I receive compensation for many links on this blog. You don’t have to use these links, but I am grateful to you if you do. American Express, Citibank, Chase, Capital One and other banks are advertising partners of this site. Any opinions expressed in this post are my own, and have not been reviewed, approved, or endorsed by my advertising partners. I do not write about all credit cards that are available -- instead focusing on miles, points, and cash back (and currencies that can be converted into the same).
I first covered Radpad over a year ago. The site allows you to pay your rent with a credit or debit card (for a fee).
At the time the fee to use a credit card was 2.99%. Generally not worth it, although in a pinch it could make sense if you needed some quick credit card spend.
- Lowered fees for paying via MasterCard to 1.99%
- Raised fees for paying with Visa, American Express, and Discover to 3.49%
Competing bill payment site Plastiq (that lets you pay any vendor with a credit card, not just housing cost) has run promotions at 1.5% with MasterCard but has reverted to their normal 2.5% fee.
Plastiq is the clear winner for Visa/American Express. But Radpad offers the cheapest processing of rent payments at 1.99%. I’m hopeful this will bring out a competitive response from Plastiq!
Generally speaking this makes sense for:
- Meeting minimum spend requirements for a signup bonus.
- Spending enough on a card to earn a spending threshold.
- Everyday spend if you need to top off for the right award. There’s no MasterCard giving you rewards worth meaningfully more than 2% for your ongoing spend, so you need to value points at the margin for a specific purpose at that price before it makes sense. (Of course if you’d buy miles at 2 cents, it makes sense to earn credit card points for 2 cents apiece as well, though I generally advise against.)