{"id":5111,"date":"2019-03-11T17:49:46","date_gmt":"2019-03-11T17:49:46","guid":{"rendered":"https:\/\/www.torontorentals.com\/blog\/?p=5111"},"modified":"2019-03-17T20:12:35","modified_gmt":"2019-03-17T20:12:35","slug":"credit-card-tips-every-renter-should-follow","status":"publish","type":"post","link":"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow","title":{"rendered":"5 credit card tips every renter should follow"},"content":{"rendered":"

As a renter, the piece of plastic you carry around in your wallet can have a profound impact
\non everything from how likely your rental application will be approved to the amount of
\nmoney you spend (or save) on monthly household bills. With that in mind, we\u2019ve listed five
\nimportant credit card tips that every renter should follow.<\/p>\n

1.) Pay off your credit card bill on time<\/strong> (it will help your credit score and rental search).
\nIf you’ve ever submitted a rental application before, you’re probably well aware that most
\nlandlords require you to provide a copy of your credit score. This three-digit number is a
\nmeasure of your creditworthiness (in other words, it\u2019s a rating of how reliable you are at
\npaying bills and loans on time) – and the better your score, the higher the likelihood your
\nrental application will be approved.<\/p>\n

One of the biggest factors that goes into formulating your credit score is how often you pay
\noff your monthly credit card bill on time. As a renter your payment history accounts for an estimated 35
\nper cent of your total credit score, and a missed payment can leave a negative mark on your
\ncredit report.<\/p>\n

In a rental market as competitive as Toronto\u2019s, having a credit score in the bad to poor range
\ncan make it infinitely harder to find a place to rent. So, always prioritize paying off your
\ncredit card on time (even if you only make the minimum payment). Along with a potential hit
\nto your credit score, missing a credit card payment has other consequences including interest
\ncharges and late fees.<\/p>\n

2.) If you don\u2019t have a credit card, open one<\/strong> (even if you won\u2019t use it much)
\nIf you\u2019ve never opened a credit card under your name before, your credit score could be
\nhurting (and that can make your hunt for a rental apartment that much more difficult).
\nHere\u2019s why: Without a track-record of credit card payments to refer to, financial institutions
\nand lenders have less information about how you manage debt and money. That can make it
\nharder for them to determine your financial reliability, in turn, hurting your score. Having a
\ncredit card can also help to diversify your credit mix, which can increase your score by
\nshowing lenders that you can manage multiple types of credit at once.<\/p>\n

If you\u2019ve actively chosen to avoid applying for a credit card for fear of being tempted into
\noverspending, you can request for a low credit limit or a secured credit card. We suggest
\nusing any of the multiple websites that let you compare the best credit cards in Canada<\/a> that
\nare tailored for your personal financial goals.<\/p>\n

3.) Use a credit card to save on utilities and household expenses<\/strong>
\nRental cheques aside, a considerable chunk of your spending as a renter goes toward paying
\nfor utilities. Along with making a conscious effort to cut down on electricity use, one of the
\nmost effective ways to save on utility bills (as well as other recurring household costs) is to
\nuse a rewards credit card.<\/p>\n

Some of Canada’s best cash back credit cards<\/a> offer up to 2 per cent back for every dollar you
\nspend on recurring bills (such as hydro, internet and rental insurance) and 4 per cent back on
\nall your purchases made at grocery stores. Over the course of a year, that can add up to<\/p>\n

substantial savings on necessary household expenses. It\u2019s important to note however, you
\nshould only use a credit card to cover expenses that you know you can pay at the end of the
\nmonth, otherwise you\u2019ll get hit with costly interest charges.<\/p>\n

4.) If you have the money, use a credit card to furnish your home<\/strong>
\nIf you plan on making a number of big-ticket household purchases (such as buying new
\nfurniture for a rental you just moved into) and have the money to pay off everything in full,
\nyou should know there are advantages to using a rewards credit card to cover the bill.
\nFirst and foremost, you can offset some of the cost by earning cash back or points on every
\ndollar you spend. This can be particularly true if your credit card has a welcome offer that
\nlets you earn bonus points or cash back for a limited-time, further accelerating your savings.
\nSecondly, many credit cards offer buyer protections, such as automatically doubling the
\nmanufacturer’s warranty on your purchases for free, which can provide some added peace of
\nmind when it comes to your major household purchases such as a new flat-screen television.
\nBefore you swipe your card however, it can\u2019t be overstated enough that you should only use a
\nrewards credit card for purchases that you can pay off in full, otherwise you\u2019ll be on the hook
\nfor costly interest charges.<\/p>\n

5.) Avoid using cash withdrawals for rental emergencies<\/strong>
\nIf you\u2019re in a financial bind and need cash to cover rent or an urgent home repair, using your
\ncredit card at the ATM for a cash advance can seem like a convenient solution – but it will cost
\nyou big.<\/p>\n

Cash advances are almost always accompanied by high fees, and unlike other purchases made
\non a credit card, interest is charged upfront from the moment you withdraw money from the
\nATM with no grace period. That\u2019s why it\u2019s recommend that you avoid cash advances at all
\ncosts and instead maintain an emergency cash fund specifically to pay for household-related
\nemergencies.<\/p>\n

With that being said, if you\u2019re caught in a situation where you have no other option but to get
\na cash advance, it\u2019s best to use a low interest credit card. While most cards charge anywhere
\nbetween 22 per cent and 24 per cent in annual interest for cash advances, many of the best
\nlow interest card charge rates as low 8.99 per cent. That can translate to significant savings if
\nyou need money and a cash advance is your only solution.<\/p>\n","protected":false},"excerpt":{"rendered":"

As a renter, the piece of plastic you carry around in your wallet can have …<\/p>\n","protected":false},"author":26,"featured_media":5112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"coauthors":[220],"class_list":["post-5111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rental-guides"],"yoast_head":"\n5 credit card tips every renter should follow<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TorontoRentals.com Blog\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow\"},\"author\":{\"name\":\"TorontoRentals.com Blog\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#\/schema\/person\/53503b1c0fd1a6bc186b273abbee8d44\"},\"headline\":\"5 credit card tips every renter should follow\",\"datePublished\":\"2019-03-11T17:49:46+00:00\",\"dateModified\":\"2019-03-17T20:12:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow\"},\"wordCount\":1006,\"image\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/Screen-Shot-2019-03-11-at-10.48.39-AM.png\",\"articleSection\":[\"Rental Guides\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow\",\"url\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow\",\"name\":\"5 credit card tips every renter should follow\",\"isPartOf\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/Screen-Shot-2019-03-11-at-10.48.39-AM.png\",\"datePublished\":\"2019-03-11T17:49:46+00:00\",\"dateModified\":\"2019-03-17T20:12:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#\/schema\/person\/53503b1c0fd1a6bc186b273abbee8d44\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow#primaryimage\",\"url\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/Screen-Shot-2019-03-11-at-10.48.39-AM.png\",\"contentUrl\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/Screen-Shot-2019-03-11-at-10.48.39-AM.png\",\"width\":1218,\"height\":814},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/credit-card-tips-every-renter-should-follow#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Toronto Rentals Blog\",\"item\":\"https:\/\/www.torontorentals.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rental Guides\",\"item\":\"https:\/\/www.torontorentals.com\/blog\/rental-guides\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"5 credit card tips every renter should follow\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#website\",\"url\":\"https:\/\/www.torontorentals.com\/blog\/\",\"name\":\"Toronto Rentals Blog\",\"description\":\"Looking for an apartment in Toronto? 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