For most people their rent will be by far their biggest expense every month. Because of this paying it with a credit card (0r debit card) is a very attractive option, it can be an easy way to meet minimum spend requirements or even just generate on going spend.
There are a number of different options in the market place now, I thought it would be a good idea to have a look at each of these options and see the differences in each.
Contents
Master Table
This table is listed in Alphabetical order and includes the following information: name of company (with a link to their webpage), fees for debit card usage, fees for credit card usage, whether gift cards can be used, if you can split payments, if home owner association fees or similar can be paid and a link to our review if we have one. If there is anything else you think should be added, let me know.As you can see, there are currently a lot of unknowns. I’ve reached out to each of these companies to try and get some more information to fill in the blanks, but if you have any experience (or better searching skills than I) and know the answer to any of these unknowns then please let me know.
| Debit Card Fees | Credit Card Fees | Cards Accepted | Gift Card Usage | Split Payments | Home Owners/Assocation Fees | Works For All Landlords (e.g sends them a paper check) | Our Review | |
|---|---|---|---|---|---|---|---|---|
| PayYourRent | Varies based on landlord | Varies based on landlord | Unknown | Unknown | Unknown | Yes | No, landlords have to sign up | None |
| Plastiq | N/A | 2.5% (occasionally slightly less) | Visa, Mastercard, American Express | Yes | No | Yes | Yes | Our review |
| Cozy | 2.75% | 2.75% | Visa, MasterCard, American Express, Discover & Apple Pay | Unknown | Unknown | Unknown | No, landlords have to be invited. Will be expanded to all soon. | None |
| RentMoola | N/A | 2.7% | Visa, MasterCard, American Express | Yes | No | Yes | No, landlords have to sign up | None |
| RentPayment | Varies based on landlord (standard fee is $24.95 which is a flat fee regardless of your rent) | Varies based on landlord (standard fee is $24.95 which is a flat fee regardless of your rent) | Visa, Mastercard, American Express & Discover | Unknown | Unknown | Yes | No, landlords have to sign up | Our review |
| RentShare | N/A | 2.9% (sometimes covered by landlord) | Visa, MasterCard, American Express, Discover | Unknown | Unknown | Unknown | No, landlords have to sign up | None |
| RentTrack | Varies on landlord | 2.95% | All payment networks, some landlords won't accept American Express | No | Yes | Yes (specific "other" field is available) | No, landlords have to sign up | None |
| SimplifyEm | N/A | 3.5% | Unknown | Unknown | Unknown | Unknown | Unknown | None |
Similarly if I missed any companies that accept online rent payments with a credit or debit card let me know.
Final Thoughts
If you want to pay your rent with a debit card or credit card, your only real option at the moment is to use Plastiq and pay the 2.5% fee.
Using a credit card rarely makes sense because the fees will outweigh the rewards you’d be earning. There are two notable exceptions: if you’re meeting the requirements of a sign up bonus or you have a credit card that earns at a rate of 2.75%+ or more (e.g the Discover it Miles for the first year).
Did I miss any rent payment services? If so, what are they?
