Rental Properties Nationwide
More rental properties throughout the United States are accepting credit cards for rent payments than ever before. According to Visa, the number of properties that accept Visa credit and debit cards for rental payments rose 43 percent during the past year. While consumer demand for the convenience of making monthly rental payments with a credit or debit card has driven the rise in acceptance, paying by plastic isn’t for everyone.
"If you’re the kind of person who pays your credit card bill in full every month, charging your rent can be a very convenient way to make your payments," said Steve Rhode, president and co-founder of Myvesta.org, a nonprofit financial crisis center. "Charging that large of an expense every month and immediately paying off the balance is a great way to rack up points in credit card reward programs or cash back from cards who offer rebates."
But Rhode warns that those who aren’t so diligent about paying their balance in full can end up deep in debt.
"Even the people with the best intentions of paying off the rental charge will be tempted into letting it slide" Rhode said. "And if you’re the kind of person who normally carries a balance from month to month, getting into the habit of charging your rent can really get you in over your head."
Along with the rise in rental properties accepting credit cards many utility, telecommunications and cable companies are accepting credit cards as a form of payment.
"With more companies accepting credit cards it’s become easier and more convenient for many people to pay their bills," Rhode said. "But if you are relying on your credit cards to support your basic needs like rent, groceries or utility bills, it’s time to obtain the help of a professional to get your finances back on track," Rhode said.