Yay! I'm approved for 2% cashback!

[sunzt]

http://personal.fidelity.com/products/checking/content/amex_rewards_card.shtml.cvsr?refpr=CMGTOC006

My company reimburses me for my masters degree so my plan is:

1. pay off tuition every semester with this card with 2% cashback
2. get reimbursed (assuming i get B or better)
3. Profit!

 

[Dufusyte]

Looks like the cash back is on "everyday purchases" which means gas and groceries. Are you sure tuition qualifies for the cash back?

 

[TwiceOver]

Don't you need to pay tuition and then get the grade before reimbursement? What about the interest in the months between?

 

[melchoir]

The cash back is a flat 2% on all purchases, everywhere.

Welcome to the club, it's my everyday card.

 

[HardcoreRobot]

Don't you need to pay tuition and then get the grade before reimbursement? What about the interest in the months between?

probably: charge it. get the cashback. pay off in full with cash on hand. get reimbursed later. net gain = cashback.

 

[rcpratt]

Hmm. I need to get a good card like that. I wonder if USAA has any good AmEx cash back cards. Only thing I have with Fidelity is 401k, and I assume it wouldn't work with that?

 

[sunzt]

probably: charge it. get the cashback. pay off in full with cash on hand. get reimbursed later. net gain = cashback.

Yes, it's freaking sweet.

I currently only have my Visa dividends rewards 1% cashback and i paid off my last semester with that. Now I'll be able to double my cashback muahahahahahaha.

 

[sunzt]

Hmm. I need to get a good card like that. I wonder if USAA has any good AmEx cash back cards. Only thing I have with Fidelity is 401k, and I assume it wouldn't work with that?

They said any Fidelity brokerage account works so i would think so, but you should probably ask.

 

[metalmania]

I know a girl in the Air Force. She got the low interest loan from the AF and deposited in her bank savings account. Back a few years ago, the rate was like 5%. She got some money back indeed.

 

[blinblue]

They let you pay the tuition by credit card? I'm surprised they do that, seeing as the school takes ~1.5% hit. But if they do, go for it!

 

[bignateyk]

They let you pay the tuition by credit card? I'm surprised they do that, seeing as the school takes ~1.5% hit. But if they do, go for it!

Most schools charge a fee to pay by card. Usually a couple percent...

 

[bignateyk]

The other thing I never got is:

1) Credit card company charges vender x% per transaction
2) Vender increases prices of items by x% to make up for the fact that most people pay by card
3) Credit card company gives x% cash back to consumer

So basically you're just being fooled into thinking you are making some kind of sweet deal, when in reality, you are paying what you would have before the vender jacked their prices up to compensate for the fee charged by credit card companies that your reward is coming from.

 

[kami333]

The other thing I never got is:

1) Credit card company charges vender x% per transaction
2) Vender increases prices of items by x% to make up for the fact that most people pay by card
3) Credit card company gives x% cash back to consumer

So basically you're just being fooled into thinking you are making some kind of sweet deal, when in reality, you are paying what you would have before the vender jacked their prices up to compensate for the fee charged by credit card companies that your reward is coming from.

Yup.

But since they've already raised their prices and you get screwed either way, might as well use a rewards card.

 

[Terabyte]

The dumb percent error bug messed up my comprehension

Anyways, I got the Charles Schwab Invest First 2 PERCENT Visa card before they stopped offering the card. It's my everyday card for every purchase besides things at Costco and restaurants. I use my Amex/Costco True Earnings card for that.

 

[sunzt]

They let you pay the tuition by credit card? I'm surprised they do that, seeing as the school takes ~1.5% hit. But if they do, go for it!

Yup, and AMEX too. Johns Hopkins University.

 

[sunzt]

Most schools charge a fee to pay by card. Usually a couple percent...

It may be built into the tuition price, but there's no EXTRA fees to pay by card at Johns Hopkins.

 

[brainhulk]

I have a 120k loan im paying sallie mae. But they won't let me use my costco american express, bastards.

gratz tho in the approval