In the realm of personal finance, one typically associates paying rent with a necessary expense. However, Chexy, headquartered in Toronto, Ontario, has revolutionized this notion by enabling Canadians to pay their rent using credit cards while simultaneously accruing rewards and bolstering their credit.
In this comprehensive Chexy Canada review, we will delve into the intricacies of Chexy’s operations, its standout features, and how Canadians can harness its potential to bolster their credit scores.
Chexy serves as a tenant-centric payments platform, empowering renters to amass rewards and cultivate their credit profiles through rent payments.
Chexy levies a fee of 1.75% of your rent for credit card transactions and a nominal $1 monthly charge for debit card payments.
Chexy Credit Builder feature aids renters and newcomers to Canada in fortifying their credit histories via punctual rental payments.
Chexy stands as a tenant-centric payments platform that empowers renters across Canada to leverage their credit cards for rent payments. The process is straightforward: furnish the requisite information such as lease details, rental property address, and landlord particulars, along with your credit card information each month. Chexy subsequently initiates an e-transfer to your landlord on the designated rent day.
Distinguishing itself from other online payment services, Chexy boasts a lower fee structure, charging only 1.75% compared to the 2.5% levied by third-party processors like Rentmoola. Additionally, Chexy presents unique features such as the Rent Cashback program, and it imposes no minimum term requirement.
At present, Chexy supports all major Canadian Visa and Mastercard credit cards, with plans to incorporate American Express shortly.
Chexy offers several standout features that can benefit renters:
Chexy Canada enables you to accrue rewards by utilizing your credit card to settle your rent payments. The type and magnitude of rewards hinge on your chosen credit card.
Furthermore, there are two primary methods to earn rewards with Chexy:
Chexy’s Credit Builder is designed to enhance your credit profile by harnessing on-time rent payments. The system automatically reports your rent payments to Equifax each month, bolstering your credit report and subsequently enhancing your credit score. Consistently prompt payments can expedite your eligibility for superior loan offers, mortgages, and credit cards.
Chexy extends a streamlined and cost-effective rent collection system for landlords. It enables them to accept card payments at no cost, while tenants incur a minimal $1 monthly fee for using Chexy for rent payments.
Landlords can derive several advantages from Chexy:
To settle your rent via Chexy, adhere to these steps:
Chexy provides two payment options for settling your rent:
Using a debit card with Chexy enables direct deductions from your checking account. However, it’s important to note that debit cards typically do not offer rewards or points programs.
Employing your credit card through Chexy affords the opportunity to earn points, cashback, or other rewards. It also facilitates automated payments, the ease of splitting payments with roommates, and the potential to accrue rent cashback via partner brands.
Moreover, every rent payment made via credit card through Chexy is reported to Equifax, Canada’s largest credit bureau. Equifax incorporates this data into credit reports, influencing credit scores.
The rewards you reap with Chexy hinge on the credit card you employ for rent payments. Chexy recommends several cards for optimal rewards, including:
To offer insight into your potential earnings, here’s a table outlining annual rewards, annual Chexy fees (1.75%), and potential earnings based on a monthly rent of $2,000 for various Chexy-recommended credit cards:
| Credit Card Options | Annual Rewards | Annual Chexy Fee (1.75%) | Potential Earnings |
|---|---|---|---|
| Amex Platinum, Amex Green Card, Amex Gold, Amex Platinum | $528 | $420 | $108 |
| AMEX Aeroplan Reserve, TD Aeroplan Visa Infinite Privilege, CIBC Aeroplan Visa Infinite Privilege, AMEX Aeroplan Air Canada Airline Charge Cards, TD Aeroplan Visa Infinite | $504 | $420 | $84 |
| Scotia Momentum Visa Infinite, Scotia Platinum AMEX | $240 | $420 | -$180 |
| BMO Ascend World Elite Mastercard | $161 | $420 | -$259 |
| TD First Class Travel Visa Infinite | $120 | $420 | -$300 |
Chexy imposes fees as follows:
Chexy stands as a legitimate service offering a tenant-centric payments platform that enables renters to make monthly rent payments through their credit cards, amass rewards and cashback, automate payments, and fortify their credit profiles.
Established in 2022 and headquartered in Toronto, ON, Chexy Inc. was founded by Lizaveta Akhvledziani (CEO), Abtine Monavvari (CPO), and Ben Gigone (CTO). Chexy secured funding from prominent investors, including Crossbeam Ventures, Groundbreak Ventures, and Ferst Capital Partners.
Should you require assistance or have inquiries, Chexy support can be accessed via their support page.
Chexy features a referral system that empowers you to earn rewards and cashback by encouraging others to use Chexy for rent payments. To participate, create an account at Chexy, where you will receive a unique referral link and code to share with friends and family via your personal dashboard.
When your referred friends or family members establish accounts and link payment methods, both parties receive $5 in rent cashback.
Additionally, the referral program introduces milestone rewards, granting supplementary cashback when specific referral thresholds are achieved.
Upon accumulating $10 in rent cashback, you can redeem it towards your next month’s rent, directly through your Chexy dashboard.
Chexy offers a robust platform that facilitates rent payments via credit cards, allowing you to accrue rewards on your monthly rent expenses and earn cashback. If rent constitutes a significant portion of your monthly budget, Chexy presents a compelling opportunity to harness rewards and bolster your credit score swiftly.
Crucially, Chexy’s Credit Builder feature fosters credit growth and an improved credit profile through consistent and punctual monthly payments.
In summary, Chexy is worth considering if you seek to enhance your credit profile through regular, complete payments while simultaneously earning cashback.
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