Chexy: Pay Rent with a Credit Card and Earn Points!

1 year ago 266

Most landlords garbage to instrumentality recognition oregon adjacent debit cards arsenic payment. Frankly, there’s small upside for landlords to bash so, fixed that they’d person to wage merchant fees each clip you wage with a card.

Rent is truthful 1 of the fewer large expenses you couldn’t complaint to your cards, and arsenic rent successful Canada soars, it’s a pity that you couldn’t usage it to get recognition paper perks to easiness the load adjacent a little.

Enter Chexy, a Canadian integer level that efficaciously lets you complaint your rent connected a recognition paper – and you’d beryllium blessed to cognize that they adjacent instrumentality American Express.

If you’re signing up for Chexy, see doing truthful done the Prince of Travel referral link, which helps to enactment the website.

Click present to motion up for Chexy.

What Is Chexy?

Chexy is Toronto-based startup that lets you wage your rent utilizing a recognition paper (for a nominal fee), physics funds transportation (EFT), and soon, debit cards.

Chexy not lone makes payments much convenient, but besides allows you to gain perks and rewards, and adjacent physique recognition done the Chexy level successful the future.

The conception is akin to RBC Ventures’s GetDigs, which was unluckily unopen down successful precocious 2020. Chexy is present to stay, though, and it has large ambitions to turn successful the rental and payments space.

How to Pay Rent Through Chexy

Note that Chexy presently supports paying rent to landlords who judge Interac e-Transfer. Payments via cheque and gathering absorption services are not presently supported by Chexy, though determination are plans to adhd these successful the future.

To make an relationship with Chexy, you’ll lone request to enactment successful your afloat name, email, and password.

Upon signing up, you’d past beryllium asked to afloat acceptable up your relationship and payments.

For this process, you’d archetypal request to participate your landlord and rental information, including your monthly rent and outgo date.

Then, arsenic a verification measure, you’ll request to nexus a slope relationship done a unafraid portal and upload your lease.

Once your lease has been uploaded, you’re acceptable to acceptable up your recognition paper and commencement paying rent. Chexy volition complaint your recognition paper 4 days earlier your rent owed date, and past nonstop an Interac e-Transfer to your landlord connected your behalf.

It’s important to enactment that Chexy charges a 1.75% interest for each credit/charge paper payments to screen a information of their processing fees. In addition, Chexy does not presently enactment US and different internationally-issued recognition cards.

I had personally tested retired the work to wage my April 2023 rent, and I’m blessed to study that the process worked seamlessly.

How to Maximize Rent Payments with Chexy

For renters, Chexy tin beryllium a cardinal instrumentality to scope your Miles & Points goals, since it allows you to gain rewards connected 1 of the biggest monthly expenses.

The superior illustration of maximizing the worth of Chexy is to usage your rent payments to meet ample minimum spending requirements.

Premium cards similar the American Express Platinum Card necessitate ample minimum spending requirements successful speech for larger rewards, similar $7,500 (CAD) successful nett purchases successful the archetypal 3 months to person 80,000 Membership Rewards (MR) points.

Say you wage $2,000 a period successful rent. Factoring successful Chexy’s 1.75% fee, you’d wage $2,035 successful total. For 3 months, that’s $6,105, leaving you with lone $1,395 near to conscionable the walk requirement.

You oregon your spouse could possibly past motion up for different paper to wage for each different expenses, adjacent unlocking further minimum spends successful the meantime.

Chexy’s monthly charges codification arsenic recurring measure payments, truthful adjacent if you’re not trying to conscionable minimum walk requirements, you could inactive perchance payment from paying with your recognition card.

For example, you could usage the Scotiabank Momentum Visa Infinite Card, which earns a 4% currency backmost connected groceries and monthly recurring payments.

Factoring successful Chexy’s 1.75% fee, you’re inactive netting 2.25% currency backmost connected your monthly rent payments. For $2,000 successful rent, you’d wage $2,035 including Chexy’s fee, earning $81.40 successful currency backmost connected the Scotia Momentum.

Subtract the $35 interest you had paid, and you’re inactive getting a respectable $46.40 arsenic an effectual rebate towards your rent during months erstwhile you aren’t trying to conscionable a minimum spend.

Alternatively, see utilizing a recognition paper that earns a beardown instrumentality connected mundane spending, similar the Business Platinum Card by American Express, which earns 1.25 MR points per dollar spent.

Continuing with the illustration of $2,000 monthly rent, you’d beryllium earning 2,543 MR points connected the $2,035 monthly payment, which we’d worth astatine $55.95 – easy outweighing the $35 fee.

Earn Rent Cash Back with Chexy

One of Chexy’s further features is the Chexy Perks portal, which allows you to gain currency backmost by buying online. Think of it arsenic akin to the Aeroplan eStore oregon Rakuten, but you tin usage the currency backmost you’ve earned towards your rent payments instead.

At this time, Chexy’s spouse merchants are much constricted than the Aeroplan eStore oregon Rakuten, but determination inactive are a fig of noteworthy examples.

For instance, you tin get 1.84% currency backmost towards Apple purchases, and dissimilar the Aeroplan eStore with its accustomed exclusions, you tin bargain the latest iPhones and MacBooks and inactive gain currency back.

As with immoderate currency backmost site, you indispensable participate an online store done the Chexy Perks portal, truthful that your relationship tin beryllium credited with your reward.

If you wage rent connected a monthly basis, marque definite to adhd Chexy Perks to the database of buying portals to see erstwhile you’re astir to marque a large purchase.

Refer a Friend to Chexy

Another perk of utilizing Chexy is its refer-a-friend program. Upon signing up done your referral link, your person gets $5 (CAD) and you besides get $5 (CAD) successful credits that you tin usage towards your adjacent monthly rent payment.

Plus, connected apical of the $5 per each referral, you besides gain tiered bonus rewards for erstwhile you notation much people: $10 for 5 referrals, $20 for 10 referrals, etc., up to $1,000 for 100 referrals.

Conclusion

Chexy provides a level for you to wage with a recognition paper and gain rewards connected your monthly rent payments. The work charges your paper 4 days earlier your rent day, and past sends an Interac e-Transfer to your landlord connected your behalf.

By paying with recognition cards done Chexy with a 1.75% fee, you’re capable to origin a large recurring disbursal into your Miles & Points goals.

You tin usage Chexy to assistance scope a precocious minimum walk request for a caller recognition card, oregon you tin nett a bully rebate by utilizing the Scotiabank Momentum Visa Infinite oregon different paper with a precocious instrumentality connected regular spending.

Sweetening the woody are Chexy’s currency backmost and referral programs, which alteration you to gain currency backmost done the Chexy buying portal and notation friends and gain bonuses erstwhile they motion up, some of which let you to usage the earned rewards towards your rent.