Nobody likes paying for it, but it’s a necessary expense that you should pay monthly, quarterly, semi-annually, or annually (depending on your plan). We’re talking about insurance premiums.
The most straightforward way is to pay for it in cash. But if you are a credit cardholder, you can also charge your insurance premiums and earn reward points in the process.
However, not all credit cards give you perks or points for this kind of transaction. Check out your credit card’s terms and conditions first before you swipe, but here are a few that let you pay and earn rewards.
Bank of Commerce credit cards
Receive 1 Reward Point for every 25 PHP you charge to your Bank of Commerce credit card (Classic, Gold, Platinum, World, Cash Installment Card), including payments for your insurance premium.
Reward Points that are earned or collected are credited to the principal account, and they can be redeemed if your account is active, current, and not over limit.
Rewards can be anything from cash credits, goods and merchandise, gift certificates, services, miles, donations, to annual membership fee waivers that are available in the Rewards Plus Catalogue.
Metrobank credit cards
Do you have a Metrobank credit card? If you have a Metrobank Femme Visa, Femme Visa Signature, Metobank Visa, Mastercard, Platinum or World Mastercard, or Toyota Mastercard, you can can settle your insurance premiums via credit card payment.
Earn 1 reward point for every 20 PHP you charge to your credit card. Once you have accumulated enough reward points for an item that you want in the Metrobank Rewards Catalog, redeem them by calling landline number 8700700 or 1-800-1888-5775 (domestic toll-free).
BPI credit cards
You can also pay your insurance premiums with your BPI credit cards. If you own a Blue Mastercard, Edge Mastercard, Gold Mastercard, BPI Express Credit Classic, Corporate MasterCard, Corporate Classic, or e-Credit MasterCard, you automatically earn rewards points when you charge your payment for your insurance premiums.
Every 35 PHP you charge earns you 1 reward point. Except for the Edge Mastercard, Corporate Classic and Corporate Mastercard where you earn 1 reward point for every 50 PHP you charge.
Reward points don’t expire, and you can redeem anytime you want by calling 889-10000 or emailing [email protected].
China Bank credit cards
You can charge your insurance premium payments to your China Bank Prime Mastercard, China Bank Platinum Mastercard, and China Bank World Mastercard. Every 200 PHP you spend earns you 1 reward point.
If you own a China Bank Freedom Mastercard, you can also use it to pay for your insurance premiums and earn 1 reward point for every 20 PHP that you spend.
You can enroll the following accredited billers for China Bank Online for quicker and hassle-free payments:
- AXA Philippines
- CBC Insurance
- Fortune Life Insurance Co. Inc.
- Fortune Medicare
- Great Life Financial
- Manulife Life Philippines
- Manulife Plan Philippines
- MCB Life
- Paramount Life
- Philippine Prudential Life
- Pioneer Life
- PNB Life Insurance
- Sun Life of Canada, Philippines
- Prulife UK
For all your other spending, like shopping, dining, or utilities bill payments, you also earn 1 Reward Point for every 25 PHP spend.
Reward Points that you will earn can be exchanged for Philippine Airlines Mabuhay Miles or Cash Credits.
EastWest Bank credit cards
If you own an EastWest Bank credit card, you can enroll in Quick Bills so that you can pay conveniently for your insurance premium.
But with EastWest Bank’s Quick Bills facility, only enrolled PhilPlans Insurance and Philam Life premiums are eligible to earn Reward Points.
This applies to all EastWest Bank credit cards except for the EastWest Visa Platinum, Hyundai Mastercard, and EastWest EveryDay Titanium Mastercard.
When you enroll your insurance premium payment to Quick Bills, it will be automatically charged to your card, saving you the hassle of queueing up and paying at payment centers. One call to EastWest Bank’s 24-Hour Customer Service Hotline at (02)-8888-1700 should sort this out for you.
All other charges to your EastWest credit card will earn you 1 reward point for every 100 PHP spend.
Security Bank credit cards
Unlike EastWest Bank’s Quick Bills Facility where you have to enroll your credit card to automatically pay for your insurance premiums, Security Bank lets you pay for your insurance premium with your credit card without the need to enrol. You will also earn 1 Reward Point for every 20 PHP that you spend.
Reward points can be used to redeem hotel or airline miles, or even charitable donations. What’s more, Reward Points don’t expire, making it possible for you to accumulate points and redeem items you really want.
HSBC credit cards
You also earn Bonus Points whenever you use your HSBC credit card to pay for your insurance premiums.
For every 20 PHP you charge to your HSBC Red Mastercard, Gold Mastercard, Platinum Visa, or Premier Mastercard, you earn 1 Bonus Point.
If you have an HSBC Advance Visa credit card, you earn 1 Bonus Point with every 15 PHP you charge to your card.
You can always make a cash or check payment for your insurance premiums. You can even do it over the counter.
But if you can charge it to your credit card, you are settling your dues and collecting reward points as well. The higher the amount that you charge to your credit card, the more reward points you will earn.
Not to mention paying through credit card is faster, easier, and more convenient.
If your premium due date falls on a day when you’re short on cash because of an unforeseen circumstance, you can just charge it to your credit card. It will give you enough time to manage your cash flow and cover your expenses before your next premium due date.
But paying off your insurance premium with that little piece of plastic means that you should pay the amount in full before your next credit card bill due date. Paying off only a portion of your amount due will incur charges and fees.
In short, charging your insurance premiums to your credit card is only advisable if you are financially disciplined. Make sure to pay in full and on time!