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Pay Insurance By Credit Card

In 2014, I signed up for OCBC 360 Account as well as OCBC Cashflo Credit Card. I guess most of the people in Singapore will know that this OCBC 360 Account is the best interest paying account that pays up to 3.05% per annum if you meet all the criteria stated in the OCBC banking website whereas OCBC Cashflo Credit Card is an auto-installment credit card with 0% interest.

I have quite a number of insurance policies which I opted for annual payment since this will save me a bit as compared to monthly installment for the same policy. What I did was I pay the policy via OCBC Internet Banking and choose to pay from OCBC Cashflo Credit Card. Since my policy is more than S$1000, it auto split the bill into 6 months installment. My money can park in OCBC 360 Account for a bit longer to earn the 3.05% interest and at the same time my monthly installment of OCBC Cashflo Credit Card which is >S$1000 earns me 1% cash rebate. 

I am quite happy with this approach until December 2014 when I found out that OCBC Internet Banking no longer allows me to pay insurance bill by credit card. I wish that OCBC can open back the option for me to pay insurance bill by credit card. 


Cheers and Happy New Year 2015 to everyone!

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