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Understanding the Dilemma

Tuition Fees and Credit Card Rewards

Hello! I am debating whether it’s worth paying my tuition with my Aeroplan visa platinum card. My university charges a 2.5% fee when paying with credit cards. Is that at all worth the return I would get on points?

Breaking Down the Numbers

To make an informed decision, let’s break down the numbers. The 2.5% fee on a $10,000 tuition bill would be $250. Meanwhile, the Aeroplan visa platinum card offers a rewards program that allows me to earn points for every dollar spent. However, the value of these points is dependent on how I redeem them. If I redeem them for flights, the value is approximately 1.5 cents per point. This means that for every dollar spent, I would earn 1.5 cents in rewards.

The Math Behind the Decision

Using the above calculations, if I were to pay my tuition with the Aeroplan visa platinum card, I would earn 1.5 cents in rewards for every dollar spent. This means that for a $10,000 tuition bill, I would earn 1.5 cents x $10,000 = $150 in rewards. However, this amount would be reduced by the 2.5% fee, leaving me with $150 – $250 = -$100.

The AI Legalese Decoder Solution

In this situation, the AI Legalese Decoder can help by providing a detailed analysis of the fees and rewards associated with using a credit card to pay tuition. The AI can break down the numbers and provide a clear calculation of the potential rewards and the impact of the 2.5% fee. Additionally, the AI can provide recommendations on alternative payment methods that may offer better rewards or lower fees.

Conclusion

Based on the calculations, it appears that paying tuition with the Aeroplan visa platinum card would result in a loss of $100 due to the 2.5% fee. However, the AI Legalese Decoder can help by providing a detailed analysis of the situation and offering alternative payment methods that may be more beneficial. Ultimately, the decision to pay tuition with a credit card depends on individual circumstances and financial goals.

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