Leading financial institutions in the UAE help parents reduce strain on rising school fees. Different banks have worthwhile payment plans making it easier for parents to pay off school fees. Banks are offering the opportunity to pay the annual school fee as a single payment and repay it in easy installments over 6-12 months. This eases off the burden of paying school fee as one large payment. Cardholders can pay the school fee with their credit card at school and then repay a fixed sum every month. In cases where schools do not except fee payment via credit cards, Banks can write a cheque in favor of the school against a Credit Card. Either way you can pay in bulk to enjoy a discount from school and repay in monthly installments at 0% interest.
Here are some offers by banks that you can use pay your child’s school fee this year:
1. Mashreq Bank offers 0% easy payment plan for 3, 6, 9 or 12 month tenure.
Mode of payment: You can use Mashreq Credit Card or order a cheque in favor of the school against your credit card.
Processing fee: There is a one time processing fee for the transaction varying with the credit period. For a 3-month period the fee is 3%, for 6, 9 or 12 months the fee is 5%
Special offer: Mashreq also offers a free smart device when school fees is paid with Mashreq Credit or Debit Card. Depending on the amount of the school fee payment, Card holders can receive a guaranteed Samsung Galaxy Tab Lite, Samsung Galaxy Tab 4, Apple iPad Mini or Lenovo laptop, absolutely free.
Rewards: Also get 5 % cash back on Mashreq SmartSaver Credit Card with a minimum spend of AED 3,000 on all retail purchases excluding Education & Utility spends prior to or at the time of billing capped at AED 300.
Conditions: minimum transaction of AED 5000 or equivalent in any other currency. Click here to apply for your Mashreq credit card now
2. Commercial Bank International (CBI) offers its Cardholders a 0% interest easy payment plan for a 6 month tenure on all CBI credit cards. Processing Fee: No processing fee is charged on this.
Conditions: The minimum spend to be eligible to this offer is AED 2,000 and above.
Click here to apply for your CBI Credit Card.
3. Standard Chartered offers 10% cashback on school fees when you pay with your Standard Chartered Titanium Credit Card.
Mode of payment: You can pay using the Credit Card or cheque. If the school does not allow credit card payments, the bank offers monthly installment plan with an interest rate of 0% for a 6 to 12 month tenor. The bank will issue a cheque addressed to the school for the amount requested and you are able to pay the total amount back in 6 or 12 equal monthly installments.
Processing fee: There is a 2 % processing fee charged on both cheque and credit card.
Rewards: 10 % cashback on the installment amount.
For example; your child’s school fee is AED 24,000 per annum, your monthly installment over 6 months would be AED 4,000 (AED 24,000 ÷ 6). The total cashback received per month for 6 months is AED 2,400 (400x6)- 480 ( 2% of 24,000)= AED 1,920
4. Emirates NBD offers 0% installment plan of 3, 6 or 12 month tenor to all Emirates NBD credit cardholders.
Processing fee: For a 3 month tenor the processing fee is 1.5% of the total amount, for a 6 month tenor the processing fee is 2.5% of the total amount and for 12 months it is 4% of the total amount.
Special offer: Customers holding Generic/ Go4it/ Dnata Emirates NBD Credit Card will receive up to 10 times rewards on their credit card. Emirates NDB Skywards & Manchester United Credit Cardholders will receive 10% cashback for spends on school/ university fee payments.
Offer Validity: 30th September, 2015
Click here to apply for your Emirates NBD Credit Card
5. National Bank of Abu Dhabi (NBAD) offers 0% easy payment plan for up to 12 months for all GEMS schools on the NBAD GEMS Credit Card.
Processing fee: No processing fee charged.
Offer: Get up to 7% discount on advance payment of school fees when paying with your NBAD Gems Credit Card.
Rewards: Earn 1.5 NBAD stars for every AED 1 purchase and use your rewards for a range of travel & lifestyle treats.
- Enjoy 4 visits to any Fitness First Club at AED 15 per visit within a calendar month.
- Watch latest movies from AED 5 on weekdays and AED 20 on weekends. Offer valid at Cine Royal, Oscar Cinema & Reel Cinema.
Click here to apply for your NBAD Gems Credit Card