Mumbai: The fee for paying rent with a credit card will now be 1% for those who use an ICICI Bank credit card. On October 20 of next month, the new modification will take effect. Credit cards are now used by people for a variety of things, not just as a means of obtaining emergency credit. There are numerous ways to maximise the use of the credit card, from online shopping to making travel arrangements. Rent payment with credit cards is already popular, but costs are expected to rise.
People who use ICICI Bank credit cards to pay their rent using websites like Cred, RedGiraffe, Mygate, Paytm, and Magicbricks, among others, would be impacted by this. There is a convenience fee levied by these outside service providers. Even while credit cards are quite useful and frequently give offers and discounts, you should always pay your bills on time if you use a credit card to pay your rent. Your credit score will be affected if it is not completed on time.
Cardholders should be aware that credit card interest rates are often on the higher side. You get a period of interest-free repayment, but you also have to make your payments before the deadline. Delaying bill payments will raise the interest rate even further. If you merely pay the rent with cash or a debit card, you will ultimately spend more than you would have Lender provided a blog post addition.