NEW YORK—Rise has opened the waitlist for a new credit card designed to reward tuition payments, whether K-12 private school, university or graduate school.
“The idea is to reward payments that don’t usually make sense by credit card, since most schools tack on a fee to pay by card,” reported The Wing.
The card is a no annual fee metal card that earns 1x points on tuition with no fee (Rise permits cardholders to ACH the money or send a check), 3x on dining; 2x on groceries and 1x on everything else.
There are no foreign transaction fees and points don’t expire. Points appear to be worth a penny apiece towards cash back at 42 merchants.
Comparison to Another Card, But…
“Think of this as trying to do for student tuition what Bilt does for rent,” The Wing said.
As CUToday.info reported earlier, the Bilt card, issued by Wells Fargo as a means to earn rewards for rent payments, has been losing up to $10 million per month, according to analysts.