Anyone use a credit credit to pay college tuition and then pay off credit card?

[klfrech]

Daughter will begin college this fall. We have enough money to cover her college expenses in a combination of 529 plans. I got to thinking about charging her expenses on our credit card, then paying off the credit card amount by transferring funds out of the 529 to our checking account (which is what we would do anyway).

Anyone do this before? I like the idea of earning extra rewards on our credit card.

 

[Tinkerdreams]

Yes. I've done it for the past 2 years for my son. It's a very good way to get reward dollars (Disney Visa here). I plan on doing it for the next 2 years also!!

 

[tinker&belle]

Check your school policies. When I was in school (graduated 2003) there was a 3% charge for using a credit/debit card.

 

[js]

Check your school policies. When I was in school (graduated 2003) there was a 3% charge for using a credit/debit card.

Yes, please check.

My dh and I thought about using our RCCL Visa card to pay for my dd's HS tuition for next year and pay in full once we got the bill to rack up the points but we found out last week they charge almost 3% just to use the card. We decided to just write a check.

 

[collegejunkie]

you need to see if the school will allow you to do so. my school does not, but any public school i've taken summer/winter courses at has allowed me to.

 

[eyor44]

Sounds like a great idea to me as long as there are no extra fees involved.

 

[Kathi OD]

I was able to do it, but that was in the 70's. I'm sure things are much different now.

 

[MickeyHereWeCome!]

My kids aren't in college yet, but my mom did this for my college tuition. She charged it using her Discover card and enjoyed the cash back!

 

[Leshaface]

Check your school policies. When I was in school (graduated 2003) there was a 3% charge for using a credit/debit card.

I graduated in 2008 and ours way 3% as well, so double check!

 

[Leajess99]

I know the University of Louisville charges a fee for using a credit card. Here is the breakdown of what they charge -

Amount Charged Fee

$ 1.00 - $ 999.99 $15.00
$1,000.00 - $1,999.99 $20.00
$2,000.00 - $2,999.99 $25.00
$3,000.00 - $3,999.99 $30.00
$4,000.00 - $4,999.99 $35.00
$5,000.00 - $5,999.99 $40.00
$6.000.00 - $6,999.99 $45.00
$7,000.00 and above $50.00

 

[Sadie22]

Daughter will begin college this fall. We have enough money to cover her college expenses in a combination of 529 plans. I got to thinking about charging her expenses on our credit card, then paying off the credit card amount by transferring funds out of the 529 to our checking account (which is what we would do anyway).

Anyone do this before? I like the idea of earning extra rewards on our credit card.

Check the rules for your 529 plan. You may need to pay the funds directly to the educational institution rather than to a credit card company.

 

[maggiew]

I just did this today! I paid my DDs Spring quarter tuition with the Disney Visa. Then I logged on to my bank account and scheduled a payment onto my Disney Visa card!

Maggie

 

[phred52]

Yes, I've done this for years. No fees are involved for SUNY schools.

Last month, I opened a second Disney Visa when we were at Downtown Disney. Got an instant $50 rewards card to spend and a 2% rebate for the first 60 days. I put one dd's tuition on it pronto then paid it off immediately in time to pay the second tuition bill. Thats a nice chunk of change to use next time we go back.

Wouldn't it be nice if we could pay property tax with our Disney Visas? sigh. I actually called and asked. Answer was a firm "no".

 

[PatMcDuck]

The other sort of big bill I pay with the Disney Visa is our life insurance. I pay it in one yearly payment. I want to look into paying the car insurance with that card too, just never thought to ask about it.

And I have used it to pay college tuition at DD community college. No extra fee was charged.

 

[Green Tea]

Check the rules for your 529 plan. You may need to pay the funds directly to the educational institution rather than to a credit card company.

Good advice!

 

[cruella4me64]

Think it depends on what state the school is in. Virginia public universities do not accept VISA for tuition, but for a 3% fee, accept others, Mastercard etc. Wasn't interested in cc shopping because of the fee for my daughter's tuition, however, my son attends a Virginia private college and I run his tuition through my Disney VISA!

Still takes me forever to rack up points though. I asked if I could run my mortgage through my Disney VISA, but no. Same thing with buying a car.

Need more points! Need more points! Need more points!

 

[herdtoDisney]

Daughter will begin college this fall. We have enough money to cover her college expenses in a combination of 529 plans. I got to thinking about charging her expenses on our credit card, then paying off the credit card amount by transferring funds out of the 529 to our checking account (which is what we would do anyway).

Anyone do this before? I like the idea of earning extra rewards on our credit card.

Defenitely check the school's payment policies. My ds' school doesn't take Visa-I had the same idea to put (our payment, we contribute some) tuition on the card but I can't.

 

[MUFFYCAT]

I've been charging my DD tuition for 2 years while earning very nice Disney dollars.
I pay the balance in full within a month with money from her 529 account transferred to my checking account.

 

[Bronte]

I am really new to this collage thing but our DD will be going off to collage this fall ... I thought that 529 money could only be used to pay for collage (directly to the collage) How does the state know you are using the 529 money for collage if you are taking it out to pay off a visa ... do you have to show the bill from the collage and your visa payment and is that enough ????
I know here in IN. there is a big state income tax break for those that put in up to $5,000 per year into a 529 so that is one of the reasons why we do it.

 

[luvmarypoppins]

We are on our 3rd ds doing this. The payments are for a cc that gives us ff miles. We use it for our disney trips.