Credit Card payment app Cred rolled out the RentPay feature that allows users to pay their monthly rent via Credit Card. The service works directly through the Cred app, increasing financial confidence for creditworthy individuals Also Read - Xiaomi-branded credit card launched; users get new Xiaomi products each month
By paying rent using their credit card, individuals can free up cash, enjoy the interest-free credit period, and earn reward points on credit card spends. Upon paying their credit card bill, members will also receive Cred coins to spend on products, services, and experiences from Cred partners equivalent to the transaction value of rent. Also Read - Credit card records of millions left exposed by payments startup for nearly 3 weeks
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Here is how you can pay your rent step-by-step using the Cred app. Also Read - Cred introduces new RentPay and Stash services for creditworthy individuals
Step 1: Open CRED app, and select RentPay
Install Cred and sign up, if you haven’t already. Once you’re all set up, find and move to the RentPay option within the app.
Step 2: Enter rent amount to be paid
Enter the amount of your rent that needs to be paid in the column provided. Note that this will not be the final amount that is deducted from your credit amount since you’ll also have to provide a small percentage of service charge.
Step 3: Click on ‘Proceed with credit card’
Choose ‘Proceed with credit card’ and proceed to pay your rent directly from your credit card.
Step 4: Enter the Landlord’s name
Now you will need to enter the details of your landlord. Let’s start by entering the name of your landlord in the column.
Step 5: Enter the Landlord’s bank account details or UPI Address
Now, we will proceed to enter the banking details of your landlord so your rent money can be transferred to their account. You may either enter the complete bank account details of your landlord here or enter their UPI address.
Step 6: Enter your own address and proceed to payment
Enter your own address in the column provided. Once this is done, you can click ‘Proceed to Payment’ and complete the final step of paying your rent via Cred.
Note that members can avail Cred RentPay at a small transaction fee that will range from 1 percent to 1.5 percent, depending on the member’s credit card network. Over time, Cred will also enable members to set up auto-pay for timely payments.