CardUp has launched some big promos for Mastercard cardholders making rent and education payments, with eye-catching fees starting from as little as 0.5%. Depending on the earn rate of the card you hold, that would work out to as little as 0.31 cents per mile, which would be quite unprecedented.
I say “would be”, because there’s a worrying disclaimer on the CardUp website: card rewards not guaranteed.
That’s…kind of the whole point of CardUp. I mean yes, there’s also cashflow benefits in the sense that your credit card gives you an interest-free period of up to 51 days, but I imagine most people who use CardUp are in it for the rewards.
We’ll get to that in a moment, but first, the details.
CardUp rent offers
Recurring rent
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| Code | MCRENT5R |
| Limit | 300 redemptions (no cap on individual uses) |
| Admin Fee | 0.5% |
| Min. Spend | None |
| Cap | S$13,500 |
| Schedule By | 9 January 2025 |
| Due Date By | 14 January 2025 |
| Validity | Mastercard only |
| MCRENT5R T&Cs | |
Both new and existing CardUp users can use the code MCRENT5R to enjoy a 0.5% admin fee on recurring rental payments made with a Singapore-issued Mastercard.
The payment must be scheduled on CardUp between 9 October 2024 and 9 January 2025 before 6 p.m (SGT), with a due date by 14 January 2025.
No minimum payment is required, but there is a cap of S$13,500. However, any amount in excess of S$13,500 will be subject to a 0.8% fee (instead of the regular 2.6%). For example, if you have a payment of S$15,000, S$13,500 will be charged 0.5%, and S$1,500 will be charged 0.8%.
This code can be redeemed a maximum of 300 times, but there is no cap on the number of redemption an individual user can make.
One-time rent
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| Code | MCRENT6 |
| Limit | 600 redemptions (no cap on individual uses) |
| Admin Fee | 0.6% |
| Min. Spend | None |
| Cap | S$13,500 |
| Schedule By | 9 January 2025 |
| Due Date By | 14 January 2025 |
| Validity | Mastercard only |
| MCRENT6 T&Cs | |
Both new and existing CardUp users can use the code MCRENT6 to enjoy a 0.6% admin fee on one-time rental payments made with a Singapore-issued Mastercard.
The payment must be scheduled on CardUp between 9 October 2024 and 9 January 2025 before 6 p.m (SGT), with a due date by 14 January 2025.
No minimum payment is required, but there is a cap of S$13,500. However, any amount in excess of S$13,500 will be subject to a 0.8% fee (instead of the regular 2.6%). For example, if you have a payment of S$15,000, S$13,500 will be charged 0.6%, and S$1,500 will be charged 0.8%.
This code can be redeemed a maximum of 600 times, but there is no cap on the number of redemption an individual user can make.
CardUp education offers
Recurring education
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|
| Code | MCEDU11R |
| Limit | 1,000 redemptions (no cap on individual uses) |
| Admin Fee | 1.1% |
| Min. Spend | None |
| Cap | S$4,500 |
| Schedule By | 9 January 2025 |
| Due Date By | 14 January 2025 |
| Validity | Mastercard only |
| MCEDU11R T&Cs | |
Both new and existing CardUp users can use the code MCEDU11R to enjoy a 1.1% admin fee on recurring education payments made with a Singapore-issued Mastercard.
The payment must be scheduled on CardUp between 9 October 2024 and 9 January 2025 before 6 p.m (SGT), with a due date by 14 January 2025.
No minimum payment is required, but there is a cap of S$4,500. However, any amount in excess of S$4,500 will be subject to a 1.5% fee (instead of the regular 2.6%). For example, if you have a payment of S$5,000, S$4,500 will be charged 1.1%, and S$500 will be charged 1.5%.
This code can be redeemed a maximum of 1,000 times, but there is no cap on the number of redemption an individual user can make.
One-time education
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| Code | MCEDU12 |
| Limit | 1,900 redemptions (no cap on individual uses) |
| Admin Fee | 1.2% |
| Min. Spend | None |
| Cap | S$4,500 |
| Schedule By | 9 January 2025 |
| Due Date By | 14 January 2025 |
| Validity | Mastercard only |
| MCEDU12 T&Cs | |
Both new and existing CardUp users can use the code MCEDU12 to enjoy a 1.2% admin fee on one-time education payments made with a Singapore-issued Mastercard.
The payment must be scheduled on CardUp between 9 October 2024 and 9 January 2025 before 6 p.m (SGT), with a due date by 14 January 2025.
No minimum payment is required, but there is a cap of S$4,500. However, any amount in excess of S$4,500 will be subject to a 1.5% fee (instead of the regular 2.6%). For example, if you have a payment of S$5,000, S$4,500 will be charged 1.2%, and S$500 will be charged 1.5%.
This code can be redeemed a maximum of 1,900 times, but there is no cap on the number of redemption an individual user can make.
“Card rewards not guaranteed”?
Now let’s address that disconcerting statement “card rewards not guaranteed”.
When I first saw this, I was hoping it’d just be a generic CYA disclaimer- after all, there are banks like HSBC which exclude CardUp altogether. However, when I checked with CardUp, I was informed that rental and education payments made under this promotion will code as MCC 6513 and MCC 8299 respectively.
That’s an issue, because unlike the regular MCC 7399 used for CardUp payments, MCC 6513 and 8299 are on the exclusion list of several banks, including Citi, OCBC and UOB. 6513 isn’t on the exclusion list for DBS, but that’s a moot point because DBS does not issue a general spending Mastercard that could be used for this promotion (and before someone asks, no, CardUp transactions don’t earn 4 mpd with the DBS Woman’s World Card).
Sure, what the T&Cs say and what happens in real life are two different things, and it is possible that despite everything, you might still earn rewards. But that’s a gamble you’ll have to take, because if rewards aren’t given, the only benefit of paying the CardUp fee is improved cashflow. And in the case of education, you might be able to enjoy that benefit for free if your institution is available on AXS, which accepts card payments (with a nifty ongoing promo to boot).
What’s the cost per mile?
As a reminder, these promo codes are only valid for Singapore-issued Mastercards.
In the tables below, I’ve summarised the cost per mile for rental and education payments, covering the recurring and one-time fees, as well as the fee chargeable for payments in excess of the cap.
I want to emphasise again that MCC 6513/8299 are explicitly excluded by Citi, OCBC and UOB, the three banks featured below. You may not earn any rewards at all- these are the “what if” calculations in case you want to try nonetheless.
For rental
| Card | Earn Rate | Cost Per Mile 0.5% 0.6% 0.8% |
 Citi ULTIMA MC |
1.6 mpd | 0.31 0.37 0.50 |
 UOB PRVI Miles MC |
1.4 mpd | 0.36 0.43 0.57 |
 OCBC 90°N MC |
1.3 mpd | 0.38 0.46 0.61 |
 Citi Prestige |
1.3 mpd | 0.38 0.46 0.61 |
 Citi Premier Miles |
1.2 mpd | 0.41 0.50 0.66 |
 KrisFlyer UOB |
1.2 mpd | 0.41 0.50 0.66 |
For education
| Card | Earn Rate | Cost Per Mile 1.1% 1.2% 1.5% |
| Citi ULTIMA MC |
1.6 mpd | 0.68 0.74 0.92 |
| UOB PRVI Miles MC |
1.4 mpd | 0.78 0.85 1.06 |
| OCBC 90°N MC |
1.3 mpd | 0.84 0.91 1.14 |
| Citi Prestige |
1.3 mpd | 0.84 0.91 1.14 |
| Citi Premier Miles |
1.2 mpd | 0.91 0.99 1.23 |
| KrisFlyer UOB |
1.2 mpd | 0.91 0.99 1.23 |
Conclusion
CardUp has launched a new promotion for Mastercard customers making rent and education payments, which offers fees starting from as little as 0.5%. This would be amazing- if you could earn rewards. CardUp has made it clear that rewards aren’t guaranteed, and if these do indeed process as MCC 6513/8299, you’re rolling the dice.
Since MCC 6513 is CardUp’s default MCC for rental payments in general, it would be useful if any community members could chime in with their experiences here. Have you managed to earn rewards on CardUp rent with anything other than DBS cards?
| Story update: I polled the MileChat, and there’s numerous data points of people earning rewards on CardUp rent with Citi, OCBC, UOB and Maybank cards. Upon checking the MCCs, these coded as MCC 7399. So I may be wrong that 6513 is CardUp’s default MCC for rental payments, but that doesn’t change the current predicament: if these Mastercard payments do code under MCC 6513, you might not earn rewards. |
To check – you’re saying that for example, a Citi credit card – based on the code MC6513 for this promo – is unlikely to receive awards for rental payments?
But under the ‘normal’ CardUp process Citi cards do?
Or is it he case that Citi cards don’t regardless?
“[…] unlike the regular MCC 7399 used for CardUp payments, MCC 6513 is on the exclusion list of several banks, including Citi, OCBC and UOB.”
With MCC 7399, you will earn the base rate with these banks
I understand that – but the last paragraph said “MCC 6513 is CardUp’s default MCC for rental payments in general” so my question is whether under ‘normal’ conditions Citi cardholders would receive rewards on their payments?
Maybe just best to use the recurring payment option with the fee of 1.8% – as it says for this that “card awards guaranteed”. And 1.8% is still a reasonably good offer – 20% lower than the usual rate with GET225.
To add, you do wonder why on earth they would change the MCC to one that does not guarantee awards. It does not have any impact to the Cardup folks what MCC they use, surely? So why change to an MCC that would impact the customer at their bank end? Does not make sense to me why they would do this.
well, no. it’s not that simple. MCCs determine how much fees cardup has to pay. those rewards need to be funded from somewhere.
They are probably targeting a new segment of customers who care less about rewards and more about the cost of using CardUp, like what Aaron mentioned about having healthier cashflow.
You might be right. But the way they go about it leaves a lot to be desired. Given that most people have used Cardup for miles on their credit card, it is not that obvious when you first look at their offer that miles may not be awarded in this case. Why, for example, does Aron have to call Cardup to find out the MCC? Why can’t Cardup be transparent and state explicitly what MCC is being used, so people can access fully? Vague, and arguably, mis-leading statements like “rewards not guaranteed” is not a good look.
More transparent = People becoming more efficient with CC usage/choice = more miles/rewards need to give away = more fees incured by Cardup from CC processors = low profit margin for Cardup.
As a company who strive on the spread difference, they cant afford to be more transparent.
Interesting business strategy. Be vague and not transparent in the hope that people will fall into a trap and not receive the miles they thought they would and therefore reduce costs and increase profits. I wonder how such a strategy will work longer term?
I feel they have been transparent enough in this instance. They already stated upfront that those two promo codes do not guarantee rewards – so if you are in for the rewards, avoid using these promo codes as much as they look attractive. They did provide other Mastercard promo codes that are less attractive but also guarantee rewards. They did not hide and was willing to share when Aaron reached out about it. As to why they didn’t share about the MCC used, perhaps it’s to consider what makes best sense for the layman miles chaser who might find MCCs… Read more »
My thinking exactly!
What the f?!@? I paid last night before seeing this article… stay tuned, I will let all here know if the points turn up on my UOB PRVI card used… if it doesn’t, I am just going to cancel my Cardup account forever… scheming bast***
They are very clear upfront about the fact that rewards aren’t guaranteed.
I can confirm that UOB card does not give reward. All, Pls don’t use this code.
does anyone know what Standard Chartered Journey code CardUp rental as?
Used it once for preschool fee payment. Didn’t get any rewards
I used Citi Prestige to charge rent on 10th Oct and was not awarded points. I called Prestige customer service and they confirmed that the transaction MCC is 6513 and excluded from earning points. Don’t waste your time and don’t use this code.
I did not earn the points from Citibank!!!