Radpad, a service that offers both credit card and debit card payments for rent, offers a monthly check-cutting service to landlord that only charges a $4.95 fee when using a debit card.
Your first month’s rent payment is free with a debit card. Then it’s $4.95 for up to a $5000 payment.
Credit card payments cost 2.99% so aren’t worth doing. But if you have a rewards debit card this can be a great way to earn miles for your rent.
- This is possible, because the cost to process debit transactions is really low (because of the Durban amendment)
- But for the same reason, banks usually do not incentivize debit transactions any longer.
Here’s what does still exist:
- I use the Suntrust Delta debit card, which earns 1 mile per dollar spent. You can no longer sign up for this card.
- If you want to earn miles for debit payments and don’t currently have a rewards-earning debit card, UFB Direct offers 1 American mile per $2 spent albeit with earnings caps.
$1500 rent would earn 1500 Delta miles at a cost of $5, or 1/3rd of a cent per point. Worth it. It would also earn 750 American miles at 2/3rd of a cent per point. Also worth it.. This could be useful for generating points for some.
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I will try to use to unload my paypal debit card next month
Interesting, I will try this with my SunTrust debit card in January and see if I earn miles in early Feb. for the payment. The first debit transaction is free so nothing to lose.
RadPad says, “Screw your checkbook”.
I say “Screw RadPad”. More Silicon Valley, non-money making venture capital phone-app shit to go by the waste side. We should do a survey to see how much cocaine, abnormal sex, etc. is occurring inside these offices as the more financially abusive these online app-crap companies become.
Pay rent using credit and debit cards. What a bunch of F’rs came up with this idea, to then sit at a desk, type a bundle of code, upload it, get Silicon Valley nose-picking investors to think it’s a good idea, while drunk beyond high heaven in a San Jose ass-kiss bar.
Thanks.
Thanks–I still have the Suntrust Delta card as I live in Florida, and I have a daughter in college, living in an apartment. Enough said.
Countdown to RadPad dying in 3….2….1….
UFB Direct has a $1500/ Day limit so not a viable option for higher rents….meanwhile PPBDC is better in this case with the 1% cash back…