Back in July 2020, HSBC added a raft of new exclusions that eliminated rewards for CardUp, education, insurance premiums and utility bills, among other categories. While these weren’t particularly unusual (CardUp aside), it was still a drastic step considering that HSBC had very limited rewards exclusions prior to this.
Six years later, one of these exclusions is being walked back — but only for a limited group, and in a limited way. The HSBC Premier Mastercard now earns up to 2.76 mpd on overseas education, including universities, K-12 and boarding schools, online learning and trade schools.
If nothing else, I suppose this would be useful when an owl shows up at your window…
HSBC Premier Mastercard now earns miles on overseas education
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| Apply |
The HSBC Premier Mastercard now awards 6.9 HSBC Rewards Points per S$1 spent (up to 2.76 mpd) on overseas education, with no minimum spend nor cap.
Education is defined as transactions with the following MCCs:
| MCC | Description |
| 8211 | Elementary and Secondary Schools |
| 8220 | Colleges, Universities, Professional Schools and Junior Colleges |
| 8241 | Correspondence Schools |
| 8244 | Business and Secretarial Schools |
| 8249 | Vocational and Trade Schools |
| 8299 | Schools and Educational Services (Not Elsewhere Classified) |
This is the standard set of MCCs that educational institutions use, but it’s possible for other MCCs to pop up e.g. MCC 9399 Government Services, especially for publicly-funded universities. When in doubt, it’s best practice to confirm the MCC before paying, which you can do via any of the methods below.
| Method | Ease of Use | Reliability |
| ❓HeyMax | ●●● | ● |
| 📱 Instarem app | ●● | ●● |
| 🤖 DBS digibot | ● |
●●● |
| Note: “Ease of use” and “reliability” are all relative. HeyMax already provides a solid baseline for reliability, and the DBS digibot is still simple enough to use, despite requiring more steps than the other two methods. | ||
The card’s T&Cs have been updated to reflect this change, at the bottom of page 1.
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2a. From 23 July 2026 onwards, a Cardholder holding a valid HSBC Premier Mastercard credit card earns 6.9 HSBC Reward points for every SGD1.00 spent overseas on the below merchant category codes:
For the avoidance of doubt, this does not apply to a Cardholder holding a valid HSBC Premier USD Mastercard credit card. |
| ❓ Doesn’t Point 4 contradict Point 2? |
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Just a few lines down from Clause 2a is Clause 4, which excludes rewards for education-related spending.
I’ve clarified with HSBC that there’s no contradiction; this exclusion remains here to rule out points for local education spend. |
What’s interesting is that this change has been backdated to 23 July 2026, so even if you accidentally charged education-related expenses to your card before you were aware of the change, you’ll earn points too.
The card’s landing page also prominently features this new feature (they quote the benefit in terms of KrisFlyer miles, hence the 2.3 mpd rate — more on that later).
This enhancement is part of HSBC Premier’s bigger play for international education, with customers enjoying complimentary university talks, discounted admissions consultation services and other financial planning advice for overseas studies.
Valid for overseas education only
For the avoidance of doubt, the HSBC Premier Mastercard will only earn miles on overseas education, defined as transactions made in the relevant MCCs in foreign currency.
Education transactions made in SGD are still excluded from rewards, so be careful your overseas institution isn’t billing you this way (e.g. dynamic currency conversion).
The good news is that unlike UOB, HSBC does not require that the payment processing be done overseas. All that matters is the currency.
Does it count towards qualifying spend?
A HSBC spokesperson has clarified that spending on overseas education expenses:
- Will count towards the qualifying spend for the HSBC Premier Mastercard’s welcome bonus
- Will not count towards the qualifying spend for the HSBC Premier Mastercard’s airport limo rides
Earn rate depends on programme
HSBC Rewards Points can be transferred to 20 airline and hotel partners, at the ratios shown in the table below.
| ✈️ HSBC Airline Partners | |
| Frequent Flyer Programme | Conversion Ratio (HSBC Points : Partner) |
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50,000 : 10,000 |
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35,000 : 10,000 |
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35,000 : 10,000 |
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35,000 : 10,000 |
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35,000 : 10,000 |
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35,000 : 10,000 |
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30,000 : 10,000 |
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30,000 : 10,000 |
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25,000 : 10,000 |
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25,000 : 10,000 |
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25,000 : 10,000 |
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25,000 : 10,000 |
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25,000 : 10,000 |
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25,000 : 10,000 |
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25,000 : 10,000 |
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12,500 : 10,000 |
| 🏨 HSBC Hotel Partners | |
| Hotel Programme | Conversion Ratio (HSBC Points : Partner) |
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30,000 : 10,000 |
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25,000 : 5,000 |
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25,000 : 10,000 |
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25,000 : 10,000 |
The crucial thing to understand is that not all partners share the same transfer ratio. Therefore, the effective earn rate depends on the partner you choose.
For example, you’ll only earn 2.76 mpd if you choose a transfer partner with a 2.5 points = 1 mile transfer ratio, such as Cathay Pacific Asia Miles or Qantas Frequent Flyer. If you choose KrisFlyer, the 3 points = 1 mile ratio reduces the earn rate to 2.3 mpd, which is what HSBC advertises in its publicity materials.
| Points : Miles (No. of Partners) |
FCY Spend (6.9 points per S$1) |
| 25,000 : 10,000 (7x partners) |
2.76 mpd |
| 30,000 : 10,000 (2x partners) |
2.3 mpd |
| 35,000 : 10,000 (5x partners) |
1.97 mpd |
| 50,000 : 10,000 (1x partner) |
1.38 mpd |
| Note: AirAsia Rewards has been excluded, as it’s not a viable transfer partner in most cases anyway | |
What alternatives are there?
While most banks have long excluded education transactions from earning rewards, a small handful of cards continue to buck the trend.
| 🧑🎓 Earn Rates for Overseas Education (Sorted by cost per mile) |
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| Card | Earn Rate | FCY Fee | Cost Per Mile |
 Chocolate Visa CardApply |
1 mpd1 | None | N/A |
 Maybank XL Rewards CardApply |
4 mpd2 |
3.25% | 0.81¢ |
 Maybank Visa InfiniteApply |
3.2 mpd3 Uncapped |
3.25% | 1.02¢ |
 Maybank World MastercardApply |
3.2 mpd4 Uncapped |
3.25% | 1.02¢ |
 Maybank Horizon Visa SignatureApply |
2.8 mpd5 Uncapped |
3.25% | 1.16¢ |
| HSBC Premier Mastercard Apply |
2.76 mpd Uncapped |
3.25% | 1.18¢ |
 UOB Reserve CardApply |
2.4 mpd Uncapped |
3.25% | 1.35¢ |
 UOB Visa Infinite Metal CardApply |
2.4 mpd Uncapped |
3.25% | 1.35¢ |
 AMEX Centurion CardApply |
2.34 mpd6 |
3.25% | 1.39¢ |
 AMEX Platinum ChargeApply |
2.19 mpd7 | 3.25% | 1.48¢ |
 UOB Privilege Banking CardApply |
2 mpd Uncapped |
3.25% | 1.63¢ |
| 1. Capped at S$2K per c. month, requires minimum S$5K ADB in Chocolate account 2. Min. S$500 per c. month, capped at S$1K per c. month 3. Min. S$4K per c. month 4. Min. S$4K per c. month. Earn 2.8 mpd with min. S$800 per c. month 5. Min. S$800 per c. month 6. Capped at S$50K of FCY spend until 22 Feb 27 7. Capped at S$15K of FCY spend until 22 Feb 27 |
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It’s worth noting that the HSBC Premier Mastercard isn’t the best option available, if we look purely at cost per mile.
- Chocolate Visa Card: Basically offers “free miles”, as it has no FCY transaction fee.
- Maybank XL Rewards Card: Has the standard 3.25% FCY fee, but earns a beefy 4 mpd.
However, both cards have relatively low caps for their top earn rates — just S$2,000 (Chocolate) and S$1,000 (XL Rewards) per calendar month. Beyond the cap, the earn rate drops to 0.4 mpd.
If we talk about uncapped options, then the following Maybank cards all out-earn the HSBC Premier Mastercard:
- Maybank Visa Infinite: 3.2 mpd with minimum spend of S$4,000
- Maybank World Mastercard: 3.2 mpd with minimum spend of S$4,000, 2.8 mpd with minimum spend of S$800
- Maybank Horizon Visa Signature (2.8 mpd): 2.8 mpd with minimum spend of S$800
But the key advantage of the HSBC Premier Mastercard is that its 2.76 mpd rate requires no minimum spend, making it useful for months where you’re making a handful of smaller transactions.
Moreover, HSBC Rewards Points are considerably more valuable than Maybank TREATS, given the wide range of transfer partners and fee-free conversions, most of which are instant.
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| HSBC Rewards Points | Maybank TREATS | |
| Points Validity | 37 months | 12-15 months No expiry for Rewards Infinite members |
| Transfer Partners | 20 | 4 |
| Transfer Fee | Free | S$27.25 |
| Transfer Speed | Instant (except Hainan Airlines and JAL) |
KrisFlyer (1-2 days) Others (10 days) |
Overview: HSBC Premier Mastercard
| HSBC Premier Mastercard |
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| Apply | |||
| Income Req. | S$30,000 p.a. | Points Validity | 37 months |
| Annual Fee | S$708.50 (Waived with S$200K AUM) |
Min. Transfer |
25,000 HSBC Points (10,000 miles) |
| Miles with AF | – | Transfer Partners | 20 |
| FCY Fee | 3.25% | Transfer Fee | Free |
| Local Earn | 1.68 mpd | Points Pool? | Yes |
| FCY Earn | 2.76 mpd |
Lounge Access? | Yes |
| Special Earn | – | Airport Limo? | Yes |
| Cardholder Terms and Conditions | |||
The HSBC Premier Mastercard is the companion card for the HSBC Premier priority banking programme.
Key benefits include:
- Unlimited Priority Pass visits for the principal and three supplementary cardholders (including non-lounge experiences such as restaurants and spa treatments)
- 8x complimentary airport limo rides per year, with a minimum spend of S$12,000 per quarter
- Savour Dining experiences and other 1-for-1 dining offers
- Complimentary healthcare benefits including 2x GP consultations, 1x flu vaccination and 1x eye examination per year
As a World Elite Mastercard, all principal and supplementary cardholders also enjoy the following benefits.
| 🏨 Hotel Elite Status | |
| 🚗 Rental Car Elite Status | |
| 👍Other Perks |
A full review of the HSBC Premier Mastercard can be found here.
Conclusion
The HSBC Premier Mastercard now earns 6.9 HSBC Rewards Points per S$1 on overseas education expenses, which is equivalent to 2.76 mpd with partners such as Asia Miles, British Airways and EVA Air Infinity MileageLands, or 2.3 mpd with KrisFlyer.
It’s possible to earn 3.2 mpd on the Maybank Visa Infinite or Maybank World Mastercard with the same 3.25% FCY fee, but both those cards require a minimum spend of S$4,000 to unlock their maximum earn rate. In contrast, the HSBC Premier Mastercard has no minimum spend, and HSBC Rewards Points are more flexible than Maybank TREATS, with more partners, free conversions and instant transfers in most cases.
