What the is best way to pay insurance premiums? - Seedly
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Asked on 18 Mar 2019

What the is best way to pay insurance premiums?

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?


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Kelvin Ang
Level 3. Wonderkid
Answered on 18 Mar 2019

I paid my annual insurance premiums through two channels.

  1. 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.

  2. 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.

1 comment

👍 4

10 Apr 2020

WEF 16 Mar 2020, UOB ONE card has no longer allowed payment to insurance services to be eligible for cashback reward. Wondering what would be another way ?
Nicholas Chiam
Nicholas Chiam
Level 4. Prodigy
Updated on 15 Jan 2020

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:

  1. Top-up your grabpay Wallet(premium amount*1.026), split this over 3 months before your premium due date; pay premium woth cardup/ipaymy depending on promo rates.

(check your UOB One card e-statement to see when is your qualifying quarter)

  1. Top-up your Grabpay wallet (premium amount*1.026), split this over 6 months (or 2 quarters) before your premium due date

  2. 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​​​


👍 0
Henry Hoe Yong Zhi
Henry Hoe Yong Zhi, Co-founder at Cantley Lifecare Pte Ltd
Level 4. Prodigy
Answered on 19 Mar 2019

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.


👍 0
Rajesh Govindarajan
Rajesh Govindarajan
Level 2. Rookie
Answered on 18 Mar 2019

Use internet banking and add the insurance biller and pay with credit card.


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