![]() Most processing fees hover just under 3% of your monthly rent. Regardless of how you pay rent with a credit card, you'll end up paying an additional processing fee to do so. Note: Most of these platforms require your landlord's approval before you can enroll through a third-party site that will process your payments for you. Instead, you'll need to go through third-party platforms that serve as an intermediary, accepting your credit card transaction and depositing it directly into your landlord's bank account or sending them a check. On the other hand, if you're renting from a smaller landlord like a mom-and-pop landlord or an individual owner, it's highly unlikely that you'll have access to this payment infrastructure. Some landlords might restrict which credit cards they accept or might only accept, but "by and large, most of them are all accepted if credit card payments are accepted," says Lily Liu, the founder and chief executive officer of Piñata, a tech startup that reports rent payments to the three major credit bureaus. These payments happen through the Automated Clearing House (ACH). If you rent from a property management company, you'll most likely have access to a web portal that will accept digital payments, including credit cards. Either way, you'll also want to make sure that it's clear what kinds of fees you might be facing if you take this option, which will be covered later. So you'll need to call your landlord to see if that's an option - or you can visit their online portal to see your options there. But it will largely depend on your landlord and what forms of payments they accept. The short answer is yes, you can pay rent with a credit card. Putting that money on your credit card might be useful for delaying the actual payment or for racking up rewards, But you need to be mindful of the potential downsides. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept ourĮach month, your rent takes a big bite out of your bank account. ![]()
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March 2023
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