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Why Insurance premium cannot pay by Credit Card???

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Old 06-11-2018, 02:24 PM   #1
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Why Insurance premium cannot pay by Credit Card???

Why all companies (except prudential) do not allow insurance premiums to be paid by credit card??

What is the underlying reasons behind this? They only allow payment for credit card for the first premium payment.
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Old 06-11-2018, 02:29 PM   #2
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Because credit card companies like VISA and MASTERCARD impose a certain percentage of fees on the amount transacted. And these fees are usually passed on to the consumers somehow. If you are willing to pay a higher premium, why not? Will the higher premium you pay outweigh the points/miles/rebates you get? Unlikely. Will people who don't not want to use credit cards get penalized for your selfishness? Yes.

In fact, the whole credit card economy is a scam meant to push the desirability of credit cards to the population. (Tell me why not use a debit card instead? Asides from points/savings/rebates?) Do you think that the free luggage that comes with your CC is actually free? You are paying for it when you use the card. Socialized costs.

I got a credit card too, but the only reason I have it because our economy penalizes those who don't have a CC.

Last edited by kingboonz; 06-11-2018 at 02:34 PM..
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Old 06-11-2018, 04:19 PM   #3
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Why all companies (except prudential) do not allow insurance premiums to be paid by credit card??

What is the underlying reasons behind this? They only allow payment for credit card for the first premium payment.
VISA and Mastercard charge the merchant around 3% for transactions. The insurance companies are unwilling to absorb these charges as it eats into their profit margin.

If you like to absorb it for them, you can let the manager know.
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Old 06-11-2018, 06:37 PM   #4
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I thought I read some companies allow, but sorry can't really remember which, if at all
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Old 06-11-2018, 06:50 PM   #5
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pru where got allow? they put the icon there to tick people... i call in the gal does not understand end up telling me the icon is there but not for clicking
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Old 06-11-2018, 06:51 PM   #6
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pru where got allow? they put the icon there to tick people... i call in the gal does not understand end up telling me the icon is there but not for clicking
Some Prudential Endowment Plans premium can be paid via UOB One Card to get the 3.33/5% rebate, so yes.
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Old 06-11-2018, 07:07 PM   #7
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Can use AXS
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Old 06-11-2018, 09:01 PM   #8
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pru where got allow? they put the icon there to tick people... i call in the gal does not understand end up telling me the icon is there but not for clicking
Been paying via CC for my prudential premiums all along, no issue.
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Old 06-11-2018, 09:40 PM   #9
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Prudential only accepts select credit and debit cards from particular (not all) local issuers. Points, rebates, and other such perks typically do not apply.

You're not missing anything, really.

You can use a credit card to purchase travel insurance, at least typically you can. Including my current favorite, Bupa Global's "Basic" annual travel medical insurance.
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Old 06-11-2018, 09:55 PM   #10
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Prudential only accepts select credit and debit cards from particular (not all) local issuers. Points, rebates, and other such perks typically do not apply.
One exception is that UOB and Prudential ties up to 'synergize' monthly prudential premium payments with UOB One card to get the rebates.

Though, it must be noted that premiums paid using the yearly premium mode is around 3.3-3.5% cheaper than premiums paid using the monthly premium mode.
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Old 06-11-2018, 10:01 PM   #11
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Or you could use CardUp to pay insurance premiums with a credit card, but there's a steep fee for that (2.6%, subject to a minimum fee).
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