School fees are one of the big ticket spendings one may encounter, however, it is generally included in the exclusion list of most banks— prohibiting the consumers to earn miles or points when they transact. In spite of that, there are still some credit cards that allows you to earn rewards + alternatives make the most out of this big spend. Read more to find out the best cards for education
It is vital to know what Merchant Category Codes (MCC) education institutions belong in:
MCC | Description | Examples |
8211 | Schools, Elementary and Secondary | Australian Intl School, Nexus Intl School, Tanglin Trust |
8220 | Colleges, Universities, Professional Schools and Junior Colleges | NTU, NUS, PSB Academy, SUSS |
8241 | Schools, Correspondence | Can't find a school under this code at the moment |
8244 | Schools, Business and Secretarial | Overseas Family School, Alliance Francaise, Lingo School of Knowledge, Yi Mandarin |
8249 | Schools, Trade and Vocational | Mountbatten Vocational School |
8299 | Schools and Education Services Not Elsewhere classified | The Learning Lab, CFA Institute, Kaplan, Mindchamps, Heguru, FirstCom Academy |
These are the cards that can be used on school fees for the above MCCs mentioned:
Cashback Cards | Earn Rate | Spending Cap | Monthly Spend |
3.33% cashback | S$2000 (beyond S$2K, no extra cashback) | S$300 min. monthly spend of S$300 per month for a quarter. | |
1.6% cashback | None | None | |
Unlimited 1% cashback (Credit limit = S$500) | To the credit limit of S$500 - if you want to spend more, you can pay the outstanding amount accordingly | None | |
1.5% cashback | None (establishment must accept AMEX which is very rare) | None | |
1.7% (Effective 6 May 2024, it will be lowered to 0.3%) | None | None |
Miles Cards | Earn Rate | Spending Cap | Monthly Spend |
1.2 miles per dollar | S$3,000 | None | |
1.2 miles per dollar | None (with Citi PayAll, S$100,000 monthly cap) | None |
Hassle-free Choice: Maybank FC Barcelona Visa Signature card
Offering an unlimited 1.6% cashback on all Singapore dollar purchases, the Maybank FC Barcelona Visa Signature card eliminates the need for minimum spending or worrying about spending caps. This convenience makes it a strong contender compared to the Maybank Platinum Visa. With the Maybank Platinum Visa, you need to spend $300 minimum for three consecutive months in a quarter to unlock their 3.33% rebate. For a hassle-free cashback option, choose the Maybank FC Barcelona Visa Signature Card.
Maybank FC Barcelona Visa Sign up Promotion:
Receive Samsonite ENOW SPINNER 69/25 EXP (worth S$570) or S$200 cashback as a new-to-bank customer, when you apply for a new Maybank Credit Card and charge a minimum of S$1,300 within the first two months of card approval. Alternatively, you may apply for CreditAble and a new Maybank Credit Card, and charge a minimum of S$1,200 within the first two months of card approval.
- Fill up this google form after signing up to qualify for rewards
- Read Terms and Conditions here
Students can apply for unlimited 1% cashback on Maybank eVibes Credit Card
If you are still a student, you can apply for Maybank eVibes Credit Card. However, it has a credit limit of S$500. So if your bill is S$4000, what you can do is first pay the S$3500 to your credit card, thereby giving yourself a spending limit of S$3500 + S$500 (credit limit) = S$4000. You would receive unlimited 1% cashback which is GREAT. You should aim to pay off your credit card bills on time and in full as a student as it will affect your credit trustworthiness to be eligible to sign up for credit cards in the future. Once your income hits S$30K, you will no longer be able to own this card.
Not all schools have the Merchant Category Code that are meant for schools.
During my search, I did realised that SUTD and NUS Business School have a completely different MCC that is not listed above. As such, you may not be able to use the above cards for payment of school fees. You should check the school’s Merchant Category Code with the below methods to make sure that you are eligible for the cashback or miles.
Checking Merchant Category Codes (MCCs) – Simplified Guide
Finding the right MCC of the school can be crucial for maximizing rewards on your school fees payment. Here’s how to check them:
Quick Reference Tool (Less Accurate):
- HeyMax: This online tool lets you search for a merchant and see potential MCCs. However, it’s less reliable for merchants using multiple MCCs. It can give you a general idea of what cards might be suitable for the MCC, but not a guaranteed match.
- You will need a HeyMax account – use this link to sign up and receive 500 Max Miles upon sign up, another 500 Max Miles when you make 3 confirmed transactions and verify your phone number). The Max Miles don’t expire and can be transferred at 1:1 ratio to transfer partners.
After that, use either of the below methods to confirm the MCC.
Most Accurate Methods (Guaranteed MCC):
- DBS digibot or Instarem App: These methods involve temporarily locking your card and attempting the payment (it will fail). Then, you can view the declined transaction details within the respective app to find the MCC.
- Instarem App using your amaze card: Lock your card, attempt payment, then check the “Activity” section for details of the failed transaction (including MCC).
- DBS digibank/ibanking using a DBS card: This method has more steps and is for those who may not have Amaze card. Here’s how:
- Lock your card temporarily.
- Attempt the payment (expect it to fail).
- Unlock your card and log in to DBS digibank/ibanking to activate the digibot.
- Navigate to “Check my Recent Transactions” > “Credit Cards” > Select used card > “View Transaction History” > “Declined Transactions.” The MCC will be displayed here. You can search the name of the MCC from this list.
What if the school does not allow credit card payments?
Third-party services like CardUp and iPayMy let you use your credit card for a small fee.
Example: A 1.75% service fee might be offset by Maybank Platinum Visa’s 3.33% cashback (if conditions met), netting you 1.58% cashback. Right now, cashback seems like the better option!
Choosing a Service:
- CardUp and iPayMy usually have similar prices and promotions. Currently, CardUp is slightly cheaper.
- New users? Get S$30 off your first payment!
- CardUp: use code IJTLFREE
- iPayMy: use link to sign up as a new user to get S$30 off
Only use Citi PayAll for Miles during promotional period:
Citibank occasionally offers deals for earning miles on education fees with their credit cards. Historically, it’s a great way to buy miles, but you’ll need specific Citibank cards and you need to fulfill a certain spending criteria
Conclusion:
Most schools will charge a fee for school fees payment via credit card. You should definitely check with the school on that before paying via credit card. Maybank FC Barcelona Visa Card will fit this use case the most.
Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
