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Two Canadian platforms let renters turn rent into rewards without asking the landlord to do anything: Neobanc and TenantPay. Both accept credit cards, both offer credit-bureau reporting, and both are marketed as landlord-free. The fee structures, the type of reward, and the range of services are quite different.
This comparison lays out what each platform actually charges and offers, sourced from their public pricing pages, so you can pick the one that fits your card, your rent amount, and how you want to be rewarded.
Neobanc is a Canadian rent-and-bills payment platform that lets tenants pay their landlord with any Canadian credit card (Visa, Mastercard, or American Express), plus Apple Pay and Google Pay, and earn Neobanc's own cashback on top of whatever the card already gives them.
You add your landlord as a payee. Your landlord does not need a Neobanc account, they just need to be able to receive an Interac e-Transfer. You charge rent to your credit card, Neobanc sends the money to the landlord, keeps a small percentage as a fee, and credits you Neobanc cashback on top of what your card earns.
TenantPay describes itself as "Canada's first loyalty program for renters." It has been operating since 2006 and processes payments as pre-authorized debit (PAD), Visa Debit, Visa credit, or Mastercard credit. Instead of cashback, it rewards renters with points that can be redeemed for rent savings or gift cards from 115+ brands.
You create a free TenantPay account, add your rent, and choose how to pay. Every on-time payment earns loyalty points and, if you opt in, is reported to Equifax. Points redeem inside TenantPay for either rent savings or gift cards. The platform also runs the TenantPay Rent Savings Program (TRSP), which the company describes as a monthly random distribution of a portion of TenantPay's own revenue back to members.
The biggest difference: TenantPay passes through your credit card rewards and adds loyalty points; Neobanc stacks its own cash cashback on top of your card rewards. Fees also differ significantly by card brand.
| Feature |  Neobanc |  TenantPay |
|---|---|---|
| Own reward on rent | 1% monthly cashback (cash) or 2% at 6-month rolling unlock | Points redeemable for rent savings or 115+ gift card brands |
| Visa credit fee | 1.50% (1% tier) or 2.25% (2% tier) | 1.75% |
| Mastercard credit fee | 1.50% (1% tier) or 2.25% (2% tier) | 2.75% |
| American Express | Supported | "Coming soon" (not yet accepted) |
| Non-card payments | Interac e-Transfer, free | PAD $4.99 flat, Visa Debit 0.99% |
| Credit reporting | Free to a major bureau; +$2/mo backfills 24 months of past rent | Free Equifax reporting on on-time payments |
| Landlord involvement | None (landlord just receives Interac e-Transfers) | None required |
| Beyond rent | Bill pay, mortgage, gift cards, rent loans | Rent only, with gift card redemption via points |
| Operating since | Newer entrant | 2006 |
Fees sourced from Neobanc and TenantPay Pricing. Verify current terms before signing up.
With a 4% cashback Visa card on $2,000/month rent
Paying with a Visa credit card: TenantPay's 1.75% edges out Neobanc's 2.25% (2% cashback tier), but Neobanc's 1% tier at 1.50% is the cheapest option overall. The trade-off is a lower own-reward rate.
Paying with a Mastercard credit card: Neobanc is the clear winner at 1.50% to 2.25% depending on tier, versus TenantPay's 2.75%. The difference is 50 to 125 basis points per transaction.
Paying with American Express: only Neobanc supports it today. TenantPay's pricing page lists Amex as "coming soon" but does not yet accept it.
Skipping cards entirely: Neobanc's Interac e-Transfer route is fully free. TenantPay's non-card options are PAD at a flat $4.99 or Visa Debit at 0.99%.
This is the biggest philosophical difference between the two platforms.
Neobanc pays cash. The 1% or 2% you earn is straightforward cashback in Canadian dollars, applied to your next rent payment (1% tier) or unlocked on a 6-month rolling schedule (2% tier). It stacks on top of whatever cashback or points your credit card already earns.
TenantPay pays points. Every on-time payment earns loyalty points, redeemable inside the app for rent savings or gift cards from 115+ brands. There is also the TRSP, described by TenantPay as a monthly random distribution to hundreds of members. Points value depends on how you redeem them.
The choice comes down to preference: predictable cash you can apply to next month's rent, or a points system with a wider variety of redemption options.
All examples below assume $2,000/month rent ($24,000/year) with a Canadian 4% cashback credit card that earns the full rate on the platform (for example the Scotia Momentum Visa Infinite treating these as recurring bill payments).
Compare net annual return: TenantPay (Visa credit) vs Neobanc 1% and 2% tiers
*TenantPay does not publish an exact points-per-dollar earn rate on its public pricing page, so points value is not quantified here.
Neobanc works best for renters who want cash rewards, Amex support, or need Mastercard support at a competitive fee.
TenantPay is best for renters who value platform longevity, prefer gift-card variety, or use a Visa credit card at their lowest published rate.
Both platforms offer free credit-bureau reporting on rent payments, a genuinely useful feature for renters who want their biggest monthly expense to count toward their credit history.
Neobanc reports to a major credit bureau for free when you enrol, and offers an optional add-on ($2/month) that can backfill up to 24 months of prior rent payments. Useful if you have been renting for a while and want that history to appear on your report.
TenantPay reports every on-time payment to Equifax for free. The backfill option is not advertised on the public pricing page.
Verdict: both are strong on credit reporting. Neobanc's backfill option is a differentiator if you have historical rent to add.
Neobanc is not just a rent app. The same account can earn cashback on utility bills, phone, internet, tuition, and mortgage payments, plus gift card purchases with additional cashback. Consolidating recurring payments through Neobanc compounds the cashback.
TenantPay is focused on rent. Earned points redeem for gift cards from 115+ brands, but bill payments and mortgage payments are not part of the core service.
It depends on your card and preference. Neobanc pays predictable cash (1% or 2% of rent) on top of card rewards at a 1.50% to 2.25% fee. TenantPay charges 1.75% on Visa credit or 2.75% on Mastercard credit and pays in points redeemable for gift cards or rent savings. Neobanc typically comes out ahead if you use Mastercard or Amex. TenantPay is competitive on Visa credit at 1.75%.
On Mastercard credit, Neobanc is cheaper (1.50% to 2.25% vs TenantPay's 2.75%). On Visa credit, Neobanc's 1% cashback tier is the lowest at 1.50%, TenantPay's 1.75% is next, and Neobanc's 2% tier is 2.25%. For non-card payments, Neobanc's Interac e-Transfer is free while TenantPay's PAD is a flat $4.99.
Not yet. TenantPay's pricing page lists Amex Credit as "coming soon" but does not currently accept it. Neobanc supports Amex today.
Yes. TenantPay reports every on-time payment to Equifax for free. Neobanc reports to a major credit bureau for free when you enrol, plus an optional $2/month add-on to backfill up to 24 months of prior rent.
No. Both are landlord-free. Neobanc pays your landlord via Interac e-Transfer, and TenantPay handles payment on its end. Your landlord does not need to create an account with either service.
TenantPay describes the TRSP as a monthly distribution where a portion of TenantPay's own revenue is randomly given back to hundreds of members. It runs alongside the base points-earning program.
With Neobanc, yes. The same account earns cashback on bill payments, mortgage payments, and gift card purchases. TenantPay is focused on rent. You can redeem earned points for gift cards from 115+ brands, but you cannot run other bill payments through it.
Choose Neobanc if:
Choose TenantPay if:
The clearest split: Neobanc for cash + Amex + more services, TenantPay for points + longevity + gift-card variety. Verify each provider's current terms on their site before signing up.
Cash cashback on top of your card rewards, on every rent payment.
Free to sign up. No landlord involvement required.
It depends on your card and preference. Neobanc pays predictable cash (1% or 2% of rent) on top of card rewards at a 1.50%–2.25% fee. TenantPay charges 1.75% on Visa credit or 2.75% on Mastercard credit and pays in points redeemable for gift cards or rent savings. Neobanc typically comes out ahead if you use Mastercard or Amex; TenantPay is competitive on Visa credit at 1.75%.
On Mastercard credit, Neobanc is cheaper (1.50%–2.25% vs TenantPay's 2.75%). On Visa credit, Neobanc's 1% cashback tier is the lowest at 1.50%, TenantPay's 1.75% is next, and Neobanc's 2% tier is 2.25%. For non-card payments, Neobanc's Interac e-Transfer is free while TenantPay's PAD is a flat $4.99.
Not yet. TenantPay's pricing page lists Amex Credit as 'coming soon' but does not currently accept it. Neobanc supports Amex today.
Yes. TenantPay reports every on-time payment to Equifax for free. Neobanc reports to a major credit bureau for free when you enrol, plus an optional $2/month add-on to back-fill up to 24 months of prior rent.
No. Both are landlord-free. Neobanc pays your landlord via Interac e-Transfer, and TenantPay handles payment on its end — your landlord does not need to create an account with either service.
TenantPay describes the TRSP as a monthly distribution where a portion of TenantPay's own revenue is randomly given back to hundreds of members. It runs alongside the base points-earning program.
With Neobanc, yes — the same account also earns cashback on bill payments, mortgage payments, and gift card purchases. TenantPay is focused on rent; you can redeem earned points for gift cards from 115+ brands, but you can't run other bill payments through it.
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