People using credit cards to pay for college tuition should expect to pay an average 2.62 percent convenience fee, a recent CreditCards.com survey concludes. These convenience fees likely trump any reward points –- especially because credit card companies never throw college tuition into their rotating 5 percent cash-back categories.
Western Kentucky University in Bowling Green, St. Joseph’s University in Philadelphia and Roger Williams University in Bristol, Rhode Island, charge the highest convenience fees at 2.99 percent. So paying the $40,420 annual tuitionat St. Joseph’s with a credit card would add $1,209 to your bill.
Why Do Colleges Charge Convenience Fees
Merchants pay interchange fees to credit card companies — averaging 2 percent — for every swipe.
Read on at DailyFinance to find out why colleges charge convenience fees and when it makes sense to pay with a credit card.