facebookIs it possible to earn miles through credit cards when paying for tuition fee loans? - Seedly

Anonymous

01 Apr 2020

Credit Cards

Is it possible to earn miles through credit cards when paying for tuition fee loans?

Say i am graduating from uni and have tuition fee loans to pay off, is it possible to pay off with credit cards to earn miles/cashback?

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Samuel Yap

01 Apr 2020

Software Engineer at Seedly

Yes.

Banks which DO NOT award points on education payments

Whenever you swipe your card at a merchant, the merchant pays a processing fee known as a Merchant Discount Rate (MDR). Part of this fee is kept by the bank, which allows it to offer rewards on credit cards. 

Educational institutions typically enjoy a lower MDR, which means less profit for the bank. Therefore, some banks exclude these education transactions from earning rewards points. 

If you hold on to credit cards from any of the following banks, you will not earn miles on education payments (defined by the MCCs 8211, 8220, 8241, 8244 and 8249)

  • DBS

  • Citibank

  • OCBC

  • UOB

Banks which AWARD points on education payments

The following banks do not explicitly exclude education payments in their T&Cs, which means they’re fair game for points:

  • HSBC

  • Bank of China

  • Standard Chartered

  • American Express

  • Maybank​​​

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