Rent payment has been one of the easiest ways to achieve milestones and fee waiver spends on credit cards. Not only that, when we pay rent by credit card we get extra cashback/rewards/vouchers with many offers. No wonder, everyone has started paying their rent by credit card. Unfortunately, many have also been misusing this feature. The result – banks have started capping and reducing rewards on rent payments. Being a ‘genuine’ rent payer myself, I have started keeping track of these changes. In this post, I would be updating the rewards offered by various credit cards and their variants as and when I come to know of them. If you find something missing or incorrect, do comment on the same.
IndusInd Bank Credit Card Rewards on Rent Payments
IndusInd Bank was one of the first to cap rewards on rent payments.
|InterMiles Co-branded credit cards||1 InterMiles / Rs 100|
|All other credit cards||0.7 RP / Rs 100|
Axis Bank Credit Card Rewards on Rent Payments
For now, Axis Bank has removed rewards for rent payment transactions only on its entry-level cash back credit cards.
|Flipkart Axis Bank and Ace Credit Card||NIL (Zero)|
|MY Zone, Neo, IOCL, Aura, Advantage, Privilege, Select, Magnus, Signature, and Atlas Credit card||Regular Rewards for up to Rs 50000 rent payment transaction|
|Reserve and Burgundy Credit Card||Regular Rewards for up to Rs 1 Lakh rent payment transaction|
RBL Bank Credit Card Rewards on Rent Payments
RBL Bank has not capped rewards for rent payments so far but has introduced some rules on it. The rules make sense and there is nothing to worry about for genuine rent payers.
- Maximum 1 transaction/month
- Minimum Value of Rs 5000
- Maximum Value: 50% of the credit limit
IDFC First Bank Credit Card Rewards on Rent Payments
IDFC First Bank has reduced rewards on rent payment transactions to 3X.
|All IDFC First Bank Credit Cards||3X Rewards ~ 0.75%|
HDFC Bank Credit Card Rewards on Rent Payments
HDFC Bank has introduced a capping of reward points that can be earned on rental transactions. This will be effective 23-Jul-2022.
|Infinia and DCB||2000 RP/month|
|Regalia and Diners Club Privilege||1000 RP/month|
|Millennia and Moneyback+||500 Cash Points|
While it is disappointing to see caps on rent payment rewards, I can understand why banks are doing this. In the long run, genuine rent payers and rent payment services will be the ones who will lose. I wish banks would have tied up with select services like RedGirraffe. Verification and biller id functionalities can reduce misuse to a large extent. But for now, expect banks to slowly stop allowing rent payments just like Amex does.
If you are paying rent by credit card, there are still a few options like HDFC Bank and Citibank to get rewards. Do check out the latest payment offers to get extra rewards/cashback.