Credit card surcharge coming for MUN students
Students at Memorial University can expect to pay a little extra when they pay their tuition fees, if they choose to pay with a credit card.
Starting in the fall, the university is imposing a two-per cent service charge on credit card payments.
Deborah Collis, Memorial's director of finance, said while banks offer credit cards that provide innovations and options for consumers, they mean high service costs for the university.
She said that when the university reviewed where it could find savings, the credit charges stood out like a sore thumb.
"We're looking at saving approximately, well, a little over half a million dollars a year," Collis told CBC News.
In order to keep the credit payment option without costing the university, a two per cent "convenience fee" is now being charged.
Collis says so far, students don't seem to mind the extra cost, which will come into effect in September. She said the university had considered eliminating the option of paying by credit card altogether, but reversed it after doing a review.
"[Students] were very happy to have the continued availability of credit cards as an option for student account payments," she said.
As well, the university will be emphasizing no-cost options, such as paying for tuition by cheque.
"For some students … about $30 may make them think twice about using their credit card," she said.
The new fee will apply only to tuition payments. Collis said the late payment deadline will be extended by two weeks for the fall and winter semesters in order to help with the transition.
With files from Ariana Kelland