Can You Pay Rent With a Credit Card?
The long and the short of it is that, yes, it is possible to pay rent with a credit card. It depends entirely on your property management company or landlord, however. Some landlords may not accept credit card payments, while others may charge a considerable fee when accepting payments through credit cards. It’s important to check with your landlord before attempting to pay the rent with a credit card and using that as your fallback option if you can’t afford to pay rent this month.
Now that you know it’s possible, keep reading to learn more about how it works, its advantages, and what to consider before paying rent with a credit card.
How Do I Pay Rent with a Credit Card?
Most landlords and property managers prefer that you pay through a specified online portal or through a check. However, as mentioned above, some will allow you to pay rent with a credit card. In this case, you will usually be asked to pay a processing fee. Be sure to ask your landlord or property manager about the fee before attempting to pay the rent with a credit card.
In terms of how this works, you may be able to pay with your credit card through the online portal that you typically use to pay for your rent with your checking account. Otherwise, if your credit card is attached to your Venmo or PayPal account and your landlord accepts payments through there, then using your credit card is simple. There is a fee to use your credit card to send payments on PayPal, which is typically a percentage of the total amount of the transaction.
If your landlord accepts credit card payments, and like PayPal, this fee is typically a percentage of the total amount of the transaction. Some landlords may also charge an additional fee for using a credit card, so be mindful of that! It’s important to be aware of these fees before paying with a credit card and consider the pros and cons of taking care of your rent payment this way.
What to Consider Before Paying Rent with a Credit Card
Before you make the decision to pay rent with your VISA or Mastercard, consider the cons of paying rent this way.
- Interest: If you are using your credit card to pay rent, it is likely more than a few hundred dollars. Consider how much you’ll have to pay in interest and whether or not you can afford to pay it off right away. This is an important detail to consider when paying your rent with a credit card because you can easily get trapped in a cycle of debt if you carry that balance on your card.
- Fees: On top of the interest, consider the fees associated with paying your rent this way. You will likely need to pay fees on top of the amount you owe to your landlord or property manager, increasing the total amount you need to pay that month for your rent.
- Credit Score: Using your credit card to pay rent will increase your credit utilization, which can harm your credit score.
While using your credit card to pay rent can be a temporary solution and solve the current issue at hand, it may be a symptom of a larger issue. Why do you not have enough money for rent this month? Did you overspend? Did an unexpected expense knock you off your feet because you do not have an emergency fund? These are all questions that you should be asking yourself if you are in this situation and feel financially overwhelmed.
What to Do When You Can’t Pay Rent This Month
Life is unpredictable, and you cannot be prepared for everything it throws at you. If you are struggling financially and can’t pay your rent this month, you have options. While you can pay your rent with a credit card, you can also look for secondary sources of income or even apply for a vehicle-secured loan. A car title loan can allow you to borrow against the value of your qualifying vehicle and access emergency cash when you’re in a financial crisis!
