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Klarna for rent (media.piefed.zip)
submitted 5 months ago* by to c/memes@lemmy.world
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[–] 125 points 5 months ago (6 children)

People already put rent on their credit card to pay it off in chunks. This is just Klarna tapping in that market

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  • [–] 87 points 5 months ago (3 children)

    People already put rent on their credit card to pay it off in chunks. This is just Klarna tapping in that market

    People using CC to pay rent isn't reassuring, it's more alarming. Paying for housing on short-term, high-interest credit is financial insanity and implies profound dysfunction if not desperation.

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  • [–] 22 points 5 months ago (2 children)

    Well if you don’t pay they can evict you very fast. So if you need the money yesterday you have to accept 12%pa

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  • [–] 8 points 5 months ago (1 child)

    I think the intention was to get the points. But, I'm sure some are not as diligent as they should be.

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  • [–] 10 points 5 months ago (3 children)

    You get charged a 3% transaction fee for using a credit card, which more than wipes out the value of any points you might earn.

    Tap for spoiler(Excluding the Bilt card, which used to let you earn 1% on rent and they processed it like an ACH/bank debit, so no credit card fee. But they recently restructured their rewards and it’s not nearly as easy to profit now.)

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  • [–] 6 points 5 months ago (2 children)

    Not every card gets charged a 3% mine for example doesn't. I get 3% back on rent, housing and insurance on my card. There's no fees involved. So it's just a flat 3% discount.

    Pay rent with card in the first, pay it off on the second when it posts.

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  • [–] 3 points 5 months ago

    X1 used to give 3 points and my buddy's rental house charged a 2 and change percent fee. He could only get full point values certain places so he'd save up all the points and that was his Christmas fund. He'd bank $600/yr ( about $500 real dollars from paying the transaction fee plus the extra hundred-ish bucks in points he'd get for free). They recently went to a 1.5 point model but kept the restrictions on where you could spend to get the full point value. Guess what card of his never gets used now.

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  • [–] 18 points 5 months ago (3 children)

    I tend to forget that salaries are paid weekly in the US. Then this makes at least somewhat sense.

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  • [–] 54 points 5 months ago (1 child)

    Not typically. Every other week is more common.

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  • [–] 22 points 5 months ago (1 child)

    Well, I’m used to monthly, both for rent and for salaries. So biweekly is still strangely often to me.

    But thanks for correcting me.

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  • [–] 14 points 5 months ago (3 children)

    Monthly or biweekly are both common in the US for salaries. And biweekly being the most common for hourly. Really just depends on your employer.

    But, bills always come in monthly, which makes the monthly budgeting simple. A biweekly bill would fuck over a bunch of people as occasionally it would hit three times in a month.

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  • [–] 2 points 5 months ago*

    Really just depends on your employer.

    specifically, in statesia it depends on: the size of your employer (how many employees they have) and whether you have a union that has negotiated a specific pay term.

    source:am expert, i think it's in publication 15B

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  • [–] 10 points 5 months ago (1 child)

    But then why isn't rent paid weekly?

    Where I live, weekly or fortnightly pay is more common than monthly, and rent is almost always paid weekly.

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  • [–] 5 points 5 months ago (2 children)

    But then why isn’t rent paid weekly?

    rent is almost always paid weekly.

    Did you mean monthly in that last sentence?

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  • [–] 5 points 5 months ago (2 children)

    You said it makes sense that in the US people get paid weekly (and pay rent monthly) so having a service that lets you pay rent off each week makes sense.

    I'm asking why in the US people don't pay rent weekly. Where I live it's the most common way of doing it.

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  • [–] 4 points 5 months ago* (last edited 5 months ago) (1 child)

    I’m asking why in the US people don’t pay rent weekly. Where I live it’s the most common way of doing it.

    Basically all bills in the US come in monthly. Keeps the number of transfers, letters, and emails down. And as everything is on the same schedule, it works pretty well.

    A biweekly bill would fuck over a bunch of people as it would occasionally come in three times in a month; necessitating a larger amount of cash on hand to account for these months. (And people are, overall, really bad about having any cash on hand)

    Edit: Rejiggered the comment a bit

    Edit 2: People get paid in the US either monthly or biweekly.

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  • [–] 2 points 5 months ago*

    People get paid in the US either monthly or biweekly.

    Ah, this is different than the other comment implied. They said:

    I tend to forget that salaries are paid weekly in the US. Then this makes at least somewhat sense.

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  • [–] 12 points 5 months ago (1 child)

    A ton of property management companies charge like 3-5% “convenience” charge for using a credit card, meaning even with cash back you lose some money.

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