Reasons Why Putting Semester Tuition On Your Credit Card May Not Be In Your Best Financial Interest
PHILADELPHIA (CBS) -- Paying the tuition bill semester after semester isn't easy, and some pull out the plastic to make ends meet.
Just think of all the extra frequent flyer miles and rewards you can earn by paying the college tuition bill with your credit card. Not so fast says Matt Schulz, senior industry analyst for CreditCards.com.
"It may sound like a good idea in some cases, but if you have a convenience fee, the math just doesn't work in your favor at all, the average fee will run you about 260 dollars for every 10-thousand dollars in tuition.
The fees are levied by the credit card company and passed along to you. They can be found on the college's website or by calling the bursars office. Don't forget the interest rate that will accrue if you don't pay that card off at months' end.
