So my property management company just announced they will no longer be taking credit cards for rent payments.
so I am trying to get a little creative and this is the solution I have found
- I am going to use Venmo to send my significant other the rent money with my credit card, and then use their debit card to pay rent. I am doing this because paying rent with my credit card has given me $1600 extra spend on my cards every month which has done wonders for helping expand my profile and get CLI's.
I know person to person transactions don't get cash back points. So, my question is this, if I use a credit card to send someone money each month, will that extra spend be factored in when deciding CLI's?
I don't see why not, I am technically putting money on my credit card. I was slightly worried that this could be considered manufactured spend but once I learned you don't get points for this I realized the issuers shouldn't care at all. They aren't losing any money.
Sir, I wouldn't bother. Write a check. Wait a year and apply for nothing and shoot for the BILT.
If your paying Rent on a CC it should be for the signup bonus, they'll allow you in a online portal & you don't make enough money to get it without the Rent being charged, with the fees, that's it.
What is your income? Your credit lines will increase with time. You need to realize it's a marathon, not a race. Be patient. Your not getting 30k SLs next month.
I just opened a Delta Platinum I probably really do not need.
Don't bother, you'll do more harm than good, and Amex will not like it at all.
The last time I was 5/24 was in '18. Then everything fell off accounts grew and I'd open a BT card here and there and was 0/24-1/24 until early this year.
Chill dude. Forget this website exists for 1-2 years.
I understand that it's a marathon, but at the same time, i don't like to think about it like that. The reality is, time is extremely precious, and none of us know how much time we actually have. If we can achieve something in 5 years, why wait 25 years?
So I figured if there is a way to speed up the process, why not try to get creative?
Can you explain more how a bilt card would help/work?
if the company doesn't accept credit cards why would applying for a bilt card make any difference? I thought the whole idea behind the bilt card was
- no fees when paying rent (which is typically 3% or so)
- points on rent payments
there is a third party company out there that allows you to pay them. And then they send the property management company a check on your behalf. But their reviews are terrible and they are very unreliable so I ditched that idea.
they send the property management company a check on your behalf
That's BILT. Your here and don't know it?
Nobody's saying wait 25 years. My oldest group of acounts I opened in '17. They don't grow enormous limits in 1 year especially if you need to charge rent on a credit card to help you get credit limit increases your income doesn't support.
my BCP went from 2, 6, 12, 28.3k moved limits 30k. Took 2-3 years. Longer. Disco same idea.
Grow your income, not your credit limits.
Sorry I should explain.
charging rent on my credit cards is a calculated choice. Not a necessity. I could easily pay with check cash or debit card.
i intentionally paid with a credit card because it worked. The extra $1600 every month allowed me to spend 5-7 grand month on my card, and for me it's worked well. Although I will admit the venmo idea was a stretch. And not a great solution.
i didn't care about paying extra money every month to use my credit card: it was worth it to me. It has absolutely nothing to do with low income. My current income is 125,000, I wouldn't consider that low. Maybe you do?
But yes I honestly had no idea that was how bilt worked. I never looked into them. Like I said, I was trying to grow the limits on my current cards and didn't care about the extra fee I had to pay. So the "no fee thing" bilt offered did nothing for me.
that is good to know tho. And now that I'm thinking about it, perhaps you are right. Even if I took the rent out. I would still be spending well over 5k a month on average, even if it's split between cards. With my income, maybe that's enough on its own to warrant increases. Sure I probably won't get 3 increases in 3 months anymore. But that was never sustainable anyways.
BILT gives you an ACH and Routing number that you can enter into the property owner's payment panel, or they will mail a check to them if they're not up to date on these systems. Wells Fargo then absorbs the cost to have this charged to the MasterCard network and onto your bill each month, and still gives you a point per dollar.
I just looked into it and I can't believe I never knew this. I had no idea you could use bilt without being a card holder.
The fee is absolutely worth it to me, and again, that is not out of need. Just becsuee someone chooses to put an expense on their credit card does not mean they needed to use their credit card for that expense.
I've always said this, there are 2 types of people who use credit cards
1) people who use them because they have to and can't afford things any other way
2) people who can afford to pay for things however they want, but choose to use their credit cards for a specific reason or set of reasons.
I don't see the point of paying rent with a credit card just to have more spend on a credit card. Unless you are getting % back, it seems like more trouble than it is worth. Use Bilt or a CB debit card.
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I can't say for sure if the extra spend helped me get additional CLi's or not. Maybe I would have gotten them either way.
I can only say my experience and that I'm the only person I've ever seen that has gotten 3 CLI's on the same card within a 90 day period. Especially on a chase card, 2 was the most I remember seeing. And that was on a discover
again, did the extra spend help with this? I can't say for sure. But for me, I don't really want to find out. What I've been doing has been working, and working very well. So I figured why not continue doing it? it's certainly not hurting me, the only down side was the fee associated with using my credit card. But I'm in the growth period of my profile, and so it was worth it for me, in my situation.