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Homeowners not only have the opportunity to build equity with every mortgage payment they make, but their payments also help build their credit history.

Such is not the case for renters, who are basically paying someone else’s mortgage without the benefit of building credit.

Luckily, there are services out there, like Chexy, that can help you build good credit with every rent payment made. Plus, you can use your credit card to pay your rent, which gives you the bonus of earning rewards and cash back (assuming you’ve got a rewards card). Since Chexy payments have recently started to qualify as recurring bills, this means with some cards you can now earn up to 4% cashback on rent.

Let’s take a closer look at Chexy’s features and why it might be worth it to use their services to pay your rent.   

Who Is Chexy? 

Chexy is a Toronto-based digital platform that lets renters pay their rent using their credit cards. Currently, Chexy is trusted with over $2 million in rent funds every month.

Paying rent with a credit card makes rent payment convenient and allows renters to earn rewards points with every rent payment. Plus, Chexy offers an optional credit-building feature to help renters build good credit with each timely payment made through the online platform.

Our Verdict

Who Is Chexy Best For?– Renters who want to build good credit.
– Renters who want to earn points and cash back with their credit cards.
– Renters who are looking for an easier and more convenient way to pay their rent.
What We Like– You can earn credit card points with each rent payment.
– Chexy payments qualify as recurring bills.
– Chexy offers an optional credit building feature for those who want to build their credit.
– Landlords don’t have to sign up for you to use their service.
– You can earn additional cash back when you shop with Chexy’s partners like Walmart, Apple etc.
– Chexy has a strong referral program with lucrative bonuses.
What We Don’t Like– Fees
– Can’t be used to pay other bills
– No mobile app

What Does Chexy Offer For Renters?

Chexy comes with a few handy features to make paying your rent as convenient as possible while helping you earn credit card rewards and build good credit:

Earn Rewards 

If you have a rewards-based credit card, you can earn points or cash back every time you pay your rent. Given how expensive rent is these days, you could significantly boost your rewards earnings each month simply by switching your rent payment method.  

Simplify Your Rent Payments

How much easier would it be if you could just put your rent payment on your credit card, rather than manually sending an e-transfer or writing and handing in a cheque every month? With Chexy, you can simplify your rent payments, saving you time and effort, all while ensuring your rent payments are on time each month.

However, there is a fee of 1.75% of your rent when using a Canadian credit card, and 2.5% of your rent when using a non-Canadian credit card. 

Chexy banner Ad

Build Credit

Most landlords only accept cheques or e-transfers as payment for rent as they don’t have the means to accept payments via credit card. This is a big missed opportunity to improve your credit score, especially if you’re in the habit of paying your rent on time every month.

Homeowners who make timely mortgage payments can build good credit with each payment, so why can’t renters? With Chexy’s optional Credit Builder feature, your rent payments will be reported to Equifax and noted on your credit report. Over time, this will help you build good credit, as long as your payments are made on time every month.   

Keep in mind that Chexy’s credit builder feature doesn’t require you to use a credit card. You can pay with your bank account online for free and still build credit, as your payments are reported to Equifax.

Welcome Offer: Chexy is offering new clients their Credit Builder feature for free for 6 months. All you have to do is sign up and use the code 6FORFREE.

How Does Chexy Work For Renters? 

To use Chexy for rent payments, follow these simple steps: 

Step 1: Create A Chexy Account

Set up an account by providing your full name and email address, and create a password. Or, you can set up an account using your Google account. 

Step 2: Provide Your Lease Details

Once your account is created, you’ll be asked why you’re using Chexy. You’ll have to choose between the following options: To build credit, to earn rewards on your payments or to make your rent payments more convenient. 

During this step, you’ll also be asked to provide details regarding your lease and provide a payment method. You’ll also be required to upload your rental agreement. 

Step 3. Choose Your Rent Payment Dates

The next step involves choosing the dates you want to make your rent payments. You’ll also get to set up your credit-building subscription if you opt for it. 

Step 4: Enter Your Rental Information

Next, you’ll need to input a little more information about your rent, including: 

  • Monthly rent amount
  • Rent payment due date
  • Lease end date

Step 5: Review Your Rent Summary

Chexy will populate the information you provided for you to review to ensure all information is accurate. Then, you’ll receive a confirmation email with your rent summary.

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How Will Your Landlord Receive Your Rent?

Each month, Chexy will charge your credit card or bank account, and then e-transfer your landlord to ensure your rent is paid on time.

What Payment Options Does Chexy Have?

You can pay using the following payment methods:

  • Credit card (Visa, Mastercard, and Amex)
  • Bank Account 

Are There Any Fees To Use Chexy?

Fees for using Chexy are as follows:

  • Bank Account: free
  • Canadian credit card: 1.75% of your rent
  • Non-Canadian credit card: 2.5% of your rent
  • Credit Builder (optional): $7.99/mo

How Does Chexy’s Credit Building Feature Work?

It only takes a few minutes to set up the Credit Builder feature and start building good credit with your rent payments:

Step 1: Activate Chexy’s Credit Builder Feature

Log into your account and opt into Credit Builder. Chexy will then automatically report your rent payments to Equifax each month, which will be recorded on your report.

Step 2: Invite Your Landlord

Chexy will send a verification link to your landlord. This takes just a few seconds and does not require your landlord to set up an account.  

Step 3: Track Your Payments and Watch Your Credit Score Increase 

You can use your Credit Builder account to keep tabs on your rent payment history. This will allow you to see how your credit-building efforts are paying off. 

What Are The Benefits Of Chexy’s Credit Building Feature?

Having your rent reported to Equifax can help you build credit from the ground up, or improve damaged credit. This is especially helpful for newcomers to Canada and young adults who are just starting to build credit from scratch. With a higher credit score, you’ll be able to access more financial products in the future, like credit cards, loans, and mortgages. 

You can even use Chexy’s Credit Builder to track your rent payment history to see how your efforts are paying off.  

How Much Does Chexy’s Credit Building Feature Cost? 

Chexy’s Credit Building feature is optional and costs $7.99 per month.

How Can Chexy Help Landlords?

Landlords can also benefit from having their tenants pay their rent with the help of Chexy. For starters, rent will be paid on time, as the funds are coming from Chexy. Landlords will receive same-day notifications when rent payments are made. 

Landlords don’t have to be invited or have to sign up for anything. Instead, they just wait for their rent payments to come in via e-Transfer.

What We Like About Chexy

There are tons of things we love about Chexy:

  • Earn credit card rewards. Every purchase you make using your rewards-based credit card allows you to earn points that you can redeem for future purchases. Imagine how many points you can earn with a big monthly expenditure like rent.
  • Build good credit. You don’t have to be a homeowner paying a mortgage to build good credit. With Chexy, you can use your timely rent payments to build a healthy credit profile.
  • Simplify your rent payments. It’s super convenient to pay your rent using your credit card rather than having to fill out a cheque and physically send it to your landlord every month. And since Chexy makes the e-Transfer to your landlord on your behalf, you can rest assured knowing your rent will be paid on time.
  • Landlords don’t have to sign up. There’s no need for landlords to have to set up a Chexy account. All they need to do is accept the e-Transfer for your rent payment. They don’t even have to know you’re using Chexy at all.  
  • Referral bonuses. Earn $15 in Rent Cashback for the first person you refer to Chexy once they activate their rent payment. Then, the bonuses continue to increase with more and more referrals you make. 

What We Think You Should Watch Out For

As great as Chexy is, there are a couple of drawbacks to consider:

  • Cost. The fees can add up when you use Chexy, especially if your rent payments are high. For instance, a 1.75% credit card fee on a $2,000 rent would come to $35 per month or $425 per year. Depending on your credit card’s earn rate, the rewards may not justify the cost of using Chexy to pay your rent with your credit card. 
  • Can’t use it to pay other bills. Chexy can only be used to pay your rent. It can’t be used for other monthly bills, like utility bills, cell phone bills, property taxes, and so forth. 
  • No app. It would be great to be able to track your Chexy account on your mobile device. Unfortunately, Chexy doesn’t currently offer a mobile app. 

How Does Chexy Compare To City Lending

Chexy’s services are unique, but it’s not the only company that allows renters to build credit using their rent payments. City Lending Centers is another service that reports rent payments to the credit bureaus to help consumers build credit from scratch or improve their damaged credit. So, how do these two companies compare?

ChexyCity Lending Centers
Services Offered– Rent payments using credit cards (rewards points earned)
– Rent reporting for credit building
– Rent reporting for credit building
– Credit builder loans
– Personal loans
– Mortgages
– Secured Visa
– Bank accounts
Payment Types Accepted– Credit card
– Bank Account
Rent continues to be paid to landlord as per original agreement.
CostBank Account: free
Canadian credit card: 1.75% of your rent
Non-Canadian credit card: 2.5% of your rent
Rent reporting:
– Annual fee: $60
– Monthly plan: $5/month
– Set-up fee: $20
Credit builder loans:
– $15 – $96 per month

City Lending offers several other services besides rent reporting and credit building. On the other hand, Chexy is focused more on making renting a more rewarding experience through the ability to earn rewards and build credit.

However, despite Chexy having fewer services in comparison, it also offers additional perks that City Lending doesn’t: namely, Chexy allows renters to use their credit cards to pay rent. This is a unique service that City Lending does not provide.   

Final Thoughts

If you’re paying your rent on time every month, why not use your payments to build good credit? And while you’re at it, why not use your credit card to pay your rent and earn more rewards? Chexy can help make that happen. All you need to do is create an account and connect your card. Your landlord will get paid, and you’ll have a more convenient way of covering your rent payments. 

Chexy FAQs

Can I cancel my Chexy credit building feature? 

Yes, you can cancel your credit building service after 6 months, as this amount of time is required by Equifax for credit reporting. You can cancel your auto-renewal in the billing section of your account. Your subscription will stay active until the current billing period ends, then it will automatically expire.

Does my landlord have to sign up for me to use Chexy?

No, your landlord doesn’t have to do anything other than accept your rent e-Transfer. 

What if my landlord doesn’t have auto-deposit set up?

If your landlord doesn’t have auto-deposit set up, you’ll be able to choose a security question and answer, or Chexy will automatically create one for you.

Is Chexy safe to use?

Chexy has taken various precautions to protect your data against unauthorized access and use. That said, Chexy cannot guarantee the security of information transmitted electronically. Any transmission is at your own risk. 
Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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