Nearly all major insurance providers now allow you to pay your insurance premium with a credit card, debit card, electronic check, or electronic fund transfer (EFT), all of which can offer the benefit of automation. Here's what you should know if you pay online with a credit card. Yes, car insurance can be paid with a credit card, but it may not always be the smartest course of action. Before you decide to pay for your car insurance with your card every month, check if your insurance company will charge you fees for paying by card.
While they may charge a fee for monthly payments, they generally don't charge fees if you pay your annual premiums in full with a credit card. Most major auto insurance companies accept credit cards as a form of payment. Paying with a credit card can earn you reward points and give you more time to make payments, but it can also result in additional fees and debts. Yes, you can pay your car insurance premiums with a credit card.
With your card, you can pay via the Internet, a mobile application or by phone. The short answer is yes, many auto insurers offer the ability to pay your car insurance premiums with a credit card. However, there are some advantages and disadvantages that you should consider before charging your insurance premium to your card. Avoid overspending by paying with your credit card at all costs.
Avoid using a credit card to pay for your car insurance if it will cause long-term credit problems. In the long term, paying for car insurance with a credit card isn't a good idea. The current pleasure of paying for your car insurance with your credit card isn't worth it. The pros and cons of paying for your car insurance with a credit card have less to do with your insurer preferring one type of payment to another, but they have a lot to do with your personal financial habits.
Paying your annual car insurance payment up front can also earn you other discounts, so if you can afford it, it can be a smart choice. Stephanie Nieves was an editor and insurance expert at Policygenius, where she covered home and auto insurance. More time to pay for car insurance: As long as you pay your credit card balance in full and on time, putting your car insurance payments on a credit card is a good way to have a little more time to pay. Here's what you need to know if you're thinking about making your car insurance payments with a credit card.
Convenience: Paying car insurance payments and other bills with your credit card can help you keep all your payments in one place. However, if you don't have an insurance policy yet and you may not need to buy rental car insurance, your credit card company may cover you. Some auto insurance companies will charge a fee if you use a card for monthly payments, but they won't charge you any fee if you use your credit card to pay the annual premium in full. Kara McGinley was a senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance.
Because interest quickly accrues on what you owe, this can be an inconvenience when using your American Express, Visa, or any other credit card to pay for car insurance, as well as everything else. If you set up automatic payments for all your bills through your credit card, you no longer run the risk of falling behind on your car insurance payment, since you'll never have to worry about whether you've forgotten to make a payment. When it comes to paying for your car insurance with a credit card, there are some questions and some people wonder if it's possible. Paying for your car insurance with your credit card can be a good or bad option, depending on your financial circumstances.