Paying Rent with a Credit Card?

[wishiwas]

I read on this board that some of you pay rent with a credit card to optimize rewards and other various benefits.

I think that's a really good idea and I would like to earn rewards and pay my rent with a credit card, too. However, Marbella doesn't accept credit card payments for rent.

Do you think that I could just pay my rent with those 'convenience checks' that come along with credit cards? Those are the same as regular bank checks, no? Or can Marbella refuse to accept the payment because that is the same as paying with a credit card?

[ejm]

You could most likely pay with those checks, just make sure to pay them off soon becuase if you don't you'll experience a ridiculous interest rate charge.

[coveman]

Most of those checks also begin accruing interest from the date they're signed--there's no grace period like there is with most credit card purchases. Unless you have an uncommonly good credit card deal, it is probably not a good idea to use them,

[Lenin]

Yes indeed, read the fine print. In ADDITION to being treated like a CASH ADVANCE and accruing interest from day one, some of those "checks" even have an IMMEDIATE FEE (activity charge or some such name) that can kick in a couple percent right from the get-go.

Some others are good ONLY for transferring balances between cards.

[LostinLaMancha]

I read on this board that some of you pay rent with a credit card to optimize rewards and other various benefits.

I think that's a really good idea and I would like to earn rewards and pay my rent with a credit card, too. However, Marbella doesn't accept credit card payments for rent.

Do you think that I could just pay my rent with those 'convenience checks' that come along with credit cards? Those are the same as regular bank checks, no? Or can Marbella refuse to accept the payment because that is the same as paying with a credit card?

I don't know how great paying rent with you Credit card is. They let you pay rent at Avalon with your CC, but they will charge 3% extra. So unless you are getting more than that back, its not worth it.

I think if its a corporate arrangement, the companies will let you pay rent with CC. I know a few friends who did that in Manhattan.

try not using those convienience checks. They have a high APR, and a high processing fee ( usually 3% or 50 dollars, which ever is lower, with a $5 minimum)

[TPN1997]

Wishiwas,

Here's how it works.

1) Just as other posted, if you use your convenience checks, they are considered cash advances. As such, you'll be charged whatever cash APR rate you have, usually 19.99%. The finance charges accrue on a daily basis. So even if you write a regular, personal check to pay off the convenience check, you'll still have a small balance when the check posts because the interest is accruing from the day you are quoted the balance, to the day the check actually posts. So, what you need to ask for is a payoff amount, usually 7-10 days out. Plus you will be charged a fee anywhere from 3-5% of the amount of the check. This is usually capped at $50-$75 per check.

2) If you use a balance transfer check, it'll be charged whatever introductory rate you have or your regular purchase APR. However, it is different than convenience checks because they don't accrue interest daily. Issuers say you can only transfer balances, but you really can send it to anyone. There's no way a bank will be able to track what type of payment is being applied. Same as convenience checks, you'll usually be charged a fee.

3) How do you tell the difference between the checks? Each bank has their way of noting tracking this, but most track by the check number on the top right. One bank that I am familiar with uses 1000+ for convenience and 8000+ for balance transfers. If you're not sure, call your credit card company and simply ask. Don't accept, "I think that's a balance transfer check that you have." as an answer from the rep. Ask for a supervisor if you have to to get a definitive answer. Trying to fix the problem is usually a mess.

4) Even if you decide to use the checks, you won't be getting any benefit from your credit card (which I think is your primary purpose here) in terms of bonus points, bonus miles or other reward based programs. Those programs are only based on purchases you make. I will say there are a couple of programs that offer rewards when you do a balance transfer, but they usually are a) capped b) for a limited time c) for a limited number of purposes.

5) Even after all of that, you still want to use your credit card checks, be aware that if you use the card for other purchases, whatever payment you make, the amount goes to pay off the lowest APR on your account. So don't assume that if you make a $2000 payment with other charges on your credit card that you're paying off the 19.99%....the entire balance will stay there until the lower APR's are paid off.

6) Really, the only way you benefit is to have Marbella accept the credit card itself. Most places don't accept this because of the interchange fee they are charged by Visa/MC/Amex/Discover. If they do, they may charge you that fee, which is usually 3-8%. If that's the case then you need to assess whether that additional fee is worth attaining the points.

Hope this helps...good luck.

[LostinLaMancha]

Good Post TPN1997

[wishiwas]

Thanks everyone, especially TPN.

For obvious reasons, I will NOT use any convenience checks associated with credit cards for rent payments.

[jerseygirl]

does the Lincoln take credit cards for rent payment?

[stellartois]

does the Lincoln take credit cards for rent payment?

i asked management a couple of months ago.. answer was NO! i'm sure you can wth the a convenience check your credit card company provides, but the c.c. comp. usually charges some fees.. so it wouldn't be worth it.