Not too long ago, I wrote that the UOB Absolute Cashback Card is a game changer with its almost no spend exclusions. Coupled with the timely reinstatement of GrabPay for all AXS transactions (except for credit card bills and loan payments), I finally got time to put its no spend exclusions to the test. I had a big premium on my insurance policy that was due last month and paid it using a combination of UOB Absolute Cashback Credit Card and GrabPay MasterCard on the AXS Mobile App. As a result, I earned a handsome 1.7% cashback for my efforts, an expenditure that would have yielded zero savings in the past. I know the combination sounds a handful to handle, so here is the step-by-step guide on how I paid my insurance on AXS and earned 1.7% cashback. I have included some tips on how to execute this hack effortlessly as well.
Pay Bills on AXS and Earn 1.7% Cashback
Start by topping up your GrabPay wallet/MasterCard with your UOB Absolute Cashback Card. This is to circumvent the fact that the UOB Absolute Cashback Card is powered by AMEX which may not be accepted by some insurers. Moreover, some authorities such as IRAS do not accept credit card payments. Do note that the $1 transaction fee incurred for GrabPay topups does not apply for UOB Absolute Cashback Card since it is powered by AMEX.
Diagram 1 is a screenshot of me making a one-time top-up to my GrabPay wallet. Note the transaction limits applicable, which I will cover in the later part of the article.
Next, download the AXS Mobile App or access AXS e-Station via the desktop browser. Why spend time to queue at an AXS Machine near you when you can make payments from the comfort and convenience of your home? For my case, I logged in to AXS m-Station via the mobile app.
Your insurer should also have specific guidelines on the various ways that policyholders can pay their premiums. Since I was paying a Great Eastern policy this time round, I referred to this online guideline on how to make payment on AXS.
Once you have keyed in the details of your insurance policy and upon the first successful payment, it will be automatically added to “My Favourites” as shown in Diagram 2.
Do insert a nickname so that you can identify it easily, especially critical if you have multiple policies from the same insurer which can be confusing. (Tip #1)
If you are making payment for the very first time with your GrabPay Mastercard, do select Debit Cards > MasterCard as the payment mode. Once you have entered the credit card details, do save it onto the app so that you are spared the trouble of entering it repeatedly especially if you need to break up your payment in multiple tranches. (Tip #2)
You actually do not need the physical GrabPay MasterCard, just the virtual one on your Grab app would do. (Tip #3)
After your GrabPay MasterCard have been saved onto the AXS mobile app, you can just click on the card to proceed to make payment as shown in Diagram 3.
Next, you will be prompted to enter your 2-factor authentication (‘2FA’) code to complete the payment. Once this is done, you will be informed that the transaction has been successful as shown in Diagram 4.
I would perform a cross check to ensure that there has been a corresponding deduction in my GrabPay wallet as shown in Diagram 5.
In the next business day, I would double check with the online portal of the insurer to ensure that payment has been recorded. This was what I did with the first “test” payment to ensure everything went smoothly. The processing time was really quick.
This sums up the step-by-step process to make payment on your bills (insurance is the example here) via the AXS mobile app with the GrabPay MasterCard which has been topped up with funds from the UOB Absolute Cashback Card.
A month later, you should see the cashback credited into your UOB Absolute Cashback Card as shown in Diagram 6.
Pay Fines/Others On AXS
Payment of other bills such as your personal income taxes to IRAS should be the same exact procedure. Anyway, I have also not tried making payments for other categories on the AXS Mobile App such as
- Others – student course fees, condominium management fees
But I figured that the process would not be any different. For those who have done so, let me know if the same payment process can be replicated so that we score savings on them as well?
Constraints of using the GrabPay MasterCard
The full terms and conditions that explain the transaction limits for the GrabPay Card can be found on the Grab website. I have broadly summarised the important things to take note:
- There is a $5,000 top-up limit within a 24-hour period
- There are also spend limits of $5,000 (daily), $10,000 (calendar month), $30,000 (calendar year)
- $500 limit per eAXS/mAXS transaction. If your bill is bigger than this, you might have to pay the premiums in multiple tranches. For the record, I made 9 transactions in a single day.
In addition, do note that GrabReward points will not be awarded for AXS transactions.
Despite all the constraints outlined above, I am happy to operate within the parameters. As an example, for a $10,000 premium, the cashback earned would be $170. This is not too shabby for a 20-minute effort spread over 2 days. Without which, the usual conventional methods would have yielded zero cashback and hence no savings.
This is an example of putting my UOB Absolute Cashback Card to work to its maximum effect. If you would like to apply for a UOB Absolute Cashback Card as well, you can click on my referral link here and enjoy extra savings like I did. From 1- 30 Sep 2021, new cardmembers who apply via Heartland Boy’s link receive $30 cash in addition to the bank’s welcome bonus promotion.
Disclaimer: This article contains affiliate links which goes towards ensuring the sustainability of this blog.
Information is correct as at 29 August 2021