Top credit cards for rent payment

In today’s digital age, credit cards have become an essential tool for managing finances. When it comes to paying rent, using a credit card offers convenience, flexibility and rewards. However, with numerous credit card options available in India, finding the best one for paying rent can be overwhelming. We have made a list of top credit cards in India that are ideal for rent payments. From cashback offers to reward points, we’ll discuss the features, benefits and key factors to consider. So, let’s dive in and discover the best credit cards for paying rent in India.

Table of Contents

See also: What are the benefits of paying rent through credit cards?

Benefits of using credit cards for rent payments

Paying rent with credit card brings a host of benefits that help you manage your finances easily. Here are some key advantages:

Convenience: Paying rent with a credit card eliminates the need for cheques or arranging cash payments. You can conveniently make payments online or through mobile apps.

Rewards and cashbacks: Many credit cards offer reward points, or cashbacks on rent payments, allowing you to earn benefits.

Flexibility: Credit cards provide flexibility in managing your rent payments. You can choose to pay the full amount, or opt for EMI options, depending on your financial situation.

Building credit history: Regular and timely rent payments through a credit card can help build a positive credit history, which can be beneficial for future financial endeavours, such as loans, or other credit applications.

Security: Using a credit card for rent payments adds an extra layer of security. With features like fraud protection and dispute resolution, you can feel more confident about your transactions.

Factors to consider when choosing a credit card for paying rent

Interest rates and fees: Look for credit cards with competitive interest rates and low or no annual fees. This ensures that you can make your rent payments without incurring excessive charges.

Reward programs: Consider credit cards that offer attractive reward programs, especially those that provide bonus points, or cashbacks specifically for rent payments. This way, you can maximise the benefits of your regular rent transactions.

Cashback offers: Some credit cards provide cashbacks on rent payments, which can be a significant advantage. Look for cards that offer a high cashback percentage, or attractive cashback schemes for rent transactions.

Credit limit and flexibility: Ensure that the credit card you choose has a sufficient credit limit to cover your rent payments. Additionally, check if the card offers flexibility in terms of repayment options, such as EMI facilities.

Customer service and support: Look for credit cards from reputable banks, or financial institutions that have a reliable customer service network. This ensures that you can seek assistance promptly if you encounter any issue or have queries regarding your rent payments.

Compatibility: Some cards are specifically designed for rent payments and may have tie-ups with certain rental platforms, making the process smoother.

Top credit cards for rent payments

Check out this list of some of the top credit cards that offer attractive benefits and features for rent payments.

Axis Bank Magnus

Milestone rewards: This credit card offers a unique benefit called Milestone Rewards Monthly Milestone Benefit. By accumulating 25,000 reward points, you can enjoy the option of purchasing two nights at Marriott hotels through point transfers.

Concierge facility: It provides an excellent concierge facility that offers VIP Assistance Services for a seamless airport experience. This includes assistance with various airport procedures, such as expedited check-in, speedy security screening, immigration support, as well as porter and buggy services.

Golf bonus: If you happen to possess a Mastercard, you can take advantage of the Mastercard World Golf benefit offered by the Magnus Credit Card. This benefit entitles you to one free instruction session and a maximum of four complimentary games per year.

Access to airport lounges: Enjoy the privilege of accessing airport lounges with this credit card. On every card anniversary year, you are eligible for a maximum of eight guest accesses on Priority Pass for international lounges. Additionally, you can also enjoy unrestricted access to domestic lounges by obtaining add-on cards.

Rewards: This credit card presents an exciting new bonus of 5X rewards on the Travel Edge website, making it a valuable option for purchasing flights. To maximise your Axis Rewards, it is recommended to transfer your points to one of their recently established Points transfer partners. This transfer elevates the “point value” from the standard 20p (edge rewards portal redemptions) to 40p (Marriott/ITC transfers), and even up to 80p when considering airline partners.

HDFC Bank Infinia

Milestone benefits: This credit card offers attractive milestone benefits. If you spend Rs 10 Lakh, or more during the current year, you are exempted from paying the renewal membership fee for the following year.

Dining advantages: With this credit card, you can enjoy exclusive deals and savings of up to 15% at more than 3,000 partner restaurants. Additionally, you can avail up to 20% off on meals and drinks at restaurants within Marriott Hotels. Further, you can enjoy up to 20% off on ‘Best Available Rates’ for rooms at Marriott Hotels in India and ‘Weekend Rates’ at Marriott Hotels in the Asia Pacific region, making your membership even more rewarding.

Travel benefits: The HDFC Infinia credit card provides excellent travel benefits. You gain access to over 1,000 airport lounges worldwide with a complimentary Priority Pass membership. Moreover, the MasterCard/Visa Lounge Access Program allows cardholders four free visits to domestic lounges each quarter. Additionally, this card offers the lowest 2% foreign exchange markup on all international purchases.

Reward point advantages: With this credit card, you can enjoy one of the best rewards programs offered by the bank. For every Rs 150 you spend with the card, you earn 5 reward points with no restrictions. Furthermore, you can earn up to 10 times more bonus points on Smartbuy when you travel and shop. It’s important to note that the reward points accumulated expire after three years.

Lifestyle benefits: The HDFC Infinia credit card provides an array of lifestyle benefits. You have access to a dedicated concierge service that can assist you with restaurant reservations, movie tickets, hotel reservations, and more. As an Infinia cardholder, you can also enjoy playing golf for free at top golf courses in India and around the world. Additionally, you gain access to special dining establishments at select golf courses nationwide. The principal cardholder is entitled to waived green fees during his visit. Furthermore, cardholders are eligible for a complimentary Club Marriott membership.

SBI Card PRIME

Welcome benefits: When you opt for this credit card, you can enjoy exclusive welcome benefits. These include gift cards worth Rs 3,000 for popular retailers, such as Yatra, Aditya Birla Fashion, Bata/Hush Puppies, Shoppers Stop and Pantaloons.

Travel advantages: This credit card offers a complimentary Club Vistara Silver membership, providing access to exclusive privileges and rewards when flying with Vistara airlines. Additionally, you gain a free Trident Privilege Red Tier membership, offering a host of benefits and discounts when staying at Trident Hotels. Furthermore, you can enjoy access to domestic and international airport lounges.

Movie and dinner perks: With the SBI PRIME credit card, you can earn 5X reward points (10 reward points) on dining and movie purchases. Additionally, you can avail discounts of up to 25% on dining expenses at affiliated restaurants (applicable only with the AmEx variant). The card also offers a rewarding rewards rate, where every Rs 100 spent on groceries, dining, movies, and department stores earns you 10 reward points. For all other retail purchases, you earn two reward points for every Rs 100 spent.

Golf bonus: If you opt for the MasterCard variant of this card, you can enjoy a range of golf benefits, including complimentary four rounds of golf, one free lesson every month, and up to a 50% discount on golf games.

Insurance benefits: This credit card provides valuable insurance benefits for added peace of mind. You are covered by air accident insurance worth Rs 50 Lakh, ensuring financial protection in the event of an unfortunate accident during air travel. Additionally, the card offers fraud liability insurance worth Rs 1 Lakh, safeguarding you against unauthorised transactions. These insurance benefits are applicable starting 48 hours before the loss of the card and ending seven days after notifying the bank.

Access to lounge: With the SBI PRIME credit card, you gain access to airport lounges, adding a touch of luxury to your travel experiences. You are entitled to eight free domestic airport lounge visits each year, with a maximum of two visits per quarter. Moreover, the card provides you with a Priority Pass Membership, granting you four free passes per year to international airport lounges, with two passes available per quarter.

Axis Vistara Infinite

Milestone benefits: By reaching certain spending milestones, cardholders can enjoy a valuable 8% value, excluding CV points. Additionally, the recurring incentives in the form of CV points provide an additional 3% or more. The card offers excellent reward rates, with up to 7.5 Lakh of spending before the reward rate gradually decreases as you approach the final milestone benefit at Rs 12 Lakh.

Rewards point benefits: While this card’s primary focus may not be on collecting Club Vistara Points (CV Points) through routine purchases, it is still important to understand the value they bring. While CV points are typically valued at 75 paise, the current high fares in 2022, influenced by the Covid pandemic, make it possible to assign a value of Rs 1 per point, even for economy redemptions. In some select low-demand sectors, the value of CV points may be even higher.

Gold Membership for Vistara: By using the credit card, cardholders can gain access to the exclusive gold tier membership. In India, the Axis Vistara Infinite Credit Card and the IndusInd Explorer Credit Card are the only two cards that provide the gold tier. The upgrade vouchers alone are worth at least Rs 10,000.

Access to airport lounges: When flying with Vistara, Club Vistara Gold membership automatically grants cardholders access to airport lounges, regardless of the class they are travelling in. However, if you choose to fly with another airline and require lounge access, the Vistara Infinite Credit Card offers built-in Visa Infinite lounge access. Simply swipe your card to enter the lounge and enjoy the comfort and amenities.

Golf perk: The complimentary rounds of golf offered by Axis Golf, the booking system associated with the card, are a great deal.

YES Prosperity Edge

Golf advantage: Enjoy the perks of being a Prosperity Edge credit card holder with four complimentary rounds of golf, including green fees, at select golf courses in India per year. Additionally, you can enhance your golf skills with a free golf lesson each month at specific Indian golf facilities.

Insurance protection: In the event of the principal cardholder’s accidental death, the card provides Credit Shield Cover. Further, you are covered with a life insurance policy of Rs 50 Lakh in case of an aviation disaster. When travelling abroad, the card also provides medical insurance coverage of Rs 15 Lakh for unexpected hospitalisation. Additionally, the Card Protection Plan helps in emergencies, including card loss, theft, and fraud.

Domestic and international lounge programs: As a primary cardmember, you are entitled to one complimentary visit to a domestic airport lounge in India per calendar quarter. For cards issued by Mastercard, upon request, you can enjoy a complimentary Priority Pass membership for the International Lounge Program. If you hold a Visa-branded YES Bank credit card, you can access lounges overseas displaying the LoungeKey emblem. However, please note that there will be a charge of $27 plus GST for each lounge visit by the cardholder or his guests at foreign airports.

Waiver of fuel surcharge: When making purchases between Rs 400 and Rs 5,000 at any petrol station in India, you will benefit from a waiver of the 1% fuel surcharge. This allows you to save your fuel expenses while enjoying the convenience of using your credit card.

Rewards accelerated points: The credit card offers accelerated reward points to maximise your benefits. For every Rs 200 spent on select categories, you earn two reward points. For all other categories, you earn four reward points for every Rs 200 spent. Additionally, you can enjoy 5x reward points on the first three purchases made with Yes Paynow-registered billers. Moreover, by reaching an expenditure threshold of Rs 6 Lakh, or more in each anniversary year, you can earn a bonus of 15,000 reward points.

Read also: What are the pros and cons of paying rent with credit cards?

How to apply for a credit card for rent payments?

Applying for a credit card for rent payments is a straightforward process. Here are the general steps to follow:

Check eligibility criteria: Ensure that you meet the eligibility criteria set by the credit card provider, such as minimum income requirements and credit score.

Application process: Visit the bank’s website or branch and fill out the credit card application form. Provide the necessary details, including your personal and financial information.

Required documents: Prepare the required documents, such as proof of identity, address proof, income proof and recent photographs. Submit these documents with the application form.

Verification and approval: The bank will verify your application and documents. If everything is in order, you will receive approval for the credit card.

Card issuance: Upon approval, the bank will issue the credit card and provide you with the necessary instructions on its activation and usage.

Note that the specific application process may vary depending on the credit card provider. It’s always advisable to visit the official website or contact the bank directly for accurate and up-to-date information.

FAQs

Can I use any credit card to pay my rent?

Yes, you can easily pay rent with a credit card with the help of a platform like Housing.com's Pay Rent.

Are there any additional charges for paying rent with a credit card?

Some credit cards may charge processing fees for rent payments. It's important to review the terms and conditions of your credit card to understand any applicable charges.

Can I earn rewards, or cashbacks on rent payments?

Yes, many credit cards offer rewards points or cashbacks on rent payments. Look for credit cards that specifically mention rent payments as a category for rewards, or cashbacks.

Can I set up automatic rent payments with a credit card?

Some credit cards allow you to set up automatic payments for recurring expenses like rent. Check with your credit card provider for options and instructions on setting up automatic rent payments.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

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