Card suggestion for 3 lakh monthly Insurance spend

[Virgo]

Hi all, I have monthly insurance spends of 3 lakh (3 policies with 1 lakh premium) besides my other household expenses. I hold Axis Magnus, Amex Plat Charge, SC Ultimate and Diners Black (besides others). Previously, I used to buy Amazon Pay GV from multiple places (Amazon itself, Amex Rewards Multiplier, Axis Grab Deals, SBI Yono Gyftr etc) to pay for my insurance premiums spread across various cardsI hold.

However, over a period of time, most of the avenues to buy Amazon Pay GVs have stopped or imposed restrictions. Last couple of months, i am loading payzapp via SC Ultimate and paying my premiums. Unfortunately, the voucher redemption options for Ultimate have deteriorated over the last 3-4 months (no Big basket or MMT or Croma vouchers available now).

Hence my request for suggestions for a new credit card which allows points for insurance spends. I know Magnus allows points for insurance spends of 1 lakh. But where to put my spends after 1 lakh of Magnus? Does Axis Atlas or Reserve make sense for insurance spends? Any restrictions on these cards for insurance?

Thanks in advance.

 

[Virgo]

This applies to insurance also?mean i can get unlimited rp on insurence below 1L per transaction

On Magnus and Reserve, yes. I have no idea about this LIC signature card

 

[Matirp]

This applies to insurance also?mean i can get unlimited rp on insurence below 1L per transaction

For lic premium 2% and other premiums 1%. No limit

 

[more_money_more_problems]

Will Magnus still be useful for insurance payments post Sept 2023? Any suggestions on how to best use it for insurance spends? Is directly good or via Amazon Pay GVs for the 2x (not sure if we can make such spends via AZ pay GVs anymore)

 

[Virgo]

Will Magnus still be useful for insurance payments post Sept 2023? Any suggestions on how to best use it for insurance spends? Is directly good or via Amazon Pay GVs for the 2x (not sure if we can make such spends via AZ pay GVs anymore)

Insurance will continue to earn points on Magnus even after September. You can make insurance payment of 1L through Amazon Pay GV

 

[more_money_more_problems]

Insurance will continue to earn points on Magnus even after September. You can make insurance payment of 1L through Amazon Pay GV

Thanks @Virgo. I've been unable to do CC bill payments/FastTag recharge via Amazon Pay GV balance. I think this is because when you add AZ Pay GV to your balance, it is added to the "Gift Cards" section and not the "Money" section.
Just reconfirming if insurance payments can be done, i.e., via the Gift Cards section of AZ Pay?

 

[Virgo]

Thanks @Virgo. I've been unable to do CC bill payments/FastTag recharge via Amazon Pay GV balance. I think this is because when you add AZ Pay GV to your balance, it is added to the "Gift Cards" section and not the "Money" section.
Just reconfirming if insurance payments can be done, i.e., via the Gift Cards section of AZ Pay?

Insurance payments are allowed as of now...made a payment couple of days back only...

 

[bala.sakthi1983]

Damn. A great attraction of the APay card was the flat 2% return on insurance premiums. These guys are shooting themselves in the foot. Moving over to Magnus anyway from the next premium.

What you gonna do after Sep 1st 2023, Since Magnus devaluation..

 

[bala.sakthi1983]

Insurance payments are allowed as of now...made a payment couple of days back only...

Thru Credit cards? No way...

 

[shrewdoc]

Thru Credit cards? No way...

Through Amazon Gift Cards, read the context.

 

[bala.sakthi1983]

Through Amazon Gift Cards, read the context.

Let me try that.

 

[rogerthat]

What you gonna do after Sep 1st 2023, Since Magnus devaluation..

Worked it out. Will buy Amazon Pay gift vouchers worth 25k each using my Amex Gold and MRCC cards on months I have to make premium payments.
Nets me a 4.6%. Not great but will have to do for the time being.

 

[bala.sakthi1983]

Worked it out. Will buy Amazon Pay gift vouchers worth 25k each using my Amex Gold and MRCC cards on months I have to make premium payments.
Nets me a 4.6%. Not great but will have to do for the time being.

Great, Will let you know if i find better card. that's is close to Magnus.

 

[Virgo]

Thru Credit cards? No way...

Pls read the post again to which I had responded. Question is about insurance premium payment via Apay GV

 

[mowgli]

@Virgo Is it possible to split your transactions in 1L components? Also in that case do you have magnus. I saw the following image shared in another forum. Check if it helps you.

It is max 1L per transaction rewards only as per Magnus terms and condition. And this screenshot clarifies the same. Two 1L transaction done on same day.

 

[unusedbrain1]

h

3 not 1

All ULIPs

hahaha quite funny .. you save so much like 1000s in Cash back only to invest in ULIPS WHIch barely gives returns .that can even beat inflation . and Term cover is also quite low ..
You save credit card points but u wasting time & money on ulips plan .. do some due diligence

 

[deepcards]

bro, are you an insurance agent? 3 lakhs monthly premium? 😱

 

[ccdc]

does anyone know if rbl world safari and kotak white card give reward points for insurance spends?

 

[ccdc]

anyone with an answer???

 

[shrekster]

Will Magnus still be useful for insurance payments post Sept 2023? Any suggestions on how to best use it for insurance spends? Is directly good or via Amazon Pay GVs for the 2x (not sure if we can make such spends via AZ pay GVs anymore)

I think Magnus will earn Accelerated Reward Points (23 AEP per 200) as per the new document, for any spends over 1.5 L. The base earnings will be capped to 6000 points but the 23 AEP will be as per the insurance transaction made - correct me if I am wrong.