Basic information related to Pay College Tuition With Credit Card
Many Mastercards offer incredible advantages to the cardholders who use them. Notwithstanding extortion assurance and the capacity to purchase now and pay off your buy later (with no premium, on the off chance that you pay the equalization before the month to month charging cycle closes), many Mastercards can help extend each dollar you spend by 1% to 3% on account of focuses programs and cashback rewards.
The roundabout fee of every student on an average is thousands of dollars per semester and do you think you can get it charged by your credit card.
Most Colleges Charge a Convenience Fee
Using a credit card could increase your tuition fee and college fee. Many universities charge their students who use a credit card to pay the tuition fee an average convenience fee of 2.75%. If a semester’s tuition runs you $10,000, that means you have to pay around $275 just to pay with a credit card.
And no, whatever rewards you earn likely won’t make up for that loss. Most cashback cards offer 1% back on purchases. That means you’d only earn $100 worth of cashback on an average charge of $10,000. But the choice is yours if you are willing to pay your tuition fee through the credit card.
Always remember that Credit Card Interest Isn’t Worth It
You have to know this that if you pay your college tuition fee through your credit card, you might have to pay a large amount of interest rate on that credit card. You have to know that the average APR on a cashback credit card is 20.90%.
Travel reward cards are a little better with an average APR of 15.99%, but not more than that. One reason to use a credit card to pay the tuition fee is that your credit score will take a hit because of it. And you have to know that using a credit card for paying for your college fee will do credit utilization ratio too high. So avoid using your credit card for paying the tuition fee of your college.