Updated: Aug 31
Monthly rent is often the biggest expense a person bears in Canada. Unfortunately, landlords don't accept payment through credit cards for the monthly rent, depriving credit card holders of earning points and rewards and enjoying relevant benefits. There are many cases where paying rent through credit cards in Canada that make sense, for example, reaching the threshold for credit card sign-up bonuses.
There can also be other reasons behind users' motivation to pay rent through a credit card. One motivation can be to pay the rent at a later date, which allows them to enjoy the current income on other expenses. There is an indirect way that you can opt to pay the rent with your credit card.
Interested to know what indirect way I am referring to? Well, I am talking about Chexy, which is a real lifesaver in such a condition and allows you to make rental payments through your credit card.
What is Chexy?
Chexy is a Toronto-based third-party service that assists you in making rent payments through your debit or credit card. In addition to earning points and rewards on your credit card, you will also get a chance to earn miles and points on your Chexy account. Isn't it super amazing? And that too with a fee of 1.75% on the total amount you pay through Chexy.
Chexy can only pay landlords who accept payment through Interac E-transfer. The cheque payment is not supported as yet, but Chexy is working on it, and it might be available for future transactions.
How does Chexy work?
Using Chexy is quite straightforward. The interface is quite user-friendly, and you can find all relevant options right in front without any hassle.
Step 1: Sign up on Chexy
To start using Chexy, you need to create an account, which is quite easy. All you need to do is enter your personal information, including your name, email address, and password. You can also add a referral if you like.
A referral is an amazing way to grow the Chexy community while earning a little cash for your Chexy account. You will get a referral number once you create the account. You can send this number to your friends and acquaintances. If they enter your referral number while creating the account, then you will receive $5(CAD). In this way, the more people use your referral code, the more will be your chance to get cashback.
In addition to this CAD$5, you can earn a referral tier bonus. For five referrals, you can earn (CAD) $10; for 10 referrals, you can earn (CAD) $20, and so on. You can earn up to (CAD) $1000 when 100 people use your referral code. So take your referral game seriously and forward the referral code as much as possible.
Once you have signed up, there are three more easy steps you need to do to finish the process.
Step 2: Set up your payment profile
Now, you need to set up the payment profile, which includes the information about your credit card that you want to use to pay the rent. You need to enter your credit card number and all relevant information. After entering your credit card, you need to click on Connect card.
After clicking, you will be required to verify your identity as a security measure to ensure that the authorized person is making the transaction.
Once you verify, the information will be saved for the month. The total amount will be deducted from your credit card 4 days before the payment date. You will get a message when the payment is deducted and then another prompt on the due date when the E-payment is transferred to the landlord at 12 PM.
If you want to change the credit card, then you are required to do it five days before the due date.
Step 3: Set up the lease information
This step starts with adding your household information. It includes your household address that is on rent, along with the unit number and a nickname. The nickname helps you to identify household information if you want to add someone else's household to pay their rent.
When you click on continue after entering the household information, you will be taken to a new screen asking you to enter the rental information.
Here, you need to enter your monthly rent, the due date for each month, and the lease term. Once you continue after entering all this information, you will be asked for a confirmation where you can recheck that you have entered the correct info. If the information is right, then you can click on looks right to save it.
Afterward, you will be required to enter the landlord-related information, as you can see in the interface. Here, you are required to enter the landlord's nature, name, and E-transfer address. You can choose a security question for yourself. After clicking on continue, you will see a prompt summarizing all information to recheck the details. If you are satisfied with the information, then you can save it and proceed further.
Step 4: Select a first payment date
You need to make sure that the due date you selected on the rental information is the first payment date. Or else, you can change it to the first payment date so that the rent is transferred to the landlord on time.