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Pay rent via credit card: Scam?

  1. #1

    Join Date
    May 2019
    Posts
    6

    Pay rent via credit card: Scam?

    Good day,

    I'm wondering if anyone is using/has ever used a service called "rentsmart" to pay rent?

    I'm a bit skeptical about these services.. and it does sound too good to be true: pay via unionpay credit card and 0% handling fee (with the right card, that translates to 1.5% rebate).

    In comparison, there are other services such as "keychainpay" (2.1% fee with HSBC cards), but this might require more effort to profit.


  2. #2

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    3,888

    Seems to be a CCB affiliated programme using one of their credit cards? I doubt they would attach their name to a scam.


  3. #3

    Join Date
    Oct 2010
    Posts
    18,175

    Unlikely many private landlords would accept paying the merchant fee to credit card company.


  4. #4
    bdw
    bdw is online now

    Join Date
    Feb 2009
    Posts
    5,300

    After you pay by rent by credit card, the funds are deposited to landlord account after 5 working days. Does landlord have to agree and are they charged a fee? Or they don't have to know (you transfer 5 days early) and no fees are deducted?

    BSherin likes this.

  5. #5

    Join Date
    May 2019
    Posts
    6

    As per website's FAQ, we don’t have to bother landlord or seek approval. It does mention that the landlord will receive rent by ACH transfer.. so perhaps inward fee by the bank?


  6. #6

    Join Date
    Jun 2016
    Posts
    392

    The mileage aspect of it makes it seem appealing but as someone pointed out unlikely a landlord would be receptive to the fee unless you reimburse them.

    traineeinvestor likes this.

  7. #7

    Join Date
    Dec 2018
    Posts
    455
    Quote Originally Posted by RMDNC
    The mileage aspect of it makes it seem appealing but as someone pointed out unlikely a landlord would be receptive to the fee unless you reimburse them.
    This tiny insignificant landlord would not accept any arrangement which leaves me short changed.
    eryhur likes this.

  8. #8

    Join Date
    Feb 2005
    Location
    NT
    Posts
    3,935
    Quote Originally Posted by traineeinvestor
    This tiny insignificant landlord would not accept any arrangement which leaves me short changed.
    You could always do what the electrical shops that sell mobile phones etc do, they add 2-3% surcharge if the buyer or in your case renter uses credit card to pay so you will not be short changed

  9. #9

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    3,577
    https://www.rentsmart.com.hk/eng/payrent/



    By using RentSmart, tenants can now pay with their credit cards, making it more convenient, flexible and rewarding at the same time. A happy paying tenant makes a happy landlord!

    After the tenant makes a payment, the funds will be automatically deposited into the landlord’s account within 5 working days, a SMS notification will also be sent to the landlord upon successful deposit of funds.

    RentSmart will not charge the landlord for this service. Rest assured that the amount paid by the tenant will be the amount deposited to the landlord. RentSmart also provides innovative rental management services to landlords in Hong Kong, click here to find out more.
    chuckster007 likes this.

  10. #10

    Join Date
    Jan 2010
    Posts
    2,552

    Looks like an innovative way for Mainland residents to get around the capital restrictions since they don't apply to UnionPay charges.


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