No more missed deadlines! You can now pay rent using your credit card

RentPay, the fintech platform of RedGirraffe, a London -based company, will now allow you to pay rent using a credit card.

Credit card holders of SBI Cards, HDFC Bank, ICICI Bank, IndusInd Bank, Axis Bank, Yes Bank and Kotak Mahindra Bank will be able avail this facility presently.

One can register for the facility at the RedGiraffe website by filling in one’s own details and that of the landlord, along with a scanned copy of the rent agreement. Once the process is complete, the user would get a RedGiraffe ID (RG-ID) which would then need to be registered with the credit card issuer.

After registering, rent payments will automatically get credited in trge landlord's bank account on fixed dates of every month.

For the service, the user needs to pay a transaction fee of 0.39% plus taxes-a minimum Rs 39 per transaction payable for all the banks except SBI Card. "Even while buying an online flight ticket for Rs 3,000, consumers usually have to shell out Rs 300 or more as convenience charges. However, the transaction cost on RentPay has been drastically subsidised for end consumers," RedGirraffe CEO Manoj Nair told ET.

"Over and above the standard and bonus reward points, we regularly run cashback offers with leading brands which gives more value to consumers. So, they will get far more value compared to the convenience charges being levied," says Vijay Jasuja, CEO, SBI Card, which would charge 1.75% per month plus taxes.

(Image source Forbes)