Just spent $2,600, but I get rewards!
Although I registered for my summer graduate class over a month ago, I was holding out for as long as I could to pay the tuition. However, the $2,600 is due in about 2 weeks, and I wanted to make sure I paid while I remembered it. So as I celebrate the end of one semester, I’m hurting inside at the thought of spending $2,600 of my own money for just one class.
Nope, no employer reimbursement on this one. And not on the $5,200 (plus books) in the fall either. I’ve used up the maximum allotment for the year and now it’s all up to me.
BUT I’M NOT WORRIED! Why? Because I don’t have to pay interest on this debt for another ~6 months. I used my Discover Business Card which I got last December with a full 12 month, 0% on purchases and balance transfers. And the best part is that you don’t need to own your own business to apply. You can just enter your SSN as your business number and your type as sole proprietor. The card also has these perks (which is why I’m using it):
- 5% cash back on office supply purchases
- 2% cash back on gas purchases
- 1% cash back on everything else
- No annual fee (unlike the AmEx card)
I’ve been happy with my Discover Business Card, even though it stays in the safe until I need to pay for tuition every few months. When I’m done with school, or I have the card paid down further, I’ll probably use it for a new laptop (for my Clever Dude business of course!). And don’t worry about us because I do have a debt repayment plan for this credit card. I’m not planning on paying even one second late! I’ve never been late on a payment before and I’m not starting now!
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If I didn’t know better, I’d assume that you work in the marketing deparment of Discover and use your blog to promote their products! Instead of being so excited that you get rewards and have a debt repayment plan, why not have a savings plan so that you can pay CASH for your Master’s degree? That’s how I got through mine. I’m not trying to be harsh, but with as much debt as you have, I wouldn’t be too excited about piling on more, even though you will repay it. I’d just make one payment and be done with the bill. The Discover rewards have never made anyone a millionaire! Just my $.02.
@Jiggypete: I do have the money to pay cash for the masters in full and don’t need to use the card except for convenience and cashback. But I choose to get a little bit extra for my money PLUS use that money elsewhere during the promotional 0% time. I keep enough in the bank to pay it off in full when the time comes (while earning interest).
Isn’t there a fee for paying your tuition with credit? I know there was at my school.
@JM: Nope, no fee for my school.
That sounds similar to the Amex Blue Cash Card…same deal and there is no annual fee…the catch…you have to spend over a certain amount…think it is around $6500 to get the full 5% cash back (instead .5%), but instead of office supplies, you get that on groceries, gas and drugstore purchases….on a family of five that likes to eat and drive, this has been great for us. This is the only card that gives such a high level of rewards (and no wonder, since most small businesses don’t like Amex cause of their high fees for processing charges, etc).