Author Topic: Reward card to offset 3% fee on tuition?  (Read 7540 times)

Rural

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Reward card to offset 3% fee on tuition?
« on: June 28, 2015, 06:36:58 AM »
Does anyone know if there's an offer out there that would earn more than a 3% card use fee for paying my husband's tuition? I'm not looking for travel points because we just don't travel, so this is a cash back question. We're looking at something under $2k of tuition and fees, and if we can't find a better deal with a card, we'll pay cash.


I do think we could make a $1500 spend requirement for a sign-up bonus on just the tuition, so that's a possibility, and if it's a bit higher we could switch our monthly spending from the current cashback card. If there's an annual fee, id want to be able to cancel the card before a year is up without worrying about clawback.


I do think we could qualify for most/ all offers as long as we remember to unfreeze our credit first.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #1 on: June 29, 2015, 03:52:14 AM »
I'm beginning to think the lack of replies means there isn't a card like that out there?


Sign-up bonus, then?

JimLahey

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Re: Reward card to offset 3% fee on tuition?
« Reply #2 on: June 29, 2015, 08:48:53 AM »
You could possibly open a Bluebird checking account. Load the Bluebird account using the credit card with the spend requirement. Then write the school a check via the Bluebird account. This would eliminate the 3% fee. I did this a year or so ago for my tuition. You could also possibly get cashback depending on where you buy the Bluebird cards at (CVS, Walgreens, etc.). I think some stores stopped letting you buy them with a credit card though.

CmFtns

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Re: Reward card to offset 3% fee on tuition?
« Reply #3 on: June 29, 2015, 10:39:48 AM »
Ignoring sign up bonuses, the best card out there I have found is Citi's double cash card.
2% Back, No Fees.
But this doesn't help you because you have a 3% fee

The best option in your scenario might be capital one quicksilver with 1.5% cash back and a $100 sign on bonus after spending 500 in first 3 months.

MATH:
Tuition: $2,000

Fee: $2000 * .03 = $60
Cash Back: 2000 * .015 = $30
Sign Up Reward: $100

Net Payment $2060-$130 = $1930

$70 in savings.

-Is $70 worth having another credit card to worry about?
-Will you use card anyway?
-Hard pull on credit okay?
That's up to you

Also, there could be other offers out there.  I did not do a exhaustive search of credit card offers.

EDIT* Still not finding anything better than capital one quicksilver for your scenario
« Last Edit: June 29, 2015, 10:45:50 AM by comfyfutons »

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #4 on: July 25, 2015, 07:09:15 AM »
Update: may do the Capital one Quicksilver or a similar deal for spring tuition. I just wrote a check for fall, though I probably lost out on money for the sake of convenience there. (I wrote it since I was on campus, not that he can't write a check...)

tj

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Re: Reward card to offset 3% fee on tuition?
« Reply #5 on: July 25, 2015, 07:36:54 AM »
Capital One Spark, spend $4500 get $500. You'll need to find something to spend the other $$ on.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #6 on: July 25, 2015, 09:59:34 AM »
Thanks. I'll look in nov-dec to see if that deal's still around. How long do you have to spend the $4500?

tj

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Re: Reward card to offset 3% fee on tuition?
« Reply #7 on: July 25, 2015, 10:16:18 AM »
Thanks. I'll look in nov-dec to see if that deal's still around. How long do you have to spend the $4500?

Probably 90 days.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #8 on: July 25, 2015, 11:58:04 AM »
Thanks. I'll look in nov-dec to see if that deal's still around. How long do you have to spend the $4500?

Probably 90 days.


That I could manage, just switch all the spending to that card.

CmFtns

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Re: Reward card to offset 3% fee on tuition?
« Reply #9 on: July 29, 2015, 11:29:05 AM »
Thanks. I'll look in nov-dec to see if that deal's still around. How long do you have to spend the $4500?

Probably 90 days.


That I could manage, just switch all the spending to that card.

Looks like it has a fee after first year so that's a factor to consider

tj

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Re: Reward card to offset 3% fee on tuition?
« Reply #10 on: July 29, 2015, 11:45:41 AM »
Cancel before the first year is up. Get a different card for next year's tuition.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #11 on: July 29, 2015, 03:09:29 PM »
Cancel before the first year is up. Get a different card for next year's tuition.


Yeah, that would be the plan. Basically a card each semester if we an find enough with sign-up bonuses.

kpd905

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Re: Reward card to offset 3% fee on tuition?
« Reply #12 on: July 29, 2015, 04:26:40 PM »
Using these payments to only hit sign up bonuses would probably get you anywhere between 10-50% back on your spending.

For example, spend $4,000 on the Chase Sapphire Preferred, add an authorized user, and you have $450.  Your profit after the 3% fee will be $330.

For the IHG card, you only spend $1,000.  You'll pay a $30 fee but you'll get somewhere between 3-12 hotel nights free.

sheepstache

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Re: Reward card to offset 3% fee on tuition?
« Reply #13 on: July 29, 2015, 05:23:21 PM »
Using these payments to only hit sign up bonuses would probably get you anywhere between 10-50% back on your spending.

For example, spend $4,000 on the Chase Sapphire Preferred, add an authorized user, and you have $450.  Your profit after the 3% fee will be $330.

For the IHG card, you only spend $1,000.  You'll pay a $30 fee but you'll get somewhere between 3-12 hotel nights free.

+1

3% on 2k is 60 bucks, plus all of these cards do 1% cash back minimum, so your profit is the bonus minus 40 bucks. You want to focus on bonuses, not cash back in this case. And $4500 is high for a spend minimum, most of them are 3k, just check MMM's credit card page or nerdwallet or something.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #14 on: July 29, 2015, 06:43:00 PM »
Yes, I agree that the signup bonuses are going to be our best bet. I'll just keep my eyes open for now and open one this fall.


Dang. Gotta unfreeze and refreeze credit. Pain in the ass, but the fees are minimal, at least.

kpd905

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Re: Reward card to offset 3% fee on tuition?
« Reply #15 on: July 29, 2015, 06:44:15 PM »
Dang. Gotta unfreeze and refreeze credit.

why do you have to do that?

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #16 on: July 29, 2015, 06:51:11 PM »
Dang. Gotta unfreeze and refreeze credit.

why do you have to do that?


Anthem breach. I guess refreezing is optional, but it does make us both feel better.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #17 on: October 31, 2015, 07:42:45 PM »
 Quick update: I was just approved for the Chase Sapphire Preferred, so we'll be doing spring tuition with that. Also I discovered that you can do a temporary lift on a credit freeze and specify when it goes back on, so I only had to do the unfreeze thing once, not log back in to freeze it back again.


 Actually, if that Sapphire card arrives quickly, we may put a car on it next week and look for something else for the tuition. These bonuses are going to be cool.

JLee

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Re: Reward card to offset 3% fee on tuition?
« Reply #18 on: November 01, 2015, 10:23:38 AM »
Quick update: I was just approved for the Chase Sapphire Preferred, so we'll be doing spring tuition with that. Also I discovered that you can do a temporary lift on a credit freeze and specify when it goes back on, so I only had to do the unfreeze thing once, not log back in to freeze it back again.


 Actually, if that Sapphire card arrives quickly, we may put a car on it next week and look for something else for the tuition. These bonuses are going to be cool.

If you get a second Sapphire Preferred card (for another signer), you get another 5000 bonus points when that card is used. Also, you get a 25% bonus on your points for travel via Chase Travel.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #19 on: November 01, 2015, 10:51:17 AM »
Quick update: I was just approved for the Chase Sapphire Preferred, so we'll be doing spring tuition with that. Also I discovered that you can do a temporary lift on a credit freeze and specify when it goes back on, so I only had to do the unfreeze thing once, not log back in to freeze it back again.


 Actually, if that Sapphire card arrives quickly, we may put a car on it next week and look for something else for the tuition. These bonuses are going to be cool.

If you get a second Sapphire Preferred card (for another signer), you get another 5000 bonus points when that card is used. Also, you get a 25% bonus on your points for travel via Chase Travel.


  Yes, I did go ahead and get an authorized user card for my husband at the same time. Thanks for pointing out that he needs to use that card to get the points; I hadn't realized that, although he almost certainly would have, since we'll probably put all our spending on it to hit the minimum (barring a car purchase). We won't be getting the extra out of the travel, unfortunately we just don't travel aside from work.

tj

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Re: Reward card to offset 3% fee on tuition?
« Reply #20 on: November 01, 2015, 12:21:50 PM »
Quick update: I was just approved for the Chase Sapphire Preferred, so we'll be doing spring tuition with that. Also I discovered that you can do a temporary lift on a credit freeze and specify when it goes back on, so I only had to do the unfreeze thing once, not log back in to freeze it back again.


 Actually, if that Sapphire card arrives quickly, we may put a car on it next week and look for something else for the tuition. These bonuses are going to be cool.

If you get a second Sapphire Preferred card (for another signer), you get another 5000 bonus points when that card is used. Also, you get a 25% bonus on your points for travel via Chase Travel.


  Yes, I did go ahead and get an authorized user card for my husband at the same time. Thanks for pointing out that he needs to use that card to get the points; I hadn't realized that, although he almost certainly would have, since we'll probably put all our spending on it to hit the minimum (barring a car purchase). We won't be getting the extra out of the travel, unfortunately we just don't travel aside from work.

If he gets his own account, you'll get a lot more points.

Rural

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Re: Reward card to offset 3% fee on tuition?
« Reply #21 on: November 01, 2015, 01:05:17 PM »
Quick update: I was just approved for the Chase Sapphire Preferred, so we'll be doing spring tuition with that. Also I discovered that you can do a temporary lift on a credit freeze and specify when it goes back on, so I only had to do the unfreeze thing once, not log back in to freeze it back again.


 Actually, if that Sapphire card arrives quickly, we may put a car on it next week and look for something else for the tuition. These bonuses are going to be cool.

If you get a second Sapphire Preferred card (for another signer), you get another 5000 bonus points when that card is used. Also, you get a 25% bonus on your points for travel via Chase Travel.


  Yes, I did go ahead and get an authorized user card for my husband at the same time. Thanks for pointing out that he needs to use that card to get the points; I hadn't realized that, although he almost certainly would have, since we'll probably put all our spending on it to hit the minimum (barring a car purchase). We won't be getting the extra out of the travel, unfortunately we just don't travel aside from work.

If he gets his own account, you'll get a lot more points.


Didn't think of that. Is it too late now that he's an authorized user on mine?

tj

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Re: Reward card to offset 3% fee on tuition?
« Reply #22 on: November 01, 2015, 01:09:24 PM »
Quick update: I was just approved for the Chase Sapphire Preferred, so we'll be doing spring tuition with that. Also I discovered that you can do a temporary lift on a credit freeze and specify when it goes back on, so I only had to do the unfreeze thing once, not log back in to freeze it back again.


 Actually, if that Sapphire card arrives quickly, we may put a car on it next week and look for something else for the tuition. These bonuses are going to be cool.

If you get a second Sapphire Preferred card (for another signer), you get another 5000 bonus points when that card is used. Also, you get a 25% bonus on your points for travel via Chase Travel.


  Yes, I did go ahead and get an authorized user card for my husband at the same time. Thanks for pointing out that he needs to use that card to get the points; I hadn't realized that, although he almost certainly would have, since we'll probably put all our spending on it to hit the minimum (barring a car purchase). We won't be getting the extra out of the travel, unfortunately we just don't travel aside from work.

If he gets his own account, you'll get a lot more points.


Didn't think of that. Is it too late now that he's an authorized user on mine?

Shouldn't be. But the worst that can happen is he gets declined. If you don't have any immediate plans to purchase a home, I wouldn't worry about a credit card denial.


I also don't know Chase''s rules/limitations in terms of the allowed new accounts per couple. Maybe someone else can chime in.



JLee

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Re: Reward card to offset 3% fee on tuition?
« Reply #23 on: November 02, 2015, 03:25:44 PM »
Quick update: I was just approved for the Chase Sapphire Preferred, so we'll be doing spring tuition with that. Also I discovered that you can do a temporary lift on a credit freeze and specify when it goes back on, so I only had to do the unfreeze thing once, not log back in to freeze it back again.


 Actually, if that Sapphire card arrives quickly, we may put a car on it next week and look for something else for the tuition. These bonuses are going to be cool.

If you get a second Sapphire Preferred card (for another signer), you get another 5000 bonus points when that card is used. Also, you get a 25% bonus on your points for travel via Chase Travel.


  Yes, I did go ahead and get an authorized user card for my husband at the same time. Thanks for pointing out that he needs to use that card to get the points; I hadn't realized that, although he almost certainly would have, since we'll probably put all our spending on it to hit the minimum (barring a car purchase). We won't be getting the extra out of the travel, unfortunately we just don't travel aside from work.

If he gets his own account, you'll get a lot more points.


Didn't think of that. Is it too late now that he's an authorized user on mine?

I doubt it will matter (or if they will even know), since all you really need to add another user is a name (no credit check/etc).

bacchi

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Re: Reward card to offset 3% fee on tuition?
« Reply #24 on: November 02, 2015, 05:10:56 PM »
Didn't think of that. Is it too late now that he's an authorized user on mine?

I doubt it will matter (or if they will even know), since all you really need to add another user is a name (no credit check/etc).

The Sapphire account showed up on my AU's credit report, even with only the name. I'll have to check if there was a credit pull.

There's also the Wells Fargo Propel ($400).

JLee

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Re: Reward card to offset 3% fee on tuition?
« Reply #25 on: November 03, 2015, 02:02:54 PM »
Didn't think of that. Is it too late now that he's an authorized user on mine?

I doubt it will matter (or if they will even know), since all you really need to add another user is a name (no credit check/etc).

The Sapphire account showed up on my AU's credit report, even with only the name. I'll have to check if there was a credit pull.

There's also the Wells Fargo Propel ($400).

Interesting. My GF is Canadian and doesn't have a social security number...so I'm wondering how they would link the two.

bacchi

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Re: Reward card to offset 3% fee on tuition?
« Reply #26 on: November 03, 2015, 02:11:08 PM »
Didn't think of that. Is it too late now that he's an authorized user on mine?

I doubt it will matter (or if they will even know), since all you really need to add another user is a name (no credit check/etc).

The Sapphire account showed up on my AU's credit report, even with only the name. I'll have to check if there was a credit pull.

There's also the Wells Fargo Propel ($400).

Interesting. My GF is Canadian and doesn't have a social security number...so I'm wondering how they would link the two.

My SO has Chase cards already so that's likely how they linked it. I doubt they could in your case.