For DBS and Maybank cardholders who are looking to earn rewards on their monthly rent payments, consider using RentHero. RentHero is a great option for those who are not currently making their rent payments with their credit or debit card. By linking your DBS or Maybank card and making payments through RentHero, individuals can earn rewards on existing spend at virtually no extra cost.
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How Does RentHero Work?
RentHero is a service that allows tenants to use their credit or debit card to pay their landlord. Individuals sign up via RentHero’s website and link their primary credit/debit card. Once the tenant enters their landlords payment information, they can then begin sending payments to their landlord’s bank account.
As for payments, users can schedule payments to their landlord’s account under their ‘monthly payment’ section. It is recommended that you schedule your monthly payments around 6 days before the rent is due. This will allow time for processing and ensure that your rent is received on time. There is no action required by your landlord as all of the required steps can be done by the cardholder. Once a payment is sent, and charged to your card, you will then earn your miles for that month. This is especially great for those who have more expensive rent payments, as they can accrue more miles significantly faster than those with less expensive payments.
What Cards are Supported
Currently, RentHero is compatible with all MasterCard and Visa credit and debit cards. However many banks have explicitly prohibited rental payments in their rewards programmes, which means the number of cards eligible are now limited. The only banks that allow cardholders to earn miles on their rent spend are DBS and Maybank. Furthermore, they do not support any Amex or international debit or credit cards, although they are planning to support AMEX cards in the near future.
If you are unsure if your card restricts these types of payments, check your provider’s terms and conditions. If the MCC6513 (Merchant code for payments towards real estate agents and rentals) is excluded from the rewards programme, then your card is not supported.
How to Earn Miles
Earning miles with RentHero is like earning rewards with any other credit or debit card. By charging your rent expense to your card, you can earn rewards at the rate associated with your card. It is important to check what limits your card has for their rewards programme, as certain providers restrict the amount of miles a user can earn in a month. If your current bank does not offer rewards on rent spend, but you would still like to earn miles on your purchases, consider alternate air miles credit cards.
|DBS Altitude||Maybank Visa Infinite||DBS Insignia|
|Rewards Earned||3,052.50 miles||3,052.50 miles||4070 miles|
RentHero is quite transparent in what kind of fees they charge to your account. On each monthly payment, RentHero adds a 1.75% service fee (recently cut down from 2.25%). This fee is a bit more affordable as similar services, like Citibank PayAll, typically charge 2% for payment processing.
|Monthly Rent||Monthly RentHero Fee||Annual RentHero Fee|
How to Sign-Up
Getting started with RentHero is a simple, online process. Follow the steps below to open your account.
- Create an account with an email and password
- Provide your card details in your profile
- Enter in your landlord’s payment information (Name, bank account number, etc.)
There are a couple of eligibility requirements that must be satisfied in order for a user to be permitted to sign up.
- A user must have a Singapore-issued Mastercard or Visa card
- A user’s residence must be located in Singapore
How to Close Your Account
In order to close your RentHero account, you must email their customer service at [email protected] or [email protected] It is advisable to pay any outstanding balances on your RentHero account before you officially close it, otherwise you will still be liable to pay them when your account is closed.