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Rent Payment Options at My New Apartment

This article was written by in Credit. 7 comments.


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Last night, I signed the lease for my new apartment. While doing so, I asked about payment options. At various times throughout the last few years, I’ve been either required to pay my rent via check, at times I’ve been able to pay by credit card, and now I pay by direct debit of a savings account.

With my rent increasing significantly, I was hoping to be given the option of paying by credit card. There are two simple reasons that I would prefer this. First, I get the benefit of paying about 25 days later, as the day they charge me for rent is right before the end of my statement cycle. By the time I am charged, I have money to pay, but this way I earn some interest. Second, the card I use provides me with cash back for every transaction.

Unfortunately, my new landlord won’t offer me the opportunity to pay my rent by credit card. In fact, I will have to send a check in the mail to an off-site location. Now I have to be concerned about checks being lost in the mail and getting charged late fees. As a result, I’ll be paying my rent earlier than I’ve been used to.

This puts a kink in my “cash optimization strategy.”

Updated May 26, 2009 and originally published June 14, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 7 comments… read them below or add one }

avatar Kevin

Check your options on your credit card’s website. You may be able to enroll in “CheckFree” or “Bill Pay”, though there will probably be some associated fee. I know BoA offers such things. However, the associated fee may be of no concern to you because:

a) You get to keep your money another 25 days.
b) You are getting rewards that compensate for the fee.
c) You don’t have to worry about remembering to mail the check.
d) You have documentation of when the check was sent every month.
e) You save on postage.

The fee may be pretty minimal since they credit card company is hoping you’ll let the balance accumulate.

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avatar A Tentative Personal Finance Blog

I didn’t even know paying by credit card was an option until my wife mentioned it to me. Woohoo cash back for rent.

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avatar Jon @ The Money Mythos

I never even knew places let you pay rent via credit card. How nice that must be!

Regarding paying on time – have you considered using online bill pay through your bank? Assuming it offers it, I discovered it’s an easy, reliable way to get paper checks to people each month. At first I thought you could only pay official vendors (like cell phone or internet services), but at least for the banks I’ve used you can type in any name and address.

So I have a monthly bill that is received by my landlord on the 28th of every month. It works out very well.

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avatar Ian @ FamilyFinanceBlog

I really miss being able to pay for my rent with the credit card. I’ve read recently about how American Express mortgages can now be paid through their card … that would be even more fantastic. It’s not a ton of money, but it’s more than nothing!

I didn’t know that some credit cards do bill pay … I might look into that. Thanks, Kevin! (In case my bank doesn’t – what card do you have that does, if you’re willing to share?)

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avatar J at IHB and HFF

Some people allow you to pay with credit card as long as you pay the transaction fee (3% or so).

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avatar thomas

Yeah, I can pay rent with a credit card, but i’m charged 2 or 3%. If my money stays in a MM with 4.5%, would I come out on top?

I have a CapOne card and I can write checks with no fees at any time at my normal %. However I read in the fine print that you don’t get the points.

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avatar Joe

I was wondering if anyone has ever had his or her rent payment rejected by a bank for putting too much rent on their credit card?

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