When most youths are switching to digital payment platforms, the need for cash has already become low in-country. In such cases, many new platforms have been launched which is offering different services to customers. Among that one is Rentpay services which are provided by Cred, RedGiraffe, NoBroker, and more. In this article, we are going to talk about CRED RentPay.
You Can Also Read:
What is CRED?
CRED is a member-only app that accepts a customer who has more than 750 CIBIL scores. This app lets you pay your credit card bills and all other types of bills and reward you for that.
Using CRED strategically, you can convert a good amount of rewards in terms of discount coupons and vouchers. You can read our CRED Review if you don’t know anything about this.
What is RentPay?
RentPay is a service offered by CRED to benefit its customers on paying rent using it.
It allows you to pay rent in few simple steps. Also, it not only allows you to pay rent but also it comes with many other benefits.
Benefits of RentPay
- Credit Card Rewards: Premium and Super-premium cards comes with reward rate of about 2% to 3.5%, through which you can earn decent return on every penny spend by you.
- Milestone Rewards: Along with the pay rewards different kind of cards provide different kind of spent based or in-built milestone reward. Some cards also has fee waiver based milestone reward.
- CRED Coins: By paying through CRED, you not only get credit card rewards, but also rewards form CRED in the form of CRED coins.
- Credit Period: Usually all credit cards offer credit period of 45 days
Instead of this, there are many more offers and services you will get from CRED. Once you start using it, you will come to know more about its benefits. You may also get reasonable spend-based offers and quick upgradation, and also helps you increase your score.
This increased score will make your financial life more manageable. You can easily apply for loans and other credit services.
- Services Charge(Credit Card): Upto 1.5%
- UPI Service Charge: Nil
Service charges are not that big in comparison to what you get in terms of rewards. But ON paying rent through CRED, you have to pay some extra costs, termed transactional charges.
Almost all credit cards take service charges. And no charge on UPI payment is another fantastic thing.
A few of its competitors are charging low fees, but sooner or later, they will also come to this level of charges.
How much can I make?
The amount of rewards that you can curate depends upon your credit card. Some cards come with 1.5% of reward to 3% rewards. Hence all of your savings are inclined to the cards used by you.
You can choose the card which gives you a remarkable return on rent payment as well. Few cards have a separate reward for rent payment.
Otherwise, go for premium/super-premium cards, which no doubt have the best industry reward system.
Rent payment through CRED is a straightforward and hassle-free task. You can make payment in 3 simple steps:
- Enter the amount you have to pay
- Enter bank/UPI details of your landlord
- Add the address of the of which you have to pay and you are done. Now your money has been transferred to your landlord.
All the above steps can be done in 2-5 minutes. Here you do not have to pay time to upload the rent agreement or wait for activation.
Many platforms allow you to pay rent through credit card, but having these simple steps is very rare to find.
You are required to have a 750+ score to become eligible for joining the same. Rentpay system is launched a few times back only; hence it might be visible to a few only. In this case, you have to update your system to use the RentPay system.
CRED has to come up with an auto payment system; now, you have to pay rent every month manually. But the rewards offered are amazing; hence you should use this for paying the rent.