MCC 8398 is designated for charitable social service organizations that offer various forms of assistance to communities, including but not limited to food aid, housing support, and other charitable endeavors.
Interchange Fee
Transactions under MCC 8398 generally incur lower interchange fees, often between 1% and 2%, as charitable organizations frequently benefit from reduced fees compared to other merchants.
Cashback Rewards
Certain credit card issuers may provide cashback rewards for charitable contributions, typically ranging from 0.5% to 2% depending on the terms of the specific card and promotional programs.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors for transactions categorized under MCC 8398.
Tax Reporting
Contributions made to organizations classified under MCC 8398 may be tax-deductible for the donor, subject to IRS guidelines and regulations. It is advisable to consult a tax professional for specific details regarding eligibility.