A commentor had asked what business school I am attending and it is Rutgers University. A few weeks ago I tweeted about the school not accepting Visa. With the school not accepting Visa has made me put on my thinking cap.
I’m leaning towards American Express gift cards to pay my tuition. If I can pick up Mastercard gift cards at 5x at the supermarket, I will certainly use that to pay my tuition.
Anyway, Rutgers has contracted a third party payments company to handle the electronic payments and causes a delay of a few days before Rutgers sees the payment. Tuition was due on May 14, and I paid in full. As a test, I paid an extra $100 on May 15, the due date.
I now have a credit of $100:
To credit me, I have a range of options, none of which would go back to the funding source:
At 2.5% fee, you may be turned off, but it’s low enough where you can easily profit from a 5% card. I say this is a limited opportunity because you need to be a student, and if you or your eligible dependent attends a university in a state that can not charge a convenience fee, this could be one great way to manufacture spend through over paying the tuition for a refund.
Side Note: Found from Central Connecticut State University and explains why Visa is not accepted.
Why is VISA no longer accepted?
Visa regulations do not allow a convenience fee charge unless the fee is also charged for every payment method (check, cash). Due to these restrictions CCSU will not be able to accept Visa credit card as a method of payment.