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.
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.
Amex True Cashback
New to bank
3% cashback for first $5,000 in first 6 months
Rewards
- 1.5% / 3%
Conditions
- 3% cashback for new customers (first $5,000 in first 6 months)
Alternatives:
Maybank Platinum Visa
New to bank
$30 via Paynow + $100 Cashback
Rewards
- 3.33% cashback
Conditions
- Spend $300/$1,000 every month for three months to get $30/$100 every quarter (3.33%)
Amex True Cashback
New to bank
3% cashback for first $5,000 in first 6 months
Rewards
- 1.5% / 3%
Conditions
- 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. Remember to use sethisfy20 at your payment page as a new user to enjoy $20 off the fee.
Keep up to date on the best cashback/mile cards, savings accounts, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel. You can also ask questions in the chat!
Want easy money? Check out attractive promos here!