Even with the rising costs of education, many of us still see its importance as a worthy investment. From pre-schools to post-graduate education to everything in between, there are many returns and benefits to be reaped, in the form of growth, knowledge and networks to be gained.
The costs however, now range from anywhere between $300 to over $2,000 each month for preschools, and upwards of $50,000 per year for international schools. This is a large financial outlay, and it would be ideal if this ‘investment’ could also net you some cost savings and financial benefits as well, in addition to everything mentioned above.
Well, turns out it could.
Putting your education fees on your credit card using CardUp
CardUp lets you get a little extra out of your education fee payments, by letting you earn precious miles, points and cashback off of this large payment. With CardUp, you can pay:
- Pre-school fees for your child
- Extra-curricular tuition and enrichment classes
- International school fees
- Training institutes and courses
While there are some schools that already accept credit card payments directly, most schools only still accept cash, cheque or bank transfer payments. This makes this payment exactly what it is - just an outflow of cash with no credit card rewards to be earned. CardUp thus enables this payment to be shifted onto your credit cards, which lets you enjoy the benefits of card payments on this large expense!
Why should I pay my education fees using CardUp?
By using your favourite credit cards for these payments, you’ll be able to enjoy the following benefits:
💳 Earn card rewards
While we always seek to maximise credit card rewards on everyday spend such as dining, transport and entertainment, these costs are small, especially in comparison to education fees. Even though CardUp charges a fee per transaction, the rewards earned can easily outweigh this fee, as we’ll be calculating and outlining for you later on in the article.
Furthermore, you can also take advantage of our ongoing EVERY4FREE promotion to get a 0% fee on every fourth education payment, bringing you even more savings and rewards! Learn more about the promotion here.
💵 Go after attractive signup bonuses
Many cards offer attractive signup bonuses easily worth hundreds of dollars, with the requirement of spending a few thousand dollars within a few months’ time. While your regular spend might not be sufficient to attain these numbers, putting a large bill like your education fees will be a good way to do so without any additional, unnecessary spend!
📈 Meet monthly spend minimum thresholds
There are also some popular cashback cards such as the UOB ONE Card, which gives you additional cashback if you hit a minimum amount each month. By putting your child’s education fees, it might give you the necessary bump to the next tier of cashback rewards, giving you up to 5% cashback on this payment!
🔁 Never miss a payment with recurring schedules
CardUp allows you to schedule recurring payments, so you don’t have to worry about due dates or missing payments. Once set up, it is done automatically - each month your card is charged for the education fee amount plus the CardUp fee, and the school receives the payment on time via a bank transfer. This leaves to simply kick back and relax, while your card rewards are earned each month.
You can also monitor every payment - past and future - on our user-friendly dashboard, making it easy to browse through all your transactions.
How much can I earn on my education fees through CardUp?
Here’s how much you could be saving by simply taking a few minutes to schedule your education fee payments on CardUp:
✈️ Scenario 1: Miles
While simply putting your education fees on your credit cards through CardUp might not earn you sufficient air miles for a fancy business class flight, combining them with other spend would get you that luxurious getaway for cheap!
Combining your other spend such as helper salary, rent, insurance, electricity bills and more, you’ll be able to earn sufficient miles to fly business class to Japan at just half the price! Here’s how:
|Payment type||Spend||CardUp fee (2.6% per transaction)||Earn (1.5 miles per dollar)|
|Education fees||$900 per month||
$132.60 per month
= $1,591.20 per year
94,186 air miles
Worth $3,944 when redeemed for a business class flight to Japan!
|Rent||$2,600 per month|
|Insurance premiums||$800 per month|
|Helper salary||$600 per month|
|Electricity bills||$200 per month|
|Total||$61,200 per year|
Through CardUp, you're now able to earn sufficient miles to fly to Japan on business class (worth $3,944), while paying only $1,591.20 in fees!
💰 Cashback example
One of the most popular cashback cards in the market is the UOB One Card, which gives up to 5% cashback on all expenses, CardUp spend included. However, the minimum requirements to attain this 5% cashback is to have a monthly minimum spend of $2,000.
For many cardholders, you may fall into the 3.33% cashback category if your monthly spend sits at $500. By using CardUp, you can now put payments such as your helper’s salary ($600), and your child's school fees ($900), bumping you up to the next tier of cashback rewards!
|Without CardUp||Day-to-day spend: $500 per month||
$16.66 per month
= $200 per year
Education fees: $900 per month
Helper salary: $600 per month
Day-to-day spend: $500 per month
$100 per month
= $1,200 per year
In the above example, even though CardUp charges a 2.6% processing fee per transaction (adding up to $468 each year), you still gain a net cashback of $732 each year. That’s a 3.6x increase of what you’re getting currently, without spending anything extra!
How do I start?
CardUp makes paying your education fees a breeze. Here’s how you can get started in a few minutes, allowing you to spend less time making these payments, and more time enjoying the benefits of card payments:
- Sign up for a free account, or log in to your existing account
- Select "Insurance" as your payment type
- Choose a pre-loaded insurance provider or add a new recipient if your provider is not listed. Fill in the relevant details, such as the provider's name and bank account number
- Fill in your payment amount and details
- Select your credit card, review and confirm your payment!
Your education fee payments are large, recurring fees that come around each semester. It’s best to maximise the rewards to be earned from the credit cards you have on hand - and with CardUp, you’ll be able to rack these up quickly!