Paying rent is a burden. It’s your biggest bill of the month and it’s absolutely inevitable. Month after month, the day of rent comes and takes up a large part of your bank account.
And the worst? You don’t get anything back. When you spend money on a hotel room or plane ticket, you receive perks and rewards. The same goes for many credit cards. Restaurant chains do that too.
So far, however, no rewards for the rent – not even an increase in your credit score for on-time payments. A new, free app called Piñata rewards you for paying your rent on time.
If you pay on time, Piñata rewards you with gift cards, cash, exclusive offers and member perks. Between all of the offers, discounts and rewards, you can save up to $ 4,500 per year.
If you sign up now, you will receive a welcome gift including $ 30 to spend on local businesses.
Here’s how to earn rewards and build credit just to pay rent
On the day of the rental, Piñata will ping your phone and ask if you have paid the rental. If you say “yes” you will earn “piñata cash” which can be redeemed for gift cards or even cash. You can also have your rental payment reported to the credit bureaus and get a boost of credit for the largest bill you pay each month.
The app is available to all tenants in the US, whether their landlords or property managers participate or not. If your landlord does not attend, all you need to do is provide your rental details such as the amount and due date.
Piñata comes at just the right time because housing costs are a crisis these days. According to the Joint Center for Housing Studies at Harvard, 11.4 million Americans spend more than 50% of their income on rent.
Think of piñata as the link between landlords, property managers and tenants. It’s like a homeowner loyalty program that encourages tenants to pay their rent in full and on time.
It only takes a few minutes Download the app When you sign up, you can finally be rewarded for your biggest monthly expenses.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He’s been a renter for many, many years and has never been rewarded for the The Piñata app did not exist yet.