Singapore offers low crime rates, a world-class education system, and an excellent climate that appeals to people from countries near and far. And as a long-standing logistics centre and a burgeoning tech hub, Singapore continues to attract small-and medium-sized businesses looking for opportunities to prosper in this island nation. However, these luxuries come at a price - rent prices in Singapore have risen quite a fair bit over the years.
For the most basic accommodation, individuals can expect to pay anywhere from $700 per month for a room in a shared HDB flat to $5,500 for a 3-bedroom condo in the city fringe. On the flip side, if you’re a big spender, Singapore has it all – here you can find lavish top-floor condominiums, parkside apartments, terraced palaces and everything in between.
For businesses, rental costs are one of the largest overhead expenses incurred each month. Retail space rental average just under $35 per square foot, and if foot traffic is essential to your business, you can expect to pay a premium - for prime areas such as Orchard and Bukit Timah, prices can range from $60 to $100 per square foot. The increase in office rental prices also show no signs of slowing down, hitting a 10-year high at almost $10 per square foot in the CBD. That is a lot of cash over the course of a year, especially for fledgling businesses or those that are seasonal.
Why should you pay your rent with your credit card through CardUp?
Whether you’re juggling the finances as an individual or for a business, using your credit card with CardUp to pay your monthly rent means you get to earn rewards on your credit card, while freeing up cash on hand for other expenses or even business growth
Earn card rewards on this large, recurring payment
You may be thinking you can’t pay rent with a credit card. But that’s no longer true. With CardUp’s online platform, you can now use any of your existing credit cards to pay your rent and earn credit card rewards, while your landlord receives the rent payment via a normal bank transfer.
> Promo: Only 1.79% on all rent payments until 30 June 2022! Learn more here
Never miss a payment with recurring schedules
Furthermore, making your rental payments through CardUp can alleviate a major monthly chore. It allows you to schedule recurring payments, so you don’t have to worry about due dates or late fees. Once set up, it is all done automatically - every month your card is charged for the rent amount with a processing fee, and your landlord receives the rent payment on time - leaving you to kick back and wait for your card rewards to accumulate.
You can also monitor every transaction - past and future – on the user-friendly dashboard, making it easier to browse through all your payments.
Free up cash for other uses
If you already own a credit card, your credit limit is pre-approved, so using it to free up your cash may be a prudent decision. By paying your rent with a credit card, you can free up those purse strings. By putting your rent payment on credit cards, your landlord gets paid on time, while you only have to pay up to 58 days later when your card bill is due.
The beauty of using CardUp is that your recipient doesn’t need to accept credit card payments or even have a CardUp account. In fact, your landlord doesn’t even need to know about us! Your rent payments will be charged on your credit card and processed as a bank transfer to your recipient.
How do you get started paying your rent with your credit card using CardUp?
To get started, you will need a copy of your tenancy agreement, which shows the tenancy period, rental amount, as well as your landlord’s bank account number.
If you're an existing CardUp user, log in to your account.
2. Schedule a payment
Start scheduling your payment by selecting the Rent & Rental Deposit payment category
3. Select your recipient
Select your landlord from the dropdown list. If you haven't already added your landlord, you can do so by selecting on '+ New Payee'
4. Set up your payment
Fill in details such as your payment amount and schedule. Select your card, enter a promo code (if any), and you're good to go!
5. Upload documents
Upload an up-to-date copy of your tenancy agreement. If you're adding a new landlord, you also need to upload documents to validate your rent payments.
6. Review your payments
Look through the payments you've set up, click on 'Submit' and you're good to go! Sit back and see the rewards roll in.
If you’re renting in Singapore, there is a good chance you will be paying a few grand a month just for rent. So why not pay it with your credit card via CardUp and earn enough miles to fly business class at a small top up from the cost of the economy on your next business trip – or personal getaway?