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Property Management Companies in Sherman Oaks: Paying Rent by Credit Card
For many years the only thing a person couldn’t pay with a credit card was his rent. Property management companies in Sherman Oaks say this is now changing. More and more property management companies are making it possible for tenants to pay via credit card through online portals. Some companies pass along the processing fees to tenants, while others allow penalty-free rent charges as a means of attracting tenants.
Recently MasterCard lowered their processing fees on rent and rent-related payments to a little above 1%, hoping to draw a larger share of this market. Professionals in property management in Sherman Oaks cite the advantage to landlords of not having to chase down and process checks. Renters will generally stick with checks if additional fees are involved for using a credit card, but when this penalty is removed, they too like the convenience of online credit card payments. It gives them the immediate assurance that their rent has been paid on time, and it lets them collect valuable airline miles.
On the downside, renters should be aware that charging rent can harm their credit score if it takes them close to their credit limit. It’s really only a good idea financially if the tenant already has the rent payment available in his checking account, has a credit limit that won’t be used up by the charge, and earns rewards. Paying the amount off in full each month gives the tenant a one-month delay in paying rent while also protecting his credit rating.
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.
