Best Credit Card for Paying Insurance: Tips and Tricks

Paying for insurance can be an expensive affair, and to add to it, insurance payments are not eligible for credit card cashback or rewards. While some insurance companies accept credit card payments, they may make it inconvenient for you to do so. However, there are ways to pay for your insurance using credit cards, and in this article, we will discuss some tips and tricks for paying your insurance using credit cards.

1. Look for insurers that accept American Express credit card payments

According to a Milelion article, three insurers - AIA, AXA, and Singlife - accept American Express credit card payments. If you have an insurance policy due for payment with any of these companies, using American Express credit cards can make things simpler. You can use two popular American Express credit cards - the American Express True Cashback Card and the UOB Absolute American Express Card. Both these cards do not have many exclusions, and their payments can be eligible for cashback. The American Express True Cashback Card offers 1.5% cashback, while the UOB Absolute American Express Card offers 1.7% cashback.

2. Use Great Pay and AXS for insurers that do not accept American Express credit cards

If your insurer does not accept American Express credit cards, you can use Great Pay and AXS to pay for your insurance using credit cards. Great Pay is a payment portal that allows you to top up using American Express True Cashback Card or UOB Absolute American Express Card, and then use the Mastercard provided by Great Pay to make payments. If your insurer accepts Mastercard as payment, you can use the Mastercard directly on the payment portal. If your insurer does not have a payment portal, you can use AXS - a third-party payment processor. AXS allows you to make payment using your Great Pay Mastercard. Since you have already earned the cashback using your American Express credit card, you can get the cashback indirectly.

3. Check your Great Pay limit

It is important to check your Great Pay limit since it has a limit of $30,000 per year set by the Monetary Authority of Singapore. If you exceed the limit, you cannot use your Great Pay Mastercard anymore.

4. Be aware of the terms and conditions of your insurance company

Different insurance companies have different payment policies. Even if your insurer accepts credit card payments, there may be terms and conditions attached. Refer to your insurance company's terms and conditions to see if they are eligible for credit card payment.

Conclusion

Paying for insurance can be an expensive affair, but using credit cards can help you earn cashback and rewards. Look for insurers that accept American Express credit card payments or use Great Pay and AXS for insurers that do not accept American Express credit cards. However, it is important to be aware of the terms and conditions of your insurance company and check your Great Pay limit. With these tips and tricks, you can save money while paying for your insurance.