Rise Card Promises Rewards on Tuition, No Transaction Fees

First, the Bilt World Elite Mastercard® Credit Card turned rent payments into an opportunity to earn credit card rewards. Now, a new card will attempt to make another large expense more rewarding. The $0-annual-fee Rise Tuition Card intends to allow users to pay for K-12, college and grad school tuition with a credit card that earns 1 rewards point per $1 on that spending.

However, for now you can only join the waitlist. According to Rise’s co-founder, their goal is for the card to become available by the end of 2024.

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How the Rise Tuition Card will work

The Rise Tuition Card will offer:

• 3 points per $1 on dining.

• 2 points per $1 on groceries.

• 1 point per $1 on other purchases, including tuition payments.

Once it launches, you’ll be able to use it to pay tuition at U.S.-based K-12 private schools, community colleges, four-year colleges and graduate schools. Some schools accept credit cards but charge a transaction fee, which the Rise Tuition Card will waive.

If your school only accepts payments via check or ACH transfer, you will get account and routing numbers that are tied to your Rise Tuition Card. From there, you have three payment options:

• Rise Safeguard: This allows you to pull the payment from the checking or savings account you have connected to the Rise app. If you choose this option, your tuition payment doesn’t tap into your credit line on your card.

• Rise Credit: Your tuition payment is added as a transaction on your card, meaning it comes out of your credit line. To use this option, your credit limit must be higher than the tuition payment.

• Rise Loan: You’ll be connected with a partner loan provider to fund the tuition payment. This is indicated on the card’s website as a “future offering.”

All three of these payment options will earn the same rewards rate.

If you make tuition payments through a 529 account, you can still earn points after submitting proof of your payment through a portal in the Rise app.

You can also add your child as an authorized user through Rise’s student card program. You can use the Rise app to set spending limits on their card, send them points, track their spending and even lock their card. Their purchases will earn rewards, and they can complete credit-learning challenges through the app to earn more.

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Earning and redeeming rewards

The Rise Tuition Card will have some notable limitations. You’ll be able to earn a maximum of 100,000 points per year by making tuition payments with the card, which is equivalent to $100,000 in yearly tuition spending. Also, student loan payments and room and board don’t earn points. International students at U.S.-based schools can use the Rise Tuition Card, but it’s not intended for tuition payments at schools outside of the U.S.

While the card isn’t designed for day care tuition just yet, there are plans to add this on as a rewards category at some point.

Rewards points are worth 1 cent each, but can only be redeemed for purchases with participating merchants. These include (but aren’t limited to):

• Travel: Delta Air Lines, Alaska Airlines, Four Seasons, Airbnb and Zipcar.

• Dining and grocery: Benihana, Cava, Cheesecake Factory, Erewhon, Ruth’s Chris Steakhouse, Sweetgreen, Trader Joe’s and more.

• Wellness: Equinox, Lululemon, SoulCycle and more.

• Fashion and beauty: Neiman Marcus, Nordstrom, Uniqlo, Sephora, Glossier and more.