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Rent payment using credit card offers – 2020

During these COVID times, rent payment using credit card has become a thriving segment for banks and rent payment platforms. Not only have many platforms come up for rent payment in the last few months, but also many credit card issuers have introduced multiple offers for rent payment. Check out the best platforms for rent payment using credit cards here.

Let’s have a look at the best ongoing rent payment using credit card offers.

Rent payment offers on RedGirraffe

RedGirraffe is probably the oldest and the best rent platform out there. Personally have used RedGiraffe for 2-3 years now. Currently, there are 4 credit card offers ongoing on the platform.

Citibank RedGirraffe offer

Citibank is offering a cashback of up to INR3,000 on rent payment using their credit cards on RedGirraffe. Over the offer period, it turns out to be a cool 5% cashback on rent payment. One has to enroll before 12th Dec and make rent payment of minimum 20,000 for the next 3 months consecutively to get the maximum benefit. The way it works is, you get INR750 cashback on first month’s rent payment; INR 1000 cashback on second month’s rent payment and INR1250 on third month’s rent payment. However, do note that Citibank no longer gives reward points for utility bill payments and thus will not receive reward points on these transactions.

HSBC RedGirraffe Offer

On rent payment using credit card on RedGirraffe, HSBC is offering 5 days of rent as cashback. For example, if the rent monthly rent is INR20,000, then after paying rent for 4 consecutive months using HSBC credit cards, cashback would be 5/30*20000 = 3333. Since HSBC gives reward points for utility payments, I assumed that if one uses HSBC Visa Platinum card, then an effective reward rate would be 4.5% during the offer period, which is quite impressive.

Payzapp RedGirraffe Offer

Well, this is not a new offer as Payzapp has this offer going for a very long time. If one makes rent payment using Payzapp and uses the promo code “BILLPAY” one gets a cashback of 5% (up to 150) every month. The reward rate is quite low at just 0.7%. However, this is just the base reward rate; depending on the credit card you are using, your reward rate could be significantly higher. Payzapp accepts all credit cards except Amex.

I am using the “BILLPAY” promo code on Payzapp for my utility bill payments (Electricity and Gas) for more than a year now. Have never used it for rent payment though.

Rent Payment Credit Card Offers-RedGirraffe

I have excluded Yes Bank offer from the above comparison. Reason being, Yes Bank is offering only one-time 1000 reward points (~INR 150 value) for setting up rent payment as standing instructions which is very pathetic. For Yes Bank cardholders, I rather suggest that they use Payzapp offer on RedGirraffe as they will earn INR150 every month instead of just one-time.

Rent payment offers on NoBroker

Payzapp NoBroker Offer

Payzapp is offering a cashback of 5% (up to INR500) on rent payment using Nobroker. This offer has been going on for a few months now, however, typical of HDFC Bank; the offer is extended by only one month at a time. Hopefully, they will continue to extend this offer for the foreseeable future :D.

Similar to Payzapp RedGirraffe offer, one can use any MC/Visa/Dinersclub credit card to make the payment. If one owns a credit card that gives reward points on wallet load or utility payment, this is the best offer for rent payment at the moment (except for HDFC Millennia credit cardholders). As one gets the reward points on credit card coupled with INR500 cashback on Payzapp.

Payzapp Millennia Nobroker offer

The Payzapp Millennia offer is an extension of Payzapp Nobroker offer where one gets INR500 cashback on Payzapp. Plus, if the HDFC Millennia credit card is used, you get an additional 5% cashback of up to INR750 on the card directly. Thus resulting in a cool INR1,250 cashback. Further, I assume, you get 2.5% rewards points on Millennia credit card as this transaction will be classified as online spends. Giving a whopping 8.4% reward rate.

Rent Payment Credit Card Offers-NoBroker

Conclusion

While I still believe, RedGirraffe is the best rent payment platform given their low charges. However, at present, offers from NoBroker makes it a more compelling platform for rent payment. At the moment, even I am using NoBroker with Payzapp and paying rent via my Dinersclub Black card; in turn, earning a cool 5% reward rate. J

Do let me know which credit card you use for rent payments.

Photo by Morning Brew on Unsplash

4 Comments

  1. Nilesh

    Hi Harsh, Good analysis done. I think you have missed to consider reward points on citi credit card & payzapp option under red giraffe.. depending on the value of credit card reward points the current offer of citi- redgirraffe seems to be the best option.

    Also i suggest you reduce the platform charges from the total reward & then compare the net reward (after reducing platform charges) with basic rent to calculate the cashback / benefit %

    I am using paytm first citi card- which gives 1% flat cashback + 3000

    Cheers!

    • Comment by post author

      Harshvardhan Agrawal

      thanks Nilesh.
      Citi credit cards dont give reward points on utility payments. The changes have come in effect since October last year (https://www.creditcardz.in/citibank-changes-in-reward-program/). Thus one only gets cashback when using Citi + RedGiraffe combination.

      On the payzapp thing, since payzapp allows all Visa/MC and Diners cards, its practically impossible to gauge the rewards points one would earn using Payzapp.

      the reason i add platform charges is because its a real cash outflow for the user. Also, for eg, in the case of NoBroker – ICIC Amazon Pay, assume there were no cashback offer. So the reward points earned by you (1%) is equal to the charges paid you (1%), while if the card were to be used on RedGirraffe, one would earn a net of 0.6%.

  2. Nilesh

    Would like to know your thoughts on the recent ICICI Amazon Pay credit card offer on Nobroker

    • Comment by post author

      Harshvardhan Agrawal

      The Amazon NoBroker offer, I feel is not as good as Payzapp offer. In ICICI’s case, the cashback is capped at 350 (5%). which means max benefit only comes at 7000/month. Hardly anyone would have rent so low. For example, for a rent of 25000, one would end up paying 250 as platform charges and in return will get 252+350 = 602, which is 2.4% in cashback.

      In Payzapp, using the same Amazon Credit card, one can get 3% cashback – total spends of 25250. Cashback of 500 from Payzapp + 252 cashback from Amazon Pay card. i.e 752/25250 = 3%.

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