Credit card rewards can offset the cost of college tours

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Perks, points and cash back can make visiting universities more affordable

Personal finance writer
covering travel, budgets and credit card strategies

Saving money on college visits

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College is a major expense, which is why visiting ahead of
time is a good idea. It can give you or your child a better idea of what the
school is like before committing to an pricey tuition package.

“Exploring and visiting future colleges to attend is exciting, but between
flights, road trips, hotel stays and essentials like food and visiting campuses,
it gets expensive,” says Natasha Rachel Smith, personal finance expert at
TopCashback.com

While the price tag involved in visiting multiple schools can be a strong deterrent,
especially if you’re already worried about tuition, with some strategic
planning and smart use of credit cards, there are ways to minimize costs of a
college tour.

“Exploring and visiting future colleges to attend is exciting, but between
flights, road trips, hotel stays and essentials like food, visiting campuses,
it gets expensive.”


 

Plan ahead of time


When deciding whether a visit is worth your money, consider data that shows it
can increase your child’s chances of getting into their favorite college.

According to a 2017 report by the National
Association for College Admission Counseling
,
14 percent of four-year colleges view demonstrated interest as having “considerable importance” in admissions decisions, and another 25 percent
see it as having “moderate importance,” outweighing some other factors
such as an interview or work experience.

The first step to saving money is planning your visit ahead
of time so you can fit in everything you want to see in the shortest time
possible. Amy Goodman, college admissions counselor at IvyWise, an educational
consulting company, says to:

  • Set up
    appointments well in advance
    with any faculty members or admissions
    counselors you want to meet. Have questions ready that you can’t easily answer
    through an online search.
  • Visit areas
    most used by students
    , such as academic buildings, student centers,
    technology hubs, housing and dining facilities.
  • Explore
    offsite.
     “College visits can assist students in understanding the many
    different facets to their personal, academic and social needs in a college
    experience,” Goodman says. “Students
    should also venture outside the physical borders of the campus and explore what
    the greater community has to offer.”
  • Visit
    during the week.
    This can also save you money and give you a more realistic
    view of student life.

    “This provides the future student with the real feel of
    the university, and there may be classes the student could peek into,” says Erin
    Erdmann White, director of leisure marketing and media with Visit Bloomington,
    home to Indiana University.

    An added perk – hotel rates are lower during the week, since there are often
    university- related sports activities on the weekends, driving up the price of
    rooms.

“Students
should also venture outside the physical borders of the campus and explore what
the greater community has to offer.”

How credit card rewards can offset costs

Once you know where you want to go and what you want to
do when there, you can start using credit card freebies and rewards
to help out with the cost.

Many credit cards come with hidden perks that users don’t
know about, says Smith. For example, the Chase
Sapphire Preferred Card
provides trip delay insurance and primary rental car
insurance to users, while the Chase
United Explorer Card
offers cardholders free checked bags,
priority boarding and lounge access.

Category bonuses can help

Rotating category bonuses can pay off big if you use the
right card to fund each part of your travel.

You’ll often find gas as a bonus category
for many cards, in which you can earn double or triple points filling up. With the
Costco
Anywhere Visa by Citi
, you can get 4 percent cash back on gas.

Other common
category bonuses
include groceries, travel and dining out.

Whether your
planned campus visit is a year from now or coming up, by paying attention to which
cards offer which bonuses, you can increase the rewards you earn to pay for
future travel.

Sign up for a new card to fund campus visits

If you’re planning on visiting schools within the next few weeks or months,
it might be tough to spend your way to enough reward points to cover
a large portion of your trip. The fastest
way
to get a big haul of points is by signing up for a new credit card.

But what kind of card? Consider these alternatives:

  • Gas card.
    While gas cards tied to a single company’s station have fallen out of favor, they may
    work well for your child’s grand tour of college campuses.

    According to research
    by Niche.com
    , which looked at the choices of 350,000 college-bound
    students, 72 percent of them attended in-state colleges. That means your tour
    may consist of a road trip rather than a flight.

    The CreditCards.com 2018
    gas card survey
    found that many gas cards offer a quick burst of savings in
    the form of large discounts during the initial months of use. Many
    general-purpose cards also offer gas discounts.

  • Airline card.
    If you
    have to buy several plane tickets for your campus visits, consider signing up for a
    rewards card that enables you to buy more than just one roundtrip ticket with the
    sign-up bonus.

    The Southwest
    Rapid Rewards Plus Credit Card
    is a great option if Southwest flies to the
    cities you’re visiting, since the sign-up bonus will usually get you several
    roundtrip tickets if you book early enough.

  • Cash back card.
    A cash
    back card is a great way to start accumulating some funds to pay for your
    trip, no matter how you decide to get there.

    The easiest-to-use cash back cards are
    ones that offer 1.5 to 2 percent cash back on whatever you buy, such as the Capital
    One Quicksilver Cash Rewards Credit Card
    , which has no annual fee and 1.5
    percent off on all purchases. 

  • Hotel co-branded credit card.  
    If your main cost during college visits will
    be hotel rooms, a co-branded hotel card is a good option.

    Before signing up for
    a hotel credit card, check out the website of your preferred hotel chain to see how many points a room
    would cost in the cities you’re visiting.

    Choosing to pay with “cash and points”, which you can do with some of the bigger hotel chains, can help you stretch your points even further.

Video: 4 ways students can build credit

Consider booking through third-party sites

You can find some of the best flight and hotel deals on
third-party sites, such as Hotwire.com and Hotels.com. If your credit card
rewards you extra points for any travel purchases, purchases made through these
third-party sites would qualify.

Some credit cards work specifically with discount travel sites,
such as the Capitol
One Venture Rewards Credit Card
, which awards 10 points per dollar spent at
Hotels.com when you book via a specific link. If you are a fan of
Priceline, the Barclays Priceline Rewards card can be useful.

“I was already an
expert bidder on their ‘Name Your Own Price’ platform,” says cardholder and
credit educator with Money Management International Thomas Nitzsche. “Thanks
to the card’s bonus on redeeming points toward past Priceline purchases, and
with only moderate domestic travel, I received over $1,000 in cash back last
year.”

While Nitzsche is a fan of reward cards, he warns parents
looking to cut down on college visit costs to sign up only for cards you know
you can pay off in full, every month. The high interest that comes with reward
cards far outweighs any points earned, he says.

Planning your strategy for visiting schools on a budget
doesn’t have to be tedious.

Smith recommends also involving your future college student in the process. “Don’t wait until college to become financially savvy. Instead, take advantage of the travel opportunities to save money and expand
your knowledge on reward credit cards,” she says.

See related: 4 reasons why college kids need a credit card, 9 credit lessons for college students 




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