According to the DoC, RadPad launched an updated app for Android phones to pay their rent fee-free through the end of the year. RadPad is an online service that allows you to use debit cards and credit cards to pay for your home or apartment rent. Normally you would pay a 2.5%-3.5% service charge for this service but this promotion makes it fee-free through 2016!
Why would I want to use a credit card to pay my rent?
The obvious benefit is that you don’t have to write a check, get an envelope, find a stamp, and walk/drive to a mailbox. (make sure to pay off the charge in full by your due date to avoid paying interest charges on your card) By inputting your landlord’s mailing address and your credit card info, RadPad will send a physical check to your landlord on your behalf. The good news is RadPad transactions are marked as a purchase on your credit card statement, not a cash advance, so there is no risk to use this service. I have used RadPad about four times this year and I have had great experiences. I would recommend sending the payment 7 business days before it is due, that allows ample processing and mailing time of your rent check.
Will my phone work for this promotion?
This promotion requires that you have an Android devices with NFC (near field communication) capabilities, also that your phone is running at least Android 4.4 (software version). Go to the Google Play Store on your Android device and download the RadPad app. Also make sure that you have the latest version of Android Pay installed on your phone.
Which card should I use?
The major benefit to paying your rent free with a credit card is that you will earn points for something you would have to pay otherwise. The second thing to consider is using this promotion to help meet your minimum spend on a new credit card sign-up requirement. If your rent is $1,000 a month and your credit card requires that you spend $3,000 in 90 days, you would be able to meet your minimum spend just by paying your rent – for free! I will be paying my rent with my American Express Starwood SPG card (yes, RadPad accepts Discover and Amex cards). TPG values Starwood (SPG) points at 2.5 cents a piece which makes them one of the most valuable point currencies in the business.
Here is what I would earn for paying my rent fee-free for the next four months using my Amex SPG card:
My rent is $1,200 a month x 4 months = $4,800 (through the end of the year)
$4,800 x 2.5¢ (SPG points worth 2.5¢ each) = $120 in points value (IE: 4,800 SPG points)
I can also transfer those 4,800 points to over 100 airlines if I didn’t want to use them for a free hotel night. SPG award nights start at only 2,000 points per night!
This would be a great opportunity if you are considering signing up for a credit card that has a large minimum spend requirement such as the Chase Ink card which gives you 60,000 (worth $750) Ultimate Reward points after spending $5,000. If you don’t have a large rent payment to make, consider paying rent for a friend using your credit card and then just have them write you a check as pay-back. On a side note, since we all like to travel hack, you cannot have RadPad send “checks” to a bunch of random people every week, RadPad will cancel payments if they look fictitious. Also, this service does not work for paying mortgages, unfortunately. If you want to pay other bills using a credit card, such as mortgages, car payments, student loans, etc, check out Plastic.
Make sure to click this link and follow the instructions on how to get fee-free credit card rent payments through the rest of 2016!