Insurance premiums are a commonly excluded item in most credit cards’ terms and conditions for rewards. Nevertheless, there are still a few rare cards that give rewards for paying premiums, and also some workarounds to get cashback and miles out of our insurance policies. Here are some cashback options.
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For policies that directly accept cards
Most policies accept credit cards for the initial premium. Some may not accept it for renewal premiums. If your policy allows you to pay directly with a card, here are some options to get cashback (as card terms are constantly changing, please check the terms and conditions of your card before proceeding):
Safest: GrabPay MasterCard
If your insurer doesn’t take Amex, you can top up your Grab wallet, then use GrabPay MasterCard to pay for your insurance premiums.
- $160 cashback*
- $20 Diary Farm Group Voucher^
- 3% cashback on first $5,000 within 6 months
*min. spend of S$500 must be made within the first month of card approval
^sign up with SingPass MyInfo
Valid until 31st May 2021
- 1.5% / 3% cashback
New and existing customers
No bonus reward from Singsaver at the moment. Check back soon!
- 3.33% cashback
- Spend $300/$1,000 every month for three months to get $30/$100 every quarter (3.33%)
- 1.5% / 3%
- 3% cashback for new customers (first $5,000 in first 6 months)
For policies that don’t accept credit cards
Many policies, unfortunately, do not accept credit cards. You can still use your card for this, thanks to ipaymy. You need to pay a fee, but it’s worth it to get some cashback if you use an appropriate card. Read my article for more information; it’s on income tax, but the same applies for insurance premiums.
Register for an ipaymy account here and get $30 off your first payment! That’s around $1,330 of spend you can put on your credit card for free and earn free miles/cashback!
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