Rent is not only the biggest check most of us write every month, it’s increasingly the ONLY check we write. In a world driven by credit cards and instant solutions like Apple Pay, going through the theater of signing a check and dropping it off is a hassle that’s dangerously easy to forget. But RadPad, an L.A.-based apartment search startup, has come up with a solution.
In the latest update of their app, RadPad is offering an automatic payment setup for your most important monthly expense called “Pay with RadPad.” Simply enter your rent amount, your landlord’s address, and designate a payment method. RadPad does the rest by automatically issuing a professional-looking check in your name and sending it to your landlord each month.
“A lot of us renters live check-to-check and it’s not uncommon anymore for renters to spend more than 40 percent of their monthly income just on rent; causing a lot of financial anxiety every month when the rent is due,” RadPad CEO Jonathan Eppers said in a statement. “’Pay with RadPad’ gives renters that financial safety net while also guaranteeing their rent is always paid on time.”
Since payments are mailed via check, RadPad’s system works whether your landlord is signed up for the app or not. It’s a convenient way to make sure you stay in good standing with your rental overlords, but there is a small catch: RadPad charges a transaction fee to process your credit or debit card payment, which works out to 3.25 percent of the rent amount for credit transactions or a flat $ 4.95 fee for debit transactions.
The ability to use a credit card to pay rent may be worth the cost for those looking to establish a quick credit history or build up credit card points. RadPad notes that users who earn airline miles on their credit cards can easily earn a free ticket a year by paying their rent with “Pay with RadPad.”
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