Credit cards make spending convenient and rewarding. You can use one to shop online and offline. More than that, you can use it to settle your recurring bills, such as utilities and loans.
But can a credit card be used for rent payments? Can you transfer money to your landlord’s bank account from your card?
You’ll find that out and more in this article. Let’s roll!
To settle rent, tenants usually give their landlords cold cash or make a deposit into bank accounts from their savings accounts. But there’s another option: send them money from your credit card account.
This method is possible through a bank’s special payment and fund transfer facility. It allows you to make payments to other bank or e-wallet accounts using your credit card’s available limit. You can also use this feature for settling tuition fees, insurance bills, business supplier invoices, hospital bills, and more.
Does paying rent with a credit card affect your credit score? It does since you’re using your credit limit to pay your dues. Remember that increasing your credit utilization ratio[1] has an effect on your credit score.
Is it better to pay with a credit card? That will depend on a lot of factors, such as your credit limit and your repayment capacity.
Here are the advantages of using your credit card for rental payments.
Short on cash? If you aren’t able to pay your rent on time, you may find yourself dealing with late payment fees or your landlord’s hounding. Charge your rent to your credit card to avoid those dilemmas.
With a credit card, you don’t have to always bring cash with you. For this reason, using your card to pay your rent is undoubtedly safe. Transactions are also automatically recorded, which means you have proof in case your landlord asks about your rental payment.
If you’re out of town and you’ve forgotten to settle your rent, your credit card can help you deal with it quickly. Transfers happen in real-time, so you don’t have to worry about posting dates and delays.
Depending on your bank, you can convert your rental payments to installments. This is a helpful feature, especially if you’re cash-strapped and need more time to deal with bills.
So what are the best credit cards for rent payment? Here are your options and their key features:
Learn more about each card below.
The Metrobank Platinum Mastercard® is the card for those who put a premium on their lifestyle. It comes with up to 50% discounts on premium dining deals and an e-commerce protection policy for those who love shopping online.
But this card goes beyond lifestyle-related expenses. With the Metrobank PayNow feature, you can use it for paying recurring expenses such as rent. PayNow provides cardholders with electronic payment and fund transfer solutions from Metrobank credit cards to other bank accounts.
Read more: Metrobank World vs Platinum Mastercard®: Which is Better for You?
Make easy rent payments through a credit card with the Titanium Mastercard®. Just like the Metrobank credit card above, this card comes with the PayNow feature, which makes settling bills quick and easy,
The Metrobank Titanium Mastercard® is one of the best credit cards for retail transactions. That’s because it rewards you with up to 2x points on department store, dining, and all online spend.
Read more: Is This Rewards Card Worth It? Metrobank Titanium Mastercard® Review
The PSBank Credit Mastercard may be a basic and no-frills credit card, but it gets the job done, especially when it comes to settling your bills. With its Metrobank PayNow feature, you can conveniently pay your landlord and stave off eviction.
With the PSBank Credit Mastercard, you can also purchase gadgets, appliances, and even groceries at 0% installment of up to 24 months. Other features include balance transfer, cash advance, and access to exclusive Metrobank discounts and promos.
Got a Security Bank Complete Cashback Platinum Mastercard? You can settle rent payments through a credit card by using SimplyPay.
Security Bank SimplyPay is a feature that lets you use your credit card to pay anything that requires bank deposits, such as rent, tuition fees, and utilities.[2] With it, you can pay in full or in installments and enjoy a credit limit of up to ₱500,000.
Your Complete Cashback Platinum Mastercard also goes beyond this feature. It has five-tiered rebates: 5% cashback on groceries, 4% cashback on gas, 3% cashback on utilities, 2% cashback on dining, and 1% cashback on shopping.
Read more: Security Bank Complete Cashback Platinum: Rebates and Perks Review
The Security Bank Gold Mastercard is a good option for young urbanites navigating the world of credit spending. You can use it for shopping, bills payments, and transactions abroad. Using this card is rewarding since it comes with non-expiring points.
One of the best things about this card is that you can also use it to pay your rent. That’s possible since it’s qualified for Security Bank’s SimplyPay facility.
Read more: Moneymax Reviews: Go for Gold with a Security Bank Gold Mastercard
Just like the other two Security Bank credit cards, the Platinum Mastercard lets you pay your rent through Security Bank SimplyPay. The same facility even lets you settle other kinds of bills, such as supplier invoices, insurance bills, and hospital bills.
Spend with your Platinum Mastercard to earn up to 2x points. If you’re a traveler, just whip out this card to enjoy perks, such as free travel insurance (when you book your airline tickets with the card), unlimited access to Marhaba Lounge, and automatic cashback offers from participating stores abroad.
Rental payments are possible with RCBC Classic Mastercard through UnliPay. But what is RCBC UnliPay?
RCBC UnliPay is a feature that lets you make real-time payments directly to any local bank or e-wallet account using your RCBC credit card. You can use it for settling rent, tuition and school fees, insurance, taxes, association dues, and purchases from online sellers.[3]
Unlike with other banks, you don’t have to pre-enroll your credit card to use RCBC UnliPay. You can readily access it via the RCBC Digital app.
Your RCBC Classic Mastercard allows you to convert straight purchases to installments of up to 36 months. Other than earning points, it also earns air miles, which you can use for your future trips.
The RCBC Flex Gold Visa is another credit card for rent payment, thanks to RCBC UnliPay. It’s perfect for those who constantly use their card for retail and shopping transactions.
You can get up to 2x rewards in three preferred categories: just choose from gas, travel, department store, grocery, and household appliances. You can even switch categories once every billing cycle!
The Flex Gold Visa is also a traveler’s buddy. It entitles you to free travel insurance when you use it for all your international travel-related needs and access to PAGGS Lounge at NAIA Terminals 1 and 3.
Read more: Moneymax Reviews: Flex Your Financial Savvy with RCBC Flex Visa
With the UnliPay feature, the YGC Rewards Plus RCBC Credit Card lets you pay your rent and other bills that require bank deposits. This card is ideal for those who have an RCBC bank account and loyal patrons of other YGC products and services.
You can also earn points by doing the following:
Below are the steps for using the abovementioned credit cards’ rent payment facilities:
Read more: 4 Security Bank Credit Card Installment Plans for Hassle-Free Payments
Many rental properties require you to wire your payment to their local bank account. Can you transfer funds from your credit card? Yes, as you’ve seen in your options above.
When choosing a credit card for rent payments, you should also look at other features, such as installment terms and rewards. Don’t forget to check the annual fees and the service charges.
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