Can credit cards be used to pay tuition?

1. If the school provides consumer POS machines, you can pay directly with a credit card.

2. Notes:

1. First, you need to confirm whether the school has a POS machine, and if the school POS machine is a transfer POS machine, it cannot swipe credit cards. If it is a consumer POS machine, That's it.

2. Secondly, if I need a credit card for installment payment, I need to confirm the merchant type of the POS machine. If it is a public institution, installment payment is not allowed. Generally, POS machines that can swipe credit cards belong to the general merchant category. , can be staged.

Extended information:

Credit card usage:

Swiping card at POS machine

Swiping card at POS machine is the most common way to use credit card , is a way to swipe your card online. When swiping a card, the operator should first check the credit card's validity period and cardholder's last name and other information. Then, select the corresponding POS machine according to the card issuing bank and the currency type to be paid, and swipe the magnetic stripe of the magnetic stripe credit card on the POS machine, or insert the chip credit card into the card slot, connect to the bank and other payment++, and enter the corresponding amount. After remote payment++ accepts the information, the POS will print out a receipt (at least two copies) for payment by credit card.

The cardholder should sign the receipt after checking that the information on the payment receipt is correct. After the operator checks the signature on the receipt and the signature on the back of the credit card (including that the name completely matches and the handwriting basically matches), the operator gives the credit card and a copy of the card payment receipt to the cardholder. At this point, the card swiping procedure on the POS machine is completed.

RFID machine taps the card

Tapping the card on the RFID machine is a new type of credit card usage method, and it is also a networking method. When tapping a card, the operator should first check the credit card's validity period and cardholder's last name and other information. Then, select the corresponding card machine according to the card issuing bank and the currency type to be paid, enter the corresponding amount, and place the credit card flatly no more than 10cm above the sensor.

The RFID machine will emit a signal after sensing the credit card, and then continue the operation process. After Remote Payment++ accepts the information, the printer (if connected) will print out a receipt for tap-card payment, but it is different from the previous method. Differently, the cardholder does not need to sign, which is faster and more convenient than the previous method. At this point, the card sensing program on the RFID machine is completed.

Manual order pressing

Manual order pressing is usually used when there is no POS machine or the Internet is not available. The order pressing operation must have a pressure-sensitive copy of the "direct purchase order" (at least two copies) and a telephone number. The inspection work before pressing the order is the same as that of POS machine. The operator then prints the raised ++ on the credit card, name, etc. on the purchase form using the credit card pressing device, and writes the amount, date and other information

, and then calls the acquiring bank's authorization hotline Call, report the card information to apply for authorization, write the authorization code obtained on the purchase form, and then the cardholder signs after confirming it is correct. After the operator checks the signature, he hands the credit card and purchase order copy to the cardholder. At this point, the manual order pressing process is completed.

Authorization calls are usually made immediately. In some areas with poor communication or good credit ethics, merchants may encounter situations where the merchant will deliver the goods to complete the transaction after pressing the customer's signature. The authorization will be completed in the future, but the merchant is at risk of encountering the credit card ++ (if the customer pays with an invalid card, it will not be discovered immediately without applying for an authorization code immediately).

Online payment

From the perspective of cardholders, online payment is considered to be the riskiest among several credit card payment methods, because people with bad intentions may use Steal user information through phishing, eavesdropping on network information, and fake payment++.

When paying online, you need to enter ++, the validity period of the credit card, the Visa CVV2 code/MasterCard CVC2/UnionPay CVN2 number next to the signature column on the back of the card, and the online transaction password. Sometimes you need to enter your name and random webpage. Generated verification code, etc. After the input is completed, click Submit to complete the online payment.

With the development of the Internet, the security of online payment and credit card payment has gradually improved, which has also set off the trend of online consumption.

TV and telephone transactions

Similar to online payments, ++, validity period, Visa CVV2 code/MasterCard CVC2/UnionPay CVN2 and other information are required.

Pre-authorization

Pre-authorization is generally used to pay a deposit, that is, freezing a part of the available credit card limit as a deposit. The process of pre-authorization is similar to that of manual order pressing, but the content of the call requires pre-authorization of the corresponding amount. It does not require payment, and there is no need to press the order. You only need to issue a certificate of receipt of the deposit.

Generally, pre-authorization will be canceled by the merchant during checkout. If the merchant forgets to cancel, you can call the merchant to request cancellation. You cannot cancel by calling the authorized agency. Or, wait for the bank to automatically cancel the pre-authorization (usually 7 to 30 days).

Chaos

On the evening of November 14, 2014, the Shanghai Banking Regulatory Bureau announced the irregularities in the credit card business of seven banks (issuance of credit cards without reviewing the income of the applicants) high-limit credit cards; by estimating the cardholder's income through card application, issuing credit cards).

Because of violations such as failure to review the authenticity of applicant information in accordance with the law, excessive credit granting, and inadequate control of abnormal transactions, the Shanghai Banking Regulatory Bureau fined seven institutions a total of 2.4 million yuan.

In fact, the banks and customers involved in this penalty are just the tip of the iceberg of credit card "excessive credit extension". Beijing News reporters interviewed credit card sales staff, card processing agents, and cardholders to explore the chaos behind credit card credit limits.

The main features of credit cards:

1. It is not encouraged to deposit cash in advance. Spend first and repay later. It enjoys an interest-free repayment period and can repay in installments independently (there is a minimum repayment amount). ), join VISA, MasterCard, JCB and other international credit card organizations for global use.

2. It is one of the fastest growing financial services today and is an electronic currency that can replace traditional cash circulation within a certain range.

3. It has both payment and credit functions. Cardholders can use it to purchase goods or enjoy services, and can also obtain certain loans from card issuers by using their credit cards.

4. It is a high-tech product that integrates financial services and computer technology.

5. It can reduce the use of cash currency.

6. It can provide settlement services to facilitate shopping and consumption and enhance a sense of security.

7. It can simplify the collection procedures and save social labor.

8. Can promote product sales and ++social needs.

Reference materials: Baidu Encyclopedia - Credit Card

Pay tuition with credit card

1. If the school provides a consumer POS machine, you can pay directly with a credit card. of.

2. (1) First, you need to confirm whether the school has a POS machine. If the school POS machine is a transfer POS machine, it cannot swipe credit cards. If it is a consumer POS machine, it can.

(2) Secondly, if I need a credit card for installment, I need to confirm the merchant type of the POS machine. If it is a public institution, installment is not allowed. Generally, POS machines that can swipe credit cards are at general merchants. Classes can be staged.

3. Credit card, also called credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

Credit cards stipulated in the relevant laws of our country ("Interpretations of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , cash deposit and withdrawal and other full or partial functions of the electronic payment card. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is CreditCard.

Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (BillingDate).

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the specified credit limit. The so-called credit card generally refers to a credit card only.

Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000).

On May 25, 2021, the Supreme People's ++ issued and implemented the "Supreme People's ++ Regarding the Trial of Bank Card Civil ++ Cases"

Can I Pay Tuition with a Credit Card?

You can pay tuition by credit card.

However, everyone also needs to note that most universities will ask students to open a debit card at a designated bank, and then ask students to directly charge tuition into this debit card, and then remit the money to the school. on the account.

In a situation like this, it is naturally impossible to use a credit card to pay tuition, unless the student has a high credit card limit and can withdraw the limit and transfer it to a debit card for tuition.

Of course, it is not recommended that you do this. Because there is no interest-free period after +++++, interest will be charged every day, and the tuition fee is not low, so students may have greater repayment pressure. If the repayment is overdue, it will damage your personal credit and affect your future credit business.

Extended information:

Credit cards are divided into credit cards and quasi-credit cards. A credit card means that the cardholder has a certain credit limit and can consume within the credit limit. A credit card that is repaid later;

A quasi-credit card refers to a cardholder who deposits a certain amount of reserve as required. When the balance in the reserve account is insufficient for payment, an overdraft can be made within the specified credit limit. Quasi-credit card. The so-called credit card generally refers to a credit card only.

Advantages

Compared with ordinary bank debit cards, the most convenient way to use credit cards is that they can be used for ordinary consumption without cash in the card. In many cases, as long as there is no cash in the card, Just return the amount spent.

You can use overdrafts without deposits, and you can enjoy an interest-free period of 20-56 days for on-time repayment without any interest charges (most banks will charge an interest of 50,000 cents on the day of cash withdrawal, and There is a 2% handling fee. ICBC cash withdrawals are free of handling fees and only charge interest).

Swiping your card when shopping is not only safe and convenient, but also provides gift points.

You can enjoy discounts when you use the card at the bank's designated merchants.

Accumulate personal credit and add a record of integrity to your credit file that will benefit you throughout your life.

It is accessible nationwide and you can withdraw money or make purchases by swiping your card at ATMs and POS machines with the UnionPay logo; (Note: Credit cards are only suitable for consumption and swiping. It is best not to withdraw cash. The handling fee for cash withdrawals is very high and very inconvenient. Cost-effective)

Swipe your card for consumption, collect existing points with some credit cards, and offer a variety of discounts and lucky draws throughout the year, so you can always be surprised as long as you use your card; (most credit card online payments do not have points, but online shopping payments Very convenient and fast)

Free mailed statements every month, allowing you to transparently control every consumption expenditure; (now promoting green environmental protection, paper statements can be canceled and changed to electronic statements)

The unique supplementary card function is suitable for couples to manage finances at the same time, or to control their children's financial expenditures.

The free choice of one card and dual currencies is available all over the world. Overseas consumption can be repaid in domestic RMB.

400 or the 5-digit short number starting with 9 is available 24 hours a day. Loss reports are effective immediately and there is zero risk of losing the card.

Have validity period: It is known that the validity period of domestic credit cards is generally three or five years.

Use third-party platforms (the domestic platform that supports credit card bill management is mainly Jujindou) for business cooperation to provide cardholders with preferential services.

Disadvantages

The invention of credit cards is like a double-edged sword, which can solve the temporary economic crisis, but the purpose of banks issuing credit cards is to make money. Once the interest-free repayment time is exceeded, , a high amount of interest will be charged, usually 50,000 per day.

Swiping cards for blind consumption is not like spending money one by one like paying with cash. Once you swipe, you don’t feel anything, just a few numbers, which leads to blind consumption and money flowing like water.

Excessive consumption of laptop installments, digital camera installments, and smartphone installments. While enjoying your favorite items in advance, you must also consider whether you are able to repay them.

High Interest Rates If you don’t know how to take care of your credit card and cannot repay the loan as scheduled when the final payment date comes, the bank will charge you high interest rates. (The minimum first-month repayment of a credit card must not be less than 10% of the overdraft amount of the month)

Can I pay tuition with a credit card?

1. If the school provides a consumer POS machine, you can pay directly with a credit card.

2. Notes:

1. First, you need to confirm whether the school has a POS machine, and if the school POS machine is a transfer POS machine, it cannot swipe credit cards. If it is a consumer POS machine, Can.

2. Secondly, if I need a credit card for installment payment, I need to confirm the merchant type of the POS machine. If it is a public institution, installment payment is not allowed. Generally, POS machines that can swipe credit cards belong to the general merchant category. , can be staged.

Paying with a credit card involves a lot of risks, so what are the risks? The following are three points you need to pay attention to before paying tuition with a credit card.

1. Are there any handling fees for paying tuition by credit card?

According to a survey by Creditcards.com, there is an average handling fee of 2.62% for paying tuition by credit card. Although this number may not seem large, there are 263 handling fees for spending $10,000. These handling fees immediately offset the 1% cash back or travel rewards.

Not every school charges students a processing fee. However, among the schools surveyed, only 23 four-year universities accept credit cards for tuition payment without any fees. Community colleges tend to charge no additional fees.

2. Can I repay in monthly installments?

When finances are tight and you have to pay tuition, you will think of paying with a credit card instead of a student loan.

Student loan regulations, the federal student loan interest rate for 2014-2015 is 4.66%-7.21%.

According to bankrate.com, the general credit card interest rate is between 13% and 16%. This is the conclusion reached by bankrate.com based on the statistics of financial product information.

If you neglect your monthly loan payments, the extra interest can quickly add up. The biggest risk of paying tuition with a credit card is not the interest, but that the benefits generated by each transaction will be offset.

In order to avoid excessive interest rates, students who apply for student loans can use other payment plans if they meet the conditions, such as income repayment, loan preferential policies and student loan interest exemptions. These welfare policies are not available when paying tuition by credit card.

3. Can I cope?

If parents have enough cash to pay off their credit card bills right away, some credit card companies will provide preferential policies that allow them to send their children to school without paying. Handling fee. This way it makes sense to pay tuition with a credit card. But this approach still has risks. And students should also avoid adopting any strategy that makes sense when choosing student loans. Because students know little about credit cards, they are likely to make mistakes or miss repayment dates.

That’s it for the introduction to credit card payment for tuition fees.