Author Topic: Credit card to pay $13 k tuition  (Read 412 times)

nancy33

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Credit card to pay $13 k tuition
« on: September 01, 2020, 07:52:55 PM »
Hello I need to pay my sonís tuition etc for college totaling over $13 k. They accept echeck or credit card. Credit card is 2.75 percent fee. Is there a credit card i can use for this to come out ahead or at least break even with the fee? The two I have are no good only would get 1 percent back. Going to look at doctor of credit too

ixtap

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Re: Credit card to pay $13 k tuition
« Reply #1 on: September 01, 2020, 08:19:25 PM »
Many of the high % back cards expressly exclude education expenses - I posted earlier today about not getting an online cash back boost because the food bank is categorized as education!

I believe Chase is still running 3% back special for new Freedom Unlimited cards:
https://www.referyourchasecard.com/18a/6B4737HNT5

martyconlonontherun

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Re: Credit card to pay $13 k tuition
« Reply #2 on: September 01, 2020, 08:38:21 PM »
Depending on your preferences chase sign up bonuses. double dip chase sapphire. Probably get 110k bonus points which case would at $1500 for grocery and hardware (less fees but you get credits and points from the spend). That would probably be 8k, so you could do another card like Hyatt that would get you 50k Hyatt points worth probably $800.

So if you have the appettie, I would go for it with sign up bonuses and get a 10-15% return. The chase UR points are as good as cash if they extend the grocery and hardware credit.

Zamboni

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Re: Credit card to pay $13 k tuition
« Reply #3 on: September 02, 2020, 07:36:16 PM »
If you can swing it, definitely pay via echeck. Don't charge this . . . the fee means it will be hard to get ahead, and it could end up coming back to bite you. Pay it from your savings if you can. If you don't have it all together right now, then contact the school and see if they can set up a payment plan so that you can cash flow it.

I really think charging education expenses (room/board/tuition) is a bad idea.

ixtap

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Re: Credit card to pay $13 k tuition
« Reply #4 on: September 02, 2020, 07:39:12 PM »

I really think charging education expenses (room/board/tuition) is a bad idea.

Why is it a worse idea than charging the same amount for another purpose?

better late

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Re: Credit card to pay $13 k tuition
« Reply #5 on: September 02, 2020, 10:08:48 PM »
If you can swing it, definitely pay via echeck. Don't charge this . . . the fee means it will be hard to get ahead, and it could end up coming back to bite you. Pay it from your savings if you can. If you don't have it all together right now, then contact the school and see if they can set up a payment plan so that you can cash flow it.

I really think charging education expenses (room/board/tuition) is a bad idea.

At least the universities my kids attended charged a fee to use a payment plan. Thatís not free either.

nancy33

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Re: Credit card to pay $13 k tuition
« Reply #6 on: September 02, 2020, 11:21:37 PM »
I can easily pay it all up front but as I consider the options I donít think that is prudent? Because of room and board and the chance they shut it all down due to Covid? Echeck and a quarterly payment plan is probably what I will do.  Thanks for the ideas!