admin Posted August 1, 2018 Share Posted August 1, 2018 Posted By Alex Kemnitz I’m curious, are there laws restricting credit card payments for rent or mortgages? I’ve noticed that it’s not at all common. Quote Link to comment Share on other sites More sharing options...
Chris S Posted August 2, 2018 Share Posted August 2, 2018 There are 3rd party programs you can use to make the payments. Generally they are not common because of a 2.5% fee that most credit card companies, and the 3rd party ones apply to the payment. I do not know of any laws restricting their use. It's just economical not to use them. The property management software I use allows rent payments with a 2.5% fee. people use it sometimes because it might be cheaper than the late fee depending on the late fee and cost of rent. 1 Quote Link to comment Share on other sites More sharing options...
Cindy Merry Posted August 4, 2018 Share Posted August 4, 2018 I set up a Pay Pal account for a corporate tenant to use credit card to pay. They like the convenience and the credit card rewards/miles. Additionally, they were the ones that suggested I contract with them raising the rent enough to cover the fee. On the other side of the question, paying your mortgage with a credit card is another story. In my experience, the credit card company viewed the payment as a cash advance, charged that fee, and gave me no miles. Lesson learned! 1 Quote Link to comment Share on other sites More sharing options...
Moderators Kassandra RPM Alaska Posted August 4, 2018 Moderators Share Posted August 4, 2018 Wow! Good to know about mortgage and paying with a card. Never knew that! I wonder if it is different or not for each company or not. I really like the PayPal idea. Can you stop them from paying if you need to in order to evict? Wouldn't it be cool if PayPal could have a ledger and rent attach to their service. PayPal is everywhere so why not! 1 Quote Link to comment Share on other sites More sharing options...
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