Read the latest news about Insurance Premium products in Singapore and the best money saving tips.
Why use a credit card to pay for your insurance premium?
Insurance premiums can amount to a few thousand dollars a year—a great opportunity to earn more credit card rewards. Other forms of payment such as GIRO, internet banking, AXS, cheque and NETS, however, don’t earn you any rewards.
Is insurance excluded from earning rewards?
Most credit cards exclude insurance premiums from earning rewards, be it miles, cashback or reward points. However, there are still a handful of credit cards on the market that do not have this limitation. Miles-chasers can read this article for more information.
What types of insurance plans earn more rewards?
The pricier the insurance premium, the more you charge on your credit card and hence, the more rewards you earn. Insurance plans that are more costly are usually life and health insurance plans.
(Read this article to find out the difference between life, medical and personal accident insurance.)
When should I pay my insurance premium?
Check if your insurance premium has to be paid monthly, quarterly, bi-annually or annually. You have to pay your insurance premium before the due date set by the insurance firm. Most insurance companies have a grace period of one month, after which your insurance coverage will lapse.
You should also apply for your credit card a few weeks before your insurance due date to ensure that your credit card will be approved and activated in time for use.