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Of the 102 top national universities, 65 allow payments by credit card with fees that range from 2% (Penn State University, Brigham Young University and the University of Maryland) to 2.99% (Brandeis University). Should you incur a fee to pay college tuition with a credit card?
Amex EveryDay® Credit Card from American Express: 0% APR for 15 months from account opening, then a variable rate of 14.99% to 25.99%, plus 1 Membership Rewards point per dollar spent on tuition Capital One Quicksilver Cash Rewards Credit Card : 0% APR for 15 months from account opening (on purchases and balance transfers), then a variable rate of 15.74% to 25.74%, plus 1.5% cash back on tuition
Assuming you can pay tuition on a credit card, the next question becomes whether your college will charge you a processing fee for the privilege of using one. If there's no fee, then you may as...
For example, a card like the Capital One Savor Cash Rewards Credit Card, which offers a $500 intro bonus to cardholders who spend $3,000 on purchases in the first 3 months, is worth considering because its bonus is likely higher than the convenience fee and your tuition will probably reach that $3,000 spend requirement.
The average interest rate on credit cards is now over 16%, but the average rate on many federal student loans is a little over 4%. Instances where it can make sense to pay college tuition with a credit card include: #1: Your college doesn’t charge a fee when you use credit to pay tuition.