Chexy and the Scotiabank Momentum Visa Infinite Card: A Powerful Combo for Canadian Renters
For many Canadians, one of the largest monthly expenses is Rent. Yet, this high-cost bill is typically excluded from earning rewards—be it credit card points, cash back, or travel miles. Chexy has emerged as a solution that allows you to pay your Rent through its platform, potentially unlocking benefits and perks that were previously unavailable for housing costs. One standout opportunity for cash back lovers is pairing Chexy with the Scotiabank Momentum Visa Infinite Card, which can offer 4% cash back on recurring bill payments up to $25,000 annually. If your Rent payments (via Chexy) qualify under this recurring payments category, you could reap significantly higher rewards than typical 1% or 2% cards.
This article explores how Canadians can take advantage of Chexy’s functionality, why pairing it with the Scotiabank Momentum Visa Infinite Card could be game-changing, and what considerations to keep in mind. By the end, you’ll have a solid grasp of how to turn your largest monthly expense into a more rewarding financial move—potentially netting 4% cash back on every Rent payment.
Check out Pointhack.ca for more tips on turning everyday spend into free travel!
Understanding Chexy’s Value for Canadians
Chexy is a platform that simplifies and modernizes Rent payments. Instead of mailing a cheque or relying on e-Transfers, you pay Chexy with your credit card (or via bank account), and Chexy handles the rest—sending a cheque or direct deposit to your landlord. Canadians benefit from this in several ways:
Earn Rewards on Rent
With Chexy, Rent effectively becomes another credit card charge. Depending on your card’s rewards structure, you might earn points, miles, or cash back on an expense that’s usually off-limits for earning.Automated Bill Pay
You can schedule monthly payments, ensuring your landlord is paid on time and helping you avoid late fees. This automation is particularly handy for busy professionals or students who don’t want to risk a missed payment.Credit Score Management
By paying your Rent through Chexy (and then promptly paying off your credit card), you build a positive credit history. Although Chexy itself might not report to Canada’s credit bureaus, on-time credit card payments do matter for your overall score.Convenience
Signing up is straightforward. Once you create an account, link your credit card, and specify your landlord’s details, Chexy takes care of the rest. This can streamline your monthly routine—especially if you’re juggling multiple bills.
Why the Scotiabank Momentum Visa Infinite Card Stands Out
Many cash back cards in Canada offer a baseline of 1% or 2%, with occasional bonus categories. However, the Scotiabank Momentum Visa Infinite Card is unique because it offers 4% cash back on recurring bill payments (including things like phone, utilities, and potentially Rent payments if Chexy codes properly as a recurring bill). That’s a notable advantage when you consider how large your monthly Rent expense can be.
4% Cash Back on Recurring Bills
Earning Potential: Scotiabank allows up to $25,000 in eligible recurring bill payments each year at the 4% rate. If your Rent and other recurring bills together don’t exceed this threshold, you could theoretically earn up to $1,000 in cash back ($25,000 x 4%) annually before the rate reverts to the standard earn rate.
Other Categories: The card typically offers additional high-earning categories such as 2% on grocery and daily transit purchases, plus 1% on everything else. However, the 4% recurring payment category is the real star if you use Chexy for Rent.
Confirming Eligibility
A critical step is to check whether Chexy payments are recognized as “recurring bill payments” by Scotiabank. While user experiences can vary, and card issuers can recategorize transactions at any time, many Canadians have found that if they set up Chexy as a recurring payment on the Scotiabank Momentum Visa Infinite Card, their Rent charges can indeed earn 4% cash back.
Annual Fee vs. Benefits
This premium cash back card does come with an annual fee, often around $120 or more. However, if you’re maximizing the 4% on significant expenses like Rent, that annual fee can be recouped quickly. For instance, if you pay $1,800 in monthly Rent and it’s coded at 4%, that’s:
$1,800 x 4% = $72 in monthly cash back, or
$864 in cash back per year.
Even after accounting for the annual fee, you’d still have a substantial net gain—especially if you add in other recurring bills and everyday spending categories.
Balancing Chexy Fees and Cash Back Earnings
Of course, every silver lining has a cloud—or at least an associated cost. Chexy, like most platforms that handle credit card Rent payments, charges a processing fee. It often falls in the range of 2% to 3% (though exact numbers can vary). You’ll want to ensure that you’re actually coming out ahead after factoring in fees.
Example: Evaluating Net Benefit
Monthly Rent: $2,000
Chexy Fee: 2.5% → $50 per transaction
Scotiabank Momentum Visa Infinite Cash Back: 4% of $2,000 = $80
In this scenario, you’d earn $80 but pay $50 in fees. Your net gain each month is $30, or $360 per year. Considering the card’s annual fee of $120 (subject to promotions or waivers), you’re still comfortably in profit territory—$240 net for the year. Add in any sign-up bonus (some offers include a first-year annual fee waiver or bonus cash back), and the deal becomes even sweeter.
1. Maximizing the 4% Category: Tips for Canadians1. Verify Recurring Payment Coding
Before relying on the 4% category, do a test run by paying one month of Rent through Chexy with your Scotiabank Momentum Visa Infinite Card. Check your statement to see how the transaction is categorized. If it’s labeled as a “recurring bill payment,” you’re set to earn 4%. If not, you may need to contact Scotiabank or Chexy for guidance—or consider other strategies to ensure it’s coded correctly.
2. Stay Under the $25,000 Cap
The 4% rate applies to the first $25,000 of recurring bill payments each year. If your Rent is high or you bundle multiple bills through this category, keep an eye on your statements. Once you pass $25,000 in recurring payments, your card might revert to a lower cash back rate (often 1%) for the rest of the year. If your Rent and recurring bills exceed that threshold significantly, do some quick math to see if your net gains still make sense.
3. Combine Other Perks
The Scotiabank Momentum Visa Infinite Card often comes with additional perks that can sweeten the deal, such as:
Travel Insurance
Purchase Protection
Extended Warranty
Exclusive Event Access
While these perks might not directly relate to paying Rent, they can enhance the overall value of keeping the card in your wallet. If you use the card for groceries, daily transit, or any other category that earns you 2% or 1% cash back, you’ll further boost your rewards total.
4. Don’t Carry a Balance
Paying interest on a credit card can quickly erode any cash back benefits. If you’re using Chexy to charge Rent, ensure you can pay off the statement balance in full every month. Otherwise, the interest you accrue may exceed the rewards you earn, negating the benefit of funneling Rent through a credit card.
The Convenience Factor: Why Automation Matters
Automation can save you time, reduce mental load, and eliminate the risk of forgetting to pay your landlord. Chexy allows you to schedule payments, so you can “set it and forget it.” Here’s how it typically works:
Create a Chexy Account
Sign up with your email, verify your identity, and get set up within minutes.Link Your Credit Card
Provide your Scotiabank Momentum Visa Infinite Card details. Chexy keeps your information secure through encryption and industry-standard protocols.Enter Landlord Information
Input your landlord’s name, address, and preferred payment method (cheque or direct deposit). Most landlords need not create a Chexy account—Chexy sends the funds directly to them.Set Up a Recurring Schedule
Choose a payment date that ensures your landlord receives the funds by your Rent due date. Chexy processes the payment in advance, typically mailing a cheque or initiating a direct deposit.Track Your Statement
Watch your credit card statement to confirm how the transaction codes, and ensure you receive the 4% cash back.
Why This Matters for Canadians
Many people juggle multiple recurring bills—cell phone, internet, utilities, car insurance, and more. Adding Rent to the list and bundling all these through a single platform like Chexy (when possible) streamlines your life. With automation, you’re less likely to incur late fees, and you maintain a better relationship with your landlord.
Potential Drawbacks and How to Address Them
Transaction Fees
As mentioned, Chexy fees can be around 2%–3% for credit card payments. Always ensure the math supports a net gain once these fees are deducted from your potential cash back.Landlord Communication
Some landlords might be skeptical about receiving a cheque from a third-party service. A quick conversation explaining how Chexy works can alleviate most concerns, especially if Chexy’s payment arrives reliably each month.Coding Uncertainties
Scotiabank can change how it classifies transactions at any time. Keep an eye on your statements, and be prepared to pivot if Chexy stops coding as a recurring bill payment.Credit Utilization
A high monthly Rent can significantly increase your credit card utilization ratio. If your card’s limit is $5,000 and your Rent is $2,000, that’s already 40% utilization before adding other charges. High utilization can affect your credit score if you carry a balance or if your payments overlap with statement closing dates. The fix? Opt for a higher credit limit or make mid-cycle payments to keep utilization in check.
Conclusion: Making the Most of Chexy + Scotiabank Momentum Visa Infinite
For Canadian renters, Chexy and the Scotiabank Momentum Visa Infinite Card can form a powerful duo to transform an ordinary Rent payment into a monthly cash back windfall. By tapping into the card’s 4% recurring bill category—if it codes properly—you can squeeze serious value out of an expense that normally doesn’t reap rewards. Even after factoring in Chexy’s fees, you may still come out significantly ahead, especially if your Rent is sizable or you’re aiming for sign-up bonuses.
That said, success hinges on a few key best practices:
Confirm that Chexy indeed codes as a recurring bill payment.
Keep an eye on the $25,000 annual limit for the 4% category.
Ensure you pay off your credit card balance in full each month.
Maintain communication with your landlord to avoid surprises.
If these factors align in your favor, the synergy between Chexy’s Rent payment flexibility and the Scotiabank Momentum Visa Infinite Card’s 4% cash back is tough to beat. You’ll effectively turn your largest monthly bill into a strategy for earning rewards that could fund a dream vacation, pad your savings account, or simply offset everyday expenses. In a country where Rent is a substantial part of many budgets, why not seize the chance to make each payment work harder for you?
