Card That Earns Points for Paying Tuition
Just like the Bilt Card earns you points for paying rent, a new card will give you points for paying your tuition. That’s the Rise Tuition Card, a new product that is quite similar to the Bilt card in earning structure.
The card has no annual fee and earns 1X on tuition payments up to 100,000 points annually. It also earns 3X on dining, 2X on grocery purchases and 1X on all other purchases.
The Rise Tuition Card works at every private K-12 school, community college, 4-year college, and grad school program in the United States. Even if your school only accepts ACH/checks, you can earn points on tuition with Rise.
But unlike the Bilt card, the points that you earn with the Rise Tuition Card are not as valuable. For now you can only redeem for select gift cards at a value of 1 cent each. Eligible brands include Airbnb, Apple, Alaska Airlines, Delta Air Lines, and more.
There’s no signup bonus for the card for now, and you can’t even signup yet. You can however join the waitlist if you are interested in this card. If you refer friends to join, you can move up the list which now has close to 7,000 people.
Is anyone excited for this card?
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If nothing else, it’s a no-interest loan for 60 days (1% in a 5% interest environment). The ACH/check option will avoid fees (like using Future for utilities), so 1%+1x starts looking attractive.
The annual cap is a smart way for them to acquire more high spending customers: you get the parent of two kids going to state school, or the kid who goes to a private liberal arts college.
Worth noting they let you use it like a debit (“Safeguard”) to draw from your checking if the payment is over your credit limit.
Also interesting that if you pay directly from your 529 plan, you still get the points if you send Rise proof. Makes more net benefit to pay and have your 529 repay you (after 60 days), but many people will prefer direct to reduce paperwork.
I doubt it’s significant, but if you set up a Rise Student (AU) card, they’ll earn additional points for doing “credit learning challenges.”
The break-even point for this to be worth a 5/24 slot is probably around $220k on tuition.
Oh, sure, this comes out AFTER having paid $800k across 10 years. Ha.
1% back is fine if there is 0% transaction fee…