One of the biggest expenses for a lot of people is that of rent. It is something you need to spend a lot on, month after month. At least, it is a sizable part of your income. You can’t ignore it. It is like a debt that needs to be paid each month. You may try to skip paying it, and at times the landowner may even deign to let it rest. But the next month, you’ll have to pay it anyway along with the missed rent payments! In other words, there is no way out of this mess.
Now, that is not the problem. The problem is far bigger. What happens if you run out of money before paying that rent? Don’t want to get into a problem with your landlord, but unless you pay it, you may have problems anyway. It happens, especially to working bachelors and other unmarried individuals. Sometimes, salaries are late in coming. Sometimes, they are just not enough. Sometimes, they don’t get salaries! It happens. So what can be the solution to this issue, and it is actually a pretty big problem plaguing a significant part of the population. After all, you cannot get instant loans, can you?
This is one of those times when a credit card is super handy. A credit card is useful because it gives you instant loans. Therefore it is very useful. In that regard, HDFC Bank can help you out a lot. HDFC Bank, in partnership with RedGiraffe, provides you with the novel and new facility RentPay. This is a facility or platform that you can use to get loans or credit instantly to pay your rent. It is specifically for paying rent, and not for anything else. You can use this facility to pay rent each month, just as you need!
Perhaps the best part of the deal is that, like all loans, if you pay before the due date you will not need to pay interest. So, your loans become free, at 0% interest! Sounds like a great relief, right? That is because it is so!
RentPay is a facility given to you by HDFC Bank and RedGiraffe in partnership. This is to enable you to pay your rent whenever you like, by giving you instant credit or loan. RedGiraffe is a Fintech start-up from the UK, and that is the entity that gives you the actual service.
Sounds confusing, right? Paying rent by credit card. Till now you may have paid rent by your debit card, or using other electronic means like GooglePay. You may even pay by cash. You are used to all these, and maybe the idea of paying with a credit card may sound foreign to you. But don’t worry. There are many benefits of paying through this means. For instance, credit cards are much more secure than debit cards. Now, the question is how to pay with a credit card.
If you are a HDFC Bank customer, you need to register for RentPay at the website of RedGiraffe. Fill in the details like your name, address, and that of your landlord. After this process is done, RedGiraffe gives you a unique ID (or RG-ID). With this ID, register with the HDFC bank.
This is a one-time registration. After this is done, you can credit your monthly rent payments directly to your landlord’s bank account every month. Of course, the credit can be done at a predetermined date as well, so you do not need to keep much track of the process. For this service, you’ll be charged a very nominal fee.
There are many benefits. First of all, credit cards are more secure than a debit card. In case of credit card loss, your money is not lost and you do not need to pay the bank anything. Secondly, your rent is automatically deducted, and thus there is no chance of missing out on payments. Thirdly, you get 45 to 60 days of interest-free credit. If you pay by that time, you’ll need to pay no interest.