Dear finance gurus, any suggestions for credit cards that offer a large cashback after you hit a certain dollar amount?
This would be for monthly tuition/dorm payments, to beat the 2.75% transaction fee.
We would not carry a balance on the card (in other words paying off monthly).
My current cc would only pay 1% cashback so it’s out.
Just wondering if there is anything out there right now. If not we would just pay via checking account.
Thanks!
We did the math on this when DD was in college. The 2.75% fee the school charged FAR exceeded any cash back or other incentives from our credit card companies.
Thanks @thumper1, that’s what I suspected.
Neither college I pay tuition to charges a transaction fee, so I do charge the tuition. I do it on the Southwest Airline card, get enough points for one or two tickets a semester. Lessens the pain a little.
You might be able to make it come out with something like the Chase Marriott card, because a lot of points can give you status, which is worth something, and there are ways to leverage the points. But 2.75% is a lot to overcome.
Some colleges do not accept credit cards for tuition and dorm.
There are certain promotions that may get you up to 5% cash back. For instance, Discover offers me $300 cash back if I do charge $2000 a month for 3 consecutive months between August and October. Unfortunately, my D’s school does not accept credit card.