated rent payments
- Rent from a landlord who accepts e-transfer
It’s also perfect for people who already use a rewards credit card responsibly and are comfortable paying their balances in full every month to avoid interest charges.
Final Thoughts
Chexy transforms rent from a static expense into a smart financial tool. With the ability to earn cash back, improve credit, and delay payments — all while keeping things easy for landlords — Chexy offers a modern solution to an age-old problem. For tenants looking to get more out of their monthly spending, Chexy is worth serious consideration.