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.
Enjoy S$160 cashback when you apply and make a min. spend of S$500 within your first month of card approval. Valid till 15th March 2021.
3% cashback for first $5,000 spend
- 1.5% / 3% cashback
Maybank Platinum Visa
New to bank
Receive S$100 cash credit when you apply and make a min. spend of S$250 for two consecutive months. Valid till 31 Mar 2021.
- 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. Remember to use sethisfy20 at your payment page as a new user to enjoy $20 off the fee.
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