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Step-By-Step Guide On How You Can Get Cashback From Your Insurance Premium Payments Using CardUp
With the end of the entire year around the corner and holidays looming, it could also be time that you can take a seat and breathe- and also prepare to pay your insurance costs. For those of you who pay your insurance costs regularly for your bit of cost savings, do you know you can save even more having a cashback feature on your charge card by registering for CardUp?
3 Cs of CardUp: Cashback, Convenience And price Savings
CardUp is really a platform that allows you to charge expenses, including insurance policy premiums, to your charge card to ensure that you to definitely maximise rewards on your credit cards by the way of cashback and miles.
Basically, what happens is that rather than pay your premiums straight to the insurer, you will pay them via CardUp. So, which means that while CardUp pays the premiums, you are able to pay CardUp via your cashback credit cards.
Not only would you get cashback for the insurance premium payments, but CardUp also helps to automate your billings, meaning successive monthly insurance payments will be automatically processed on the platform without you needing to make sure to schedule your next payment.
How To Charge Your Insurance Premium Payments: 3 Simple Steps
#1 Collate Your Insurance costs Per Pax
Make a list of insurance costs payable. If you're paying for members of the family do collate those policies too. Do observe that the premiums that exist enjoy cashback are those that should be paid using cash (via credit cards). For policies for example Medishield Life in which a large part of the premiums is paid through Medisave, you can only receive cashback for that riders that are paid through cash.
#2 Choose Which Credit Card(s) You Want To Charge Your Premiums To
While you need to do need to pay a processing fee to CardUp of two.6% when charging the insurance coverage premiums for your charge card that is associated with CardUp, you can enjoy cashback of up to 5%, for the way you apply the charge card. However, do note that most of the cards mentioned below do require you to hit some form of a minimum monthly spend that you should be eligible for the higher quarterly cashback; this means if you are paying your premiums every year it may be difficult for you to take advantage of these cards.
The listing of the 4 best cashback credit cards are listed below:
UOB ONE Card
Already referred to as one of the best cashback charge cards on the market, it has a 3-tier spend system that rewards 3 levels of cashback towards the cardholder. There's a minimum quantity of 5 purchases per statement that you should earn the quarterly cashback rewards. You also have to make 3 consecutive monthly premium payments before you can qualify for the cashback.
| Minimum Monthly Spend | Expenditure Per Quarter | Cashback Per Quarter | % Cashback |
| $500 | $1500 | $50 | 3.33 |
| $1000 | $3000 | $100 | 3.33 |
| $2000 | $6000 | $300 | 5.00 |
In order to maximise the cashback rewards on this card, you'll have to ensure that your premium payments are as near to the maximum amount for each tier per month. If you pay $1,800 in premiums monthly, you will only qualify for the $100 cashback for that quarter as well as your effective cashback rate is only one.85%, that is under CardUp's processing fee. To optimise your cashback, you will have to make certain your payments are precise and do not exceed the minimum monthly spend by an excessive amount of. For example, if you're able to clock a spend of $500 every month, you will receive a cashback of $50 per quarter which gives you an effective cashback rate of 3.33%.
Bank of China Family Card
An often overlooked cashback card locally is the Bank of China Family card. It’s a great cashback card for everyday spend because it offers a rather high number of cashback compared to other cards on the market.
| Minimum Monthly Spend | Max Cashback Per Month | Cashback Per Quarter | % Cashback |
| Less than $800 | – | Less than $7.20 | 0.3 |
| More than $800 | Capped at $25 per Card Account per billing cycle | $75* (assuming a $25 cashback per month) | 3 (for Online Purchases including payments for financial services) |
If you have premium payments totalling $800 monthly or slightly above that quantity, the BOC Family card could be something could make an application for. Do take note that there's a cap of $25 per card account per billing cycle, so it might be good to not exceed that $800 by too much.
Maybank Platinum Visa Card
Enjoy as much as 3.33% cashback on local purchases including CardUp payments. Similar to the UOB ONE Card, the minimum monthly spend and cashback given are on a quarterly basis. But you will need to only charge a minimum of S$300 monthly for every quarter to qualify.
| Minimum Monthly Spend | Expenditure Per Quarter | Cashback Per Quarter | % Cashback |
| $300 | $900 | $30 | 3.33 |
| $1000 | $3000 | $100 | 3.33 |
If you have a monthly recurring savings plan or perhaps a life plan having a monthly premium of about $300, this may be a good card to make use of with CardUp.
Standard Chartered MANHATTAN Platinum / World Mastercard card
This card is suitable for all those with large monthly expenses. With 3 cashback tiers capped at S$200 per quarter, you can get up to S$800 in cashback annually with no minimum spend required. Here’s the way the 3 tiers work: 3% cashback whenever you spend S$3,000 or more per month, 1% cashback whenever you spend between S$1,000 and S$2,999 a month and 0.5% cashback whenever you spend below S$1,000 a month.
| Minimum Monthly Spend | Expenditure Per Quarter | Cashback Cap Per Quarter | % Cashback tier (per month) |
| Less than $1000 | Less than $3000 | $200 | 0.5 |
| $1000 to $2999.99 | $3000 to $8999.97 | $200 | 1 |
| $3000 and above | $9000 and above | $200 | 3 |
For this card, the cashback is calculated monthly and separated according to the cashback tiers. An example to illustrate this is:
| Statement date | Eligible Spend Amount | Cashback Tier (based on Eligible Spend) | Cashback earned ($) |
| 15 Jan | $1900 | 1% | 19.00 |
| 15 Feb | $4745.40 | 3% | 142.36 |
| 15 Mar | $3100 | 3% | 93.00 |
Even if you may have earned a total cashback of $254.36 over A few months, your actual cashback is capped at $200 per quarter.
This card is excellent if you are the one spending money on much of your family's insurance costs. Additionally, it offers a bit of flexibility when it comes to tiered rewards when compared to other cards.
Other than the others 4 cards, you may also make use of the following credit cards to earn cashback on CardUp, according to their list by CardUp:
Other Popular Cashback Cards
– American Express(R) True Cashback Card
– Citi Cash Back+ Card
– Standard Chartered Spree Credit Card
– Standard Chartered Unlimited Cashback Credit Card
#3 Subscribe to A CardUp Account And Charge Premiums For your Credit Card
You can create a CardUp account within a minute here. All you need is an email and password, and you're simply good to go.
After you make your account, you'll be forwarded to the dashboard where one can set up your charge card in some simple steps.
You may then complete identity verification (this really is to avoid fraud) using SingPass. It is easier to use SingPass as your personal information will be filled in for you and also you just verify your phone number to get to the ultimate step: link your credit card for your CardUp account.
After you've completed identity verification, the final step is to complete the email verification and you can start scheduling payments. Simply click around the insurance tab and there will be a dropdown menu indicate which company you are paying to and just what type of policy you're making payment for.
Enter your premium payment details as well as your charge card and promo code and confirm the payment and you can automate all future premium payments through CardUp. After the insurance company has confirmed the payment has been received, the cashback rewards will then be credited to your account.
Illustration of Cashback / Cost Savings
An illustration of financial savings via CardUp
As illustrated from the table, if you are using a credit card that gives you 5% cashback on your spend, the cashback you can get from your card might help counterbalance the 2.25% discounted fee and help you save money over time.
This can also be especially useful if you are paying insurance premiums for the dependants or any other members of the family. CardUp helps you to amalgamate all of your insurance premium payments into a centralised dashboard, allowing you to automate payments and ensuring this method is really as convenient and cost-effective as possible.
CardUp also offers a handy calculator to help you optimise your cashback rewards. Simply indicate your chosen rewards (in this instance “Cashback”), and take a look at your net monthly savings.
From Now Till 31 December 2021, Reduced Fees Of 1.6% On Personal Payments
New Users having a CardUp Personal or Business account and also have not scheduled a payment can also enjoy 1.6% CardUp fee for their first couple of payments of minimum S$500 and maximum S$10,000 in a recurring series with the promo code HOLIDAY16DS. This really is limited to the first 300 New Personal Users on CardUp only. T&Cs apply. Get the free account today!
