topic Re: How does insurance (auto, home, life) code? in Credit Cards

How does insurance (auto, home, life) code?

Varsity_Lu — Sat, 07 Sep 2024 19:49:44 GMT

I currently have my insurance auto drafted out of my bank account, but I am looking to move those to a credit card for reward purposes. What category would those fall under for rewards?

Re: How does insurance (auto, home, life) code?

NoMoreE46 — Sun, 08 Sep 2024 01:19:01 GMT

Based on your line-up, probably 1.5%.

@Varsity_Lu wrote:
I currently have my insurance auto drafted out of my bank account, but I am looking to move those to a credit card for reward purposes. What category would those fall under for rewards?

Re: How does insurance (auto, home, life) code?

Varsity_Lu — Sun, 08 Sep 2024 11:31:25 GMT

@NoMoreE46

Right, but I am looking for a new card, so I would like to know what rewards category insurance falls into. Bills? Utilities? What's the best card to maximize rewards for this?

Re: How does insurance (auto, home, life) code?

NoMoreE46 — Sun, 08 Sep 2024 13:50:32 GMT

@Varsity_Lu wrote:
@NoMoreE46
Right, but I am looking for a new card, so I would like to know what rewards category insurance falls into. Bills? Utilities? What's the best card to maximize rewards for this?

Looks like MCC 6381, Business Services- Insurance Services

I think there is Synovus card that may do 3% for the above.

Re: How does insurance (auto, home, life) code?

MissLiz — Sun, 08 Sep 2024 15:54:21 GMT

@NoMoreE46 wrote:
Based on your line-up, probably 1.5%.

@Varsity_Lu wrote:
I currently have my insurance auto drafted out of my bank account, but I am looking to move those to a credit card for reward purposes. What category would those fall under for rewards?

@NoMoreE46 Wait, how did you get MF in dark mode? I need this.

Re: How does insurance (auto, home, life) code?

markbeiser — Sun, 08 Sep 2024 16:39:10 GMT

@MissLiz wrote:
@NoMoreE46 Wait, how did you get MF in dark mode? I need this.

Browser setting, depends on which one you are using.

Re: How does insurance (auto, home, life) code?

markbeiser — Sun, 08 Sep 2024 16:42:19 GMT

Depending on who your insurance is with, the pay in full and direct debit autopay discounts may beat any potential credit card rewards by a very wide margin.

Re: How does insurance (auto, home, life) code?

pizzadude — Sun, 08 Sep 2024 17:58:55 GMT

Long discussion in this thread, insurance mobile wallet transations can qualify for 5% cash back.

Re: How does insurance (auto, home, life) code?

NoMoreE46 — Sun, 08 Sep 2024 18:35:22 GMT

Correct.

By paying the entire premiums for the year vs. monthly, we saved like 12% on our auto insurance policy.

@markbeiser wrote:
Depending on who your insurance is with, the pay in full and direct debit autopay discounts may beat any potential credit card rewards by a very wide margin.

Re: How does insurance (auto, home, life) code?

markbeiser — Sun, 08 Sep 2024 19:58:04 GMT

@NoMoreE46 wrote:
Correct.
By paying the entire premiums for the year vs. monthly, we saved like 12% on our auto insurance policy.

@markbeiser wrote:
Depending on who your insurance is with, the pay in full and direct debit autopay discounts may beat any potential credit card rewards by a very wide margin.

Yeap, with Allstate I'm right at a 12% discount for PIF from a checking or savings account.
Other than the initial policy when I started, there is not even an option to pay with a CC unless I go monthly, which costs more.

Re: How does insurance (auto, home, life) code?

ElvisCaprice — Sun, 08 Sep 2024 21:39:12 GMT

@markbeiser wrote:
@NoMoreE46 wrote:
Correct.
By paying the entire premiums for the year vs. monthly, we saved like 12% on our auto insurance policy.

@markbeiser wrote:
Depending on who your insurance is with, the pay in full and direct debit autopay discounts may beat any potential credit card rewards by a very wide margin.

Yeap, with Allstate I'm right at a 12% discount for PIF from a checking or savings account.
Other than the initial policy when I started, there is not even an option to pay with a CC unless I go monthly, which costs more.

You might want to check out Paypal bill pay. Allstate is listed as a recepient of payments there. Then you could use a CC if accepted or 1% debit card.

Re: How does insurance (auto, home, life) code?

markbeiser — Mon, 09 Sep 2024 01:16:50 GMT

You might want to check out Paypal bill pay. Allstate is listed as a recepient of payments there. Then you could use a CC if accepted or 1% debit card.

I'll have to look into it, but I don't see anything on Allstate's site that would allow me to PIF autopay from anything but a checking or savings account, and maintain my current discounts.
I'm paying less than 600 every 6 months for 2x the minimum state required liability, collision, under insured motorist, and comp on a car worth $20K in the 5th largest metro area in the USA, so I'm not exactly suffering here.😉

Re: How does insurance (auto, home, life) code?

ElvisCaprice — Mon, 09 Sep 2024 06:41:24 GMT

@markbeiser wrote:
You might want to check out Paypal bill pay. Allstate is listed as a recepient of payments there. Then you could use a CC if accepted or 1% debit card.
I'll have to look into it, but I don't see anything on Allstate's site that would allow me to PIF autopay from anything but a checking or savings account, and maintain my current discounts.
I'm paying less than 600 every 6 months for 2x the minimum state required liability, collision, under insured motorist, and comp on a car worth $20K in the 5th largest metro area in the USA, so I'm not exactly suffering here.😉

I've had some of the same issues for choice of payment being only with a bank account number and routing number, which I assume your calling a PIF. What paypal bill pay does is it sends the payment to Allstate direct from their site. As long as the payee is listed on paypal it's eligible. This allows you to pay with what Paypal allows you and not Allstate. I know it's strange, but it works. Check it out.

Re: How does insurance (auto, home, life) code?

G2244 — Mon, 09 Sep 2024 15:01:45 GMT

This has been a bit of an elusive category. There is a State Farm Credit Card that has a current offer of 5% cash back on insurance the first year and then 3% back after that. I looked into this a couple of years ago and at least back then, the 3% worked even for non State Farm insurers. They may have have fixed that by now but I am not sure.

Aside from that, the best return I have found is on insurers that accept Apple Pay and then use the US Bank Altitude Reserve for effectively 4.5% cash back. Progressive is one that allows this and I would guess there are others. You can use it to pay the full premium (not just month by month) to get the best rate.