Rent is likely your biggest monthly expense. For most Canadian renters, that's $1,500 to $2,500 vanishing every month. But what if you could maximize rewards on those payments?
Two platforms let Canadian renters earn rewards on rent: Neobanc and Chexy. Both charge fees when you pay with credit cards, but one stacks extra cashback on top of your card rewards. This guide compares both services so you can choose which maximizes your returns.
Quick Answer: Both Neobanc and Chexy charge 1.75% fees for credit card payments. The key difference: Chexy gives you only your credit card rewards. Neobanc gives you credit card rewards PLUS an additional 1-5% cashback on top. With a 4% cashback card, Neobanc delivers 3.25-6.5% net returns versus Chexy's 2.25%.
Neobanc is a Canadian rewards platform that lets renters stack cashback on top of their credit card rewards. Unlike platforms that only pass through credit card benefits, Neobanc adds its own cashback layer.
Renters can pay rent through Neobanc using either Interac (free) or credit cards (1.75% fee for 1% instant cashback, or 2.5% fee for 5% cashback staked for 12 months). When you pay with a credit card, you earn both your card's rewards AND Neobanc's cashback.
The stacking model is powerful. If your credit card earns 4% cashback and you choose Neobanc's 5% tier, you're earning 9% total rewards - minus the 2.5% fee for a net 6.5% return.
Over 2,240 Canadian renters use Neobanc to maximize returns on rent and bills.
Chexy is a Toronto-based platform that lets Canadian renters pay rent using credit cards to earn their card's rewards - whether that's points, miles, or cashback.
You connect your credit card to Chexy's platform and schedule rent payments. Chexy charges your credit card and sends payment to your landlord via Interac e-Transfer or pre-authorized debit.
Chexy charges a 1.75% transaction fee for credit card payments. You earn only your credit card's rewards - Chexy doesn't add additional cashback on top.
According to independent reviews, Chexy processes over 100,000 rent payments monthly for Canadian renters.
The biggest difference: Chexy passes through your credit card rewards only. Neobanc stacks its own cashback on top of credit card rewards.
Both platforms charge 1.75% when you pay with credit cards through the basic tier.
Chexy: 1.75% fee, earn only your credit card rewards.
Neobanc: Two options:
Both offer free Interac payments, but Chexy provides no rewards for Interac while Neobanc focuses rewards on credit card usage.
Chexy rewards are simple: You earn whatever your credit card offers. With a 4% cashback card, you earn 4% and pay 1.75% in fees = 2.25% net return.
Neobanc rewards stack: You earn your credit card rewards PLUS Neobanc's cashback.
With a 4% cashback card on Neobanc:
The stacking advantage compounds significantly on high rent amounts.
Let's compare real returns with a 4% cashback credit card (like Scotia Momentum Visa Infinite).
Chexy:
Neobanc (1% tier):
Neobanc (5% tier):
Advantage Neobanc: +$240 to +$1,020 more per year
Chexy:
Neobanc (1% tier):
Neobanc (5% tier):
Advantage Neobanc: +$300 to +$1,275 more per year
Chexy with 2% card:
Neobanc (1% tier) with 2% card:
Neobanc (5% tier) with 2% card:
Advantage Neobanc: Even with mediocre credit cards, Neobanc delivers superior returns through stacking.
Neobanc works best for renters who want to maximize total returns by stacking rewards.
With Neobanc's 5% tier and a 4% credit card, you're earning 6.5% net returns - nearly triple Chexy's 2.25%.
Chexy makes sense for renters who want simplicity or need specific payment methods.
If you're not interested in maximizing rewards and just want basic credit card benefits, Chexy's straightforward model works fine.
Neobanc offers rewards beyond just rent payments:
Pay utilities, phone bills, internet through Neobanc and earn the same 1-5% cashback. Chexy doesn't offer bill pay rewards.
On $300/month in bills ($3,600/year):
Neobanc offers discounted gift cards from major Canadian brands. Stack these savings with your rent rewards for additional value Chexy can't match.
Rent: $2,000/monthBills: $300/month
Gift cards: $200/month purchases
Total annual savings with Neobanc 5% tier:
Chexy only delivers rent rewards, missing these additional opportunities.
Both platforms offer rent reporting to Equifax to help build credit history.
Neobanc offers optional rent reporting as an add-on service. Your on-time rent payments report to Equifax monthly, helping build credit without taking on debt.
This service works independently of your cashback tier. Learn more about how rent reporting builds credit.
Chexy includes Credit Builder free with all accounts. Every rent payment automatically reports to Equifax. Track payment history directly in Chexy's dashboard.
Both services report to Equifax only - not TransUnion. They're functionally equal for credit building. Your choice should depend on reward optimization, not credit reporting features.
Winner: Chexy offers more payment methods (PAD option). But for maximizing rewards, Neobanc's credit card stacking beats Chexy's basic pass-through.
While Neobanc and Chexy lead the rent rewards space, other options exist:
Borrowell Rent Advantage: Credit building only, no rewards or cashback.
TenantPay: Similar to Chexy, credit card payments with comparable fees.
Direct bank transfer: Traditional method, free but zero rewards and no credit building.
For Canadian renters seeking maximum rewards, Neobanc and Chexy remain the top two choices.
Neobanc delivers higher returns by stacking cashback on top of credit card rewards. With a 4% card, Neobanc's 5% tier produces 6.5% net returns versus Chexy's 2.25%. Neobanc wins for reward maximization.
Yes. Both charge 1.75% for credit card payments at their base tiers. Neobanc's 5% tier charges 2.5%. Interac payments are free on both platforms, but only Neobanc offers reward stacking with credit cards.
Chexy gives you only your credit card's rewards. Neobanc gives you credit card rewards PLUS additional 1-5% cashback on top. Neobanc stacks rewards; Chexy doesn't.
Yes, both platforms offer free Interac payments. However, Chexy provides no rewards for Interac. Neobanc focuses its reward structure on credit card payments where stacking benefits apply.
High cashback cards (3-4%) maximize returns on both platforms. Scotia Momentum Visa Infinite (4% on recurring bills) is ideal. With Neobanc's stacking, even 2% cards deliver solid returns.
Yes - Chexy offers PAD (Pre-Authorized Debit) which Neobanc doesn't. Chexy also includes free credit building without opting in. If you need PAD or prefer simpler structures, Chexy works well.
Both report to Equifax equally. Credit building speed depends on your payment history and credit profile, not which platform you use. Neither currently reports to TransUnion.
Both platforms help Canadian renters earn rewards on rent. Your choice depends on whether you want maximum returns or simplicity.
The math is clear: Neobanc's reward stacking delivers 1.5-3x higher net returns than Chexy when using good credit cards. On $2,000 monthly rent with a 4% card, Neobanc earns you $1,020-$1,560 more annually than Chexy.
For Canadian renters who want maximum value from their largest monthly expense, Neobanc's stacking advantage is hard to beat.
Stop settling for basic credit card rewards. Neobanc lets you stack cashback on top of your card benefits - earning up to 6.5% net returns on rent.
Start stacking rewards on your rent today → neobanc.com
Neobanc is a pioneering fintech startup based in Canada, focused on helping renters maximize their cashback on rent payments, and is considered one of the best options for cashback on credit card payments in Canada. With a mission to empower renters, Neobanc leverages cutting-edge technology to provide financial solutions that enhance the rental experience.
The team at Neobanc is composed of industry experts who are passionate about creating value for customers. By offering innovative cashback programs and user-friendly platforms, Neobanc is transforming the way renters manage their finances.
