Reply
New Visitor
Posts: 1
Registered: ‎03-11-2009
0

I can pay my rent on my credit card - should I open a new one?

 My apartment complex lets me pay my rent ($2100) on a credit card one time. I normally do direct debit.

I currently have two credit cards and pay them off every month. I was thinking about a getting a third to increase my credit to debt ratio.


I want to pay my rent, and then pay off immediately.Should I do this?

 

If so, should I do it on my existing Citi Diamond Preferred Rewards Card?

 

OR - Should I open another rewards credit card (increasing my credit to debt ratio)?

 

Thank you! I am new and I love this site!

Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
0

Re: I can pay my rent on my credit card - should I open a new one?

DON'T use ANY credit card, new or otherwise, to pay your rent now. It's pointless and completely unneccessary.

 

Continue to pay your rent as you have been doing, and save that "one-time" only rent by credit card payment for some time when you may actually need it.

 

 

Welcome to the forum, FreshWes! Glad you're here.

 

 

Established Contributor
Posts: 537
Registered: ‎03-13-2008

Re: I can pay my rent on my credit card - should I open a new one?

Heh. Honestly, I would love to pay my mortgage wth my CC. We pay all of our utilities, cable, phone, etc on a rewards card just for that. If we could pay our mortgage as well we'd be really pulling in the rewards.
In the garden until December 4, 2015
Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
0

Re: I can pay my rent on my credit card - should I open a new one?

Hi FreshWes, welcome to the forums!

 

Opening another CC won't hurt but so much from the inq and new account. If it will help your util substantially I say go for it. 

 

Also, I would absolutely love to be able to pay my mortgage on a CC every month. Even on a standard 1% cash back card, at $2100 you'd be making $21 just from paying with it. If they let you, I don't see any reason why you shouldn't. 

 

Here we go again...
Established Contributor
Posts: 805
Registered: ‎05-11-2007
0

Re: I can pay my rent on my credit card - should I open a new one?

Fresh, is the apt also charging you like a 2-3% processing fee for the CC payment? If so, its not worth it and stick to direct debit. The thing is if they charge you the processing fee, your cost will exceed the bennefit when it comes to accruing and redeeming points.
AMEX Gold Premier Rewards | SPG AMEX | Bank of America Power Rewards | Merrill Plus | United Presidential Plus | Saks World Elite
Senior Contributor
Posts: 3,702
Registered: ‎01-10-2008
0

Re: I can pay my rent on my credit card - should I open a new one?

as a pif customer it may not be a big concern, but i'd imagine the possibility of it raising a red flag with the cc lender as 'out of pattern' spending does exist.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Epic Contributor
Posts: 25,600
Registered: ‎10-23-2007

Re: I can pay my rent on my credit card - should I open a new one?

[ Edited ]

Uborrow-Upay wrote:

DON'T use ANY credit card, new or otherwise, to pay your rent now. It's pointless and completely unneccessary.

 

Continue to pay your rent as you have been doing, and save that "one-time" only rent by credit card payment for some time when you may actually need it.

 

 

Welcome to the forum, FreshWes! Glad you're here.

 

 


If poster pays in full, why would you not take advantage of the rewards of charging something you are paying for anyway each month. My partner can pay is Car loan with a credit card, I told him he ABSOLUTELY had to do this!

 

Message Edited by Creditaddict on 03-12-2009 12:26 PM
Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
95 Cards and Counting Smiley Tongue
Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008

Re: I can pay my rent on my credit card - should I open a new one?


Creditaddict wrote:

Uborrow-Upay wrote:

DON'T use ANY credit card, new or otherwise, to pay your rent now. It's pointless and completely unneccessary.

 

Continue to pay your rent as you have been doing, and save that "one-time" only rent by credit card payment for some time when you may actually need it.

 

 

Welcome to the forum, FreshWes! Glad you're here.

 

 


If poster pays in full, why would you not take advantage of the rewards of charging something you are paying for anyway each month. My partner can pay is Car loan with a credit card, I told him he ABSOLUTELY had to do this!

 

Message Edited by Creditaddict on 03-12-2009 12:26 PM

CreditAddict, I would agree with you and other responders here if the OP could pay his rent via credit card EVERY month.  I'd be right there with the plastic for the rewards, too.

 

However, the OP says that they allow him ONE payment, period.  Only one.  That being the case, I would save that one-time-only cc rent payment for an emergency situation where cash is short.  If no such emergency ever happens, then make the final month's rental payment with the credit card.

 

IMO, it's better to have the rent safety net in place for the entire time of the lease than collecting twenty bucks or so in rewards right now.

 

   

Contributor
Posts: 76
Registered: ‎01-20-2009
0

Re: I can pay my rent on my credit card - should I open a new one?

I would app a new 0% APR card with rewards and a sign-up bonus - say a Discover Miles - charge the rent payment to that.  Take the saved cash and put it in e-trade for 6mths while making the minimum payments.  Use the rest of the CL for day-to-day stuff and put that money in the e-trade account and in 6 month PIF.  You get a sign-up reward, some good purchase rewards and earn some interest for 6 months.  You even have an emergency fund for 6 month should for some reason you need to tap that cash.
Highlighted
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
0

Re: I can pay my rent on my credit card - should I open a new one?

[ Edited ]

IMHO I would not make any large charge on a credit card these days even if you will PIF and have a history of PIF.  If I wanted to make a major purchase, I would call National City and let them know how much and when I was going to PIF and ask them to log the info in my account record.

 

LOL If I was a CCC and was reviewing Marty's account that just used his CC to pay his mortgage, I would think the he wanted an AA.

Message Edited by marty56 on 03-13-2009 04:04 PM
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.