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

Most landlords refuse to take credit score and even debit playing cards as cost. Frankly, there’s little upside for landlords to take action, provided that they’d should pay service provider charges every time you pay with a card.

Hire is due to this fact one of many few main bills you couldn’t cost to your playing cards, and as lease in Canada soars, it’s a pity that you simply couldn’t use it to get bank card perks to ease the burden even a bit.

Enter Chexy, a Canadian digital platform that successfully helps you to cost your lease on a bank card – and also you’d be completely satisfied to know that they even take American Specific.

What Is Chexy?

Chexy is Toronto-based startup that permits you to pay your lease utilizing a bank card (for a nominal charge), digital funds switch (EFT), and shortly, debit playing cards.

Chexy not solely makes funds extra handy, but additionally lets you earn perks and rewards, and even construct credit score by means of the Chexy platform sooner or later.

The idea is just like RBC Ventures’s GetDigs, which was sadly shut down in late 2020. Chexy is right here to remain, although, and it has massive ambitions to develop within the rental and funds area.

Methods to Pay Hire By means of Chexy

Observe that Chexy at the moment helps paying lease to landlords who settle for Interac e-Switch. Funds by way of cheque and constructing administration providers should not at the moment supported by Chexy, although there are plans so as to add these sooner or later. 

To create an account with Chexy, you’ll solely have to put in your full title, e-mail, and password.

Upon signing up, you’d then be requested to completely arrange your account and funds.

For this course of, you’d first have to enter your landlord and rental info, together with your month-to-month lease and cost date.

Then, as a verification measure, you’ll have to hyperlink a checking account by means of a safe portal and add your lease.

As soon as your lease has been uploaded, you’re able to arrange your bank card and begin paying lease. Chexy will cost your bank card 4 days earlier than your lease due date, after which ship an Interac e-Switch to your landlord in your behalf.

It’s necessary to notice that Chexy expenses a 1.75% charge for all credit score/cost card funds to cowl a portion of their processing charges. As well as, Chexy doesn’t at the moment help US and different internationally-issued bank cards.

I had personally examined out the service to pay my April 2023 lease, and I’m completely satisfied to report that the method labored seamlessly.

Methods to Maximize Hire Funds with Chexy

For renters, Chexy is usually a key device to succeed in your Miles & Factors targets, because it lets you earn rewards on one of many largest month-to-month bills. 

The first instance of maximizing the worth of Chexy is to make use of your lease funds to meet giant minimal spending necessities.

Premium playing cards just like the American Specific Platinum Card require giant minimal spending necessities in alternate for bigger rewards, like $7,500 (CAD) in web purchases within the first three months to obtain 80,000 Membership Rewards (MR) factors.

Say you pay $2,000 a month in lease. Factoring in Chexy’s 1.75% charge, you’d pay $2,035 in complete. For 3 months, that’s $6,105, leaving you with solely $1,395 left to satisfy the spend requirement.

You or your associate might maybe then join one other card to pay for all different bills, even unlocking further minimal spends within the meantime.

Chexy’s month-to-month expenses code as recurring invoice funds, so even when you’re not attempting to satisfy minimal spend necessities, you possibly can nonetheless probably profit from paying together with your bank card.

For instance, you possibly can use the Scotiabank Momentum Visa Infinite Card, which earns a 4% money again on groceries and month-to-month recurring funds.

Factoring in Chexy’s 1.75% charge, you’re nonetheless netting 2.25% money again in your month-to-month lease funds. For $2,000 in lease, you’d pay $2,035 together with Chexy’s charge, incomes $81.40 in money again on the Scotia Momentum.

Subtract the $35 charge you had paid, and also you’re nonetheless getting a decent $46.40 as an efficient rebate in the direction of your lease throughout months if you aren’t attempting to satisfy a minimal spend.

Alternatively, think about using a bank card that earns a robust return on on a regular basis spending, just like the Enterprise Platinum Card by American Specific, which earns 1.25 MR factors per greenback spent. 

Persevering with with the instance of $2,000 month-to-month lease, you’d be incomes 2,543 MR factors on the $2,035 month-to-month cost, which we’d worth at $55.95 – simply outweighing the $35 charge. 

Earn Hire Money Again with Chexy

Considered one of Chexy’s further options is the Chexy Perks portal, which lets you earn money again by purchasing on-line. Consider it as just like the Aeroplan eStore or Rakuten, however you should use the money again you’ve earned in the direction of your lease funds as an alternative.

At the moment, Chexy’s associate retailers are extra restricted than the Aeroplan eStore or Rakuten, however there nonetheless are a variety of noteworthy examples.

As an example, you will get 1.84% money again in the direction of Apple purchases, and in contrast to the Aeroplan eStore with its normal exclusions, you should buy the most recent iPhones and MacBooks and nonetheless earn money again.

As with all money again web site, you need to enter a web-based retailer by means of the Chexy Perks portal, in order that your account could be credited together with your reward.

Should you pay lease on a month-to-month foundation, be certain that so as to add Chexy Perks to the record of purchasing portals to contemplate if you’re about to make a giant buy. 

Refer a Pal to Chexy

One other perk of utilizing Chexy is its refer-a-friend program. Upon signing up by means of your referral hyperlink, your buddy will get $5 (CAD) and also you additionally get $5 (CAD) in credit that you should use in the direction of your subsequent month-to-month lease cost.

Plus, on prime of the $5 per each referral, you additionally earn tiered bonus rewards for if you refer extra individuals: $10 for 5 referrals, $20 for 10 referrals, and so on., as much as $1,000 for 100 referrals.

Conclusion

Chexy offers a platform so that you can pay with a bank card and earn rewards in your month-to-month lease funds. The service expenses your card 4 days earlier than your lease day, after which sends an Interac e-Switch to your landlord in your behalf.

By paying with bank cards by means of Chexy with a 1.75% charge, you’re in a position to issue a significant recurring expense into your Miles & Factors targets.

You should use Chexy to assist attain a excessive minimal spend requirement for a brand new bank card, or you possibly can web a pleasant rebate through the use of the Scotiabank Momentum Visa Infinite or one other card with a excessive return on common spending.

Sweetening the deal are Chexy’s money again and referral applications, which allow you to earn money again by means of the Chexy purchasing portal and refer pals and earn bonuses after they enroll, each of which let you use the earned rewards in the direction of your lease.