Asked on 18 Mar 2019
Currently paying insurance premiums using MasterCard credit card via AXS. Recently, it seems that AXS transactions are not eligible for credit card benefits (cashback, miles, etc). As premiums can be a relatively significant amount, what is the best way to reap maximum benefits from such transactions?
I paid my annual insurance premiums through two channels.
Charges to my UOB ONE card via Cardup platform to meet the minimum spendings of S$500 under UOB ONE account. This would allow me to earn the UOB ONE Card cashback of S$50 per quarter (note 5 transactions per month required) and UOB ONE account monthly interest of S$130+. You will however need to incur an fee of 2.6% for each transaction made under Cardup (eg, S$13) but you still profits at the end of day.
Charges to OCBC Cashflo Credit card via AXS to meet the S$500 minimum spendings under OCBC 360 Account. With S$3000 being split into 6 months instalment, this would earn me close to S$30 per month under the saving account. Note there is no rebates under credit card and no additional charges incur.
With the roll out of Grabpay mastercard,
you could use this hack to get more cashback from your UOB one card:
(note: Grab does not award points for cardup transaction)
depedning on your premium amount and how much more money you require to hit the next tier, you could:
(check your UOB One card e-statement to see when is your qualifying quarter)
Top-up your Grabpay wallet (premium amount*1.026), split this over 6 months (or 2 quarters) before your premium due date
change your premium payment frequency to (bi-annually/every 6 months) and split your grabpay top ups over 2 quarters. (note: increase payment freq may mean a higher overall increase in premium amount by about 2-3%)
too bad NTUC income does not accept Cardup or Ipaymy
This depends on whether you want to shift your cashback tier from:
$500 to $1000 (additional $50 cashback per quafter, excluding The extra 5% off from grab transaction)
$1000 to $2000 tier
As long anything that requires to be paid can be paid with a credit card, charge it since there is no incentive to pay with cash.
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