Paying rent is often the largest monthly expense for many Canadians. With Chexy a platform that recently started qualifying as a recurring bill payment merchant and with the Scotia Momentum Visa Infinite card, you can now earn 4% cash back on your monthly rent, up to $25,000 in recurring payments per year. Below is a step-by-step guide on how to set it up, along with an example of the net monthly savings you can expect.
Why Pay Rent Using Chexy + Scotia Momentum Visa Infinite?
- 4% Cash Back on Recurring Bills
The Scotia Momentum Visa Infinite card offers 4% on recurring bill payments, including rent through Chexy (subject to the annual $25,000 cap). This high earn rate can add up quickly on your biggest monthly expense. - Easy Rent Management
Chexy handles sending your rent to your landlord. Once you link your credit card and set the payment date, everything becomes an automated “recurring bill” (no more manual e-transfers). - Maximize Monthly Savings
If Chexy’s processing fee is lower than the rewards you earn, you’ll walk away with a net gain each month, effectively “earning money” on rent.
Explore more about the Chexy platform at their official site: Chexy.co.
Step-by-Step Guide
Below is a straightforward process to help you start earning 4% on your rent.
- Sign Up for Chexy
- Head to Chexy’s website to create an account. Provide the necessary details, including your landlord’s email or bank info.
- Link Your Scotia Momentum Visa Infinite Card
- Once your Chexy account is set up, add your Scotia card as a recurring payment method. Ensure you haven’t exceeded the $25,000 annual limit for 4% cash back on recurring bills.
- Add Landlord/Property Management Information
- Enter your landlord’s details so Chexy can route the rent payment each month. Verify accuracy to avoid payment delays.
- Set Up Monthly Rent
- Choose the amount, the monthly date (e.g., the 1st), and confirm. Chexy will treat this as a recurring bill, triggering your 4% cash back.
- Monitor Your Statements
- Log in to both Chexy and your Scotia Momentum Visa Infinite account to see the rent charge and the 4% cash back rewards added to your statement.
Case Study: Net Monthly Savings – Cash Back
Consider a rent of $1,500. With 4% cash back, you’d earn:
- $1,500 x 4% = $60 per month in cash back.
Chexy typically charges a fee (e.g., 1.75% on rental payments). Let’s break that down:
- Chexy Fee: 1.75% of $1,500 = $26.25
- Net Monthly Gain: $60 (4% cash back) – $26.25 (fee) = +$33.75 [2.25% net Cash Back]
Over a year, that’s an extra $405 in your pocket—simply for routing your rent through Chexy with the right credit card.
Note: Always check Chexy’s current fee structure and your card’s reward terms, as they can change over time.
Case Study: Amex Business Platinum MR Points
Consider a rent of $3,000. With 1.25 MR Points per dollar, you’d earn:
- $3,000 x 1.25 = 3750 MR per month in points.
The base value of Amex Canada Membership Rewards points vary, but 1.6-2.2 Cents Per Point (CPP) is the consensus among experts.
However, the true value of MR are related to your redemption rate. Most point hacking aficionados aim for at least a 2 Cent Per Point (CPP) during redemption, but there are often opportunities of 4-6 CPP redemption rates if you know how to find them. The Highest redemption rate we have seen was a business flight in November 2024 from YVR to Europe for ~12 CPP! So the value of using your Amex Platinum Card is high and much higher when you stack rewards programs.
Chexy typically charges a fee (e.g., 1.75% on rental payments). Let’s break that down:
- Chexy Fee: 1.75% of $3,000 = $52.50 CAD
- Base Net Monthly Gain: 3750 MR Points [$60 (1.6 CPP) to $82.5 (2.2 CPP)] – $52.50 (fee) = +$7.50 to $30 Net Gain
- Flight Application Monthly Gain: 3750 MR Points [$150 (4 CPP) to $225 (6 CPP)] – $52.50 (fee) = +$97.50 to $172.50 Net Gain
You can see how doing this over the course of the year adds up, especially if you know the tips and tricks to finding the highest CPP Redemption Rate flights. Earn these rates simply by routing your rent through Chexy with your Amex Business Platinum.
Tips to Maximize Your Return
- Stay Within the $25K Cap: The Scotia Momentum Visa Infinite card offers 4% on recurring payments only up to $25,000/year. Beyond that, your earn rate drops. Then it may make more sense to switch payments to another net gain card.
- Pay Rent on Time: Ensure there’s room on your card’s credit limit. Late fees or interest charges can negate your cash back benefits.
- Combine with AMEX or Other Cards: If you’ve hit your $25K limit for 4%, you might switch to a backup rewards card e.g., an AMEX with a high earn rate on extra purchase such as the business Platinum.
- Check Landlord Requirements (optional): While most landlords are fine with receiving funds from Chexy, confirm their acceptance upfront if you’d like. Landlord participation is not required.
Ready to Start Earning on Rent in Canada with Chexy?
Transform your rent from a passive expense into a cash-back opportunity. With Chexy qualifying as a recurring bill payment merchant and Scotia Momentum Visa Infinite offering 4% cash back, you can significantly reduce your net rent cost every month.
Use this strategy wisely, monitor your monthly statements, and enjoy the savings that come with paying rent the smarter way. 😃