SAVE $700 ON YOUR RENT | Pay Rent With Credit Card Canada 2025 | Scotiabank Momentum Infinite Visa
In this video, we take a look at a secret method that helps you save up to $700 on your rent this year, so that you can start saving hundreds of dollars on your rent every year going forward.
👉 Get a $125 Cash Rebate By Signing up for the Scotiabank Momentum VISA Infinite (Until March 31st): https://tinyurl.com/mpnh42rk
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🔵 My X: / shervinhouse
The trick to this renting tip is to use your credit card for your rent payment, and get a high cash back rate from your card as a reward. That said, most landlords don't accept credit cards as a form of rent payment, but the good news is that you can still use your credit card to pay your rent regardless, you would just have to use an intermediary service to make it happen.
Here in Canada, there is a service known as Chexy which accepts credit card payments from the renter, and pays the landlord cash. Using this service, you can pay for your rent with a credit card, and your landlord wouldn't have any problems with it as they are not receiving a credit card payment, but instead they receive cold hard cash.
That said, this service charges a 1.75% fee for processing these payments, which means that in order to be profitable in this transaction, you need to use a credit card that offers a cash back rate of at least 2% or more on the category of recurring payments, which is the category that covers this.
Scotiabank has by far the best credit card for high cash back on recurring payments, and that is the Scotiabank Momentum VISA Infinite card, which offers 4% cash back on all recurring payments, up to $25,000 spent per year. Now we will keep this Scotiabank Momentum VISA Infinite card review brief and to the point, since you don't want to use this card for anything other than your rent payments to make sure that we keep as much of that $25,000 limit open as possible for our rent payments. But to summarize, this card is free to own for the first year, but from the 2nd year onward, it costs $120 a year to keep open. As well as this, as a sign up bonus, you will receive a whopping 10% cash back rate for the first $2000 you spend on the card.
If you use this card to pay rent in Canada through Chexy, then you will receive 4% cash back on your rent payment, which is much higher than the 1.75% fee that you are paying to Chexy Canada for the processing. This means that you are profiting 2.25% on your rent payments up until you hit the $25,000 a year limit. Given that this amount is much higher than the $120 annual fee, this is a great profitable way to save a ton on your rent payments every year.
But particularly in the 1st year, you don't pay the $120 annual fee, and you also receive 10% cash back on the first $2,000, which means that you could get up to $1120 in cash back in the 1st year, and once you deduct the fees you are paying for Chexy, that's up to $700 in profit. Even in the subsequent years where you have to pay the $120 annual fee and there is no sign up bonus, you can still get up to $1000 in cash back, and once you deduct the Chexy fees and the Scotiabank credit card annual fee, you can get up to $440 in profit.
In addition to this, you are getting to own one of the best paid credit cards in Canada 2025, since this best Scotiabank credit card 2025 gets you a ton of perks such as travel coverages, VISA concierge service, auto rental discounts, and mobile device insurance. Although the card has a $120 annual fee, because you are putting your rent on this card, you are actually profiting by owning the card, which basically means that overall you are in a way getting paid to own the card, instead of paying to have it. Remember, we already included thee annual fee in our profitability calculations, and you still ended up profiting hundreds of dollars every year even after paying that fee.
So if you were wondering how to pay rent in Canada, or more specifically, how to pay rent with credit card Canada 2025, then hopefully this Canada rent 2025 guide can help you do just that. By simply taking a couple of minutes and setting up this elaborate system, you can get back hundreds of dollars of your rent payment every year, which is enough to either buy a new electronic device or an airplane ticket every year. If you have any questions about this rent Canada 2025 process, feel free to let me know in the comments section down below. Happy savings!
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