Cashback on Insurance Premiums! (Miles Too)

Credit cards are meant to encourage discretionary spending and make people more likely to make spontaneous purchases, so things like bills and insurance premiums tend to be excluded from credit card rewards. Nonetheless, it’s not impossible to get cashback and even some miles from paying for your insurance policies, and it’s something you should definitely do since any cashback you get is pure savings without any extra expenditure.

Some insurance policies accept credit cards directly, while others don’t. It’s possible to get rewards from either type of policies, so read on to find out how.

Up to 3% cashback with these two cards

Amex True Cashback and UOB Absolute Cashback are two cards that boldly declare no exclusions for practically anything you can pay for using these cards. That also includes insurance, provided your insurance policy accepts Amex as a payment method. It’s not a very common thing for insurers to accept Amex, so to get around this, you can use either the Amex True Cashback or UOB Absolute to top up your Grab for the cashback, then use your GrabPay Mastercard to pay for your policy.

There are some downsides to this, because GrabPay Mastercard has of limit of $5,000 per transaction, and a monthly limit of $10,000. It also has a $30,000 annual limit, so any insurance spend you make using your GrabPay Mastercard will reduce your limit for other expenditure you may have for your GrabPay Mastercard. You also don’t get Grab points for insurance payments, though you already have your cashback from the top-up.

Cards to top up Grab

Get 1.7% with the UOB Absolute Cashback card, and up to 3% with the Amex True Cashback Card.

Amex
True Cashback

 New to Amex

Receive*:

  • S$100 cash via PayNow

Plus:

  • 3% cashback on first $5,000 of spend

*min spend of S$500 required within 30 days of card approval

Until 4th May 2022

UOB
Absolute Cashback

For new-to-UOB Credit Cardmembers*, spend by 31 July 2022 to enjoy 5% cashback (equivalent to S$150) on your first S$3,000 spend.

*Terms and conditions

1.75% instant cashback with this prepaid wallet

Friz is a prepaid wallet that gives 1.75% instant cashback on anything that isn’t an AXS transaction or e-wallet top-up. This means that insurance (amongst other commonly excluded things) is fair game, and I have indeed received 1.75% cashback for paying an insurance policy.

Having instant cashback is pretty awesome too, particularly when most other cashback cards credit cashback as late as one to almost two months later.

ActivityReward
Sign up here and use code WEE-wjcM4C
Spend S$500* or more (in one or multiple transactions); or
Successfully apply for Friz credit line; or
Get paid S$500 or more for invoices using Friz
S$20
Optional: make your first top up of at least $10 S$5
Bonus: spend S$500* or more (in one or multiple transactions)Stand a chance to win AirPods Max
*spend on e-wallets or AXS is excluded

Maybank Cards

Maybank Visa Infinite, Maybank Horizon Visa, and Maybank Platinum Visa do not exclude insurance premiums from rewards.

Maybank Horizon Visa only gives 0.4 miles per dollar, so you’d be much better off ignoring this card. Maybank Visa Infinite gives a more respectable 1.2 mpd, but the annual income requirement of $150,000 makes the card inaccessible to many.

Maybank Platinum Visa gives 3.33% cashback when used optimally: $300 of spend per month for three months gets you $30, while $1,000 of spend per month for three months gets you $100. Any spend that deviates from these amount will decrease your cashback rate. For instance, spending $400 per month for three months still gets you $30, resulting in a 2.5% cashback rate instead.

Also, do take note that if you opt to pay your insurance premiums monthly rather than annually, most insurers increase the premiums by as much as 2 to 4%, so you might not be saving much by paying monthly to satisfy Maybank Platinum Visa’s conditions.

Maybank
Family and Friends

New customers

Singsaver promo
Receive S$20 Cash via PayNow upon card approval

Maybank promo
Apply for a Maybank Credit Card and a CreditAble Account and receive:

  • First 2,000 applicants: Garmin vívomove Style
  • 2,001 onwards: S$100 cashback

Both promos stack if you sign up with the Apply button above.

Until 20th February 2022

Maybank
Horizon Visa

New customers

Singsaver promo
Receive S$20 Cash via PayNow upon card approval

Maybank promo
Apply for a Maybank Credit Card and a CreditAble Account and receive:

  • First 2,000 applicants: Garmin vívomove Style
  • 2,001 onwards: S$100 cashback

Both promos stack if you sign up with the Apply button above.

Until 20th February 2022

Maybank
Platinum Visa

New customers

Singsaver promo
Receive S$20 Cash via PayNow upon card approval

Maybank promo
Apply for a Maybank Credit Card and a CreditAble Account and receive:

  • First 2,000 applicants: Garmin vívomove Style
  • 2,001 onwards: S$100 cashback

Both promos stack if you sign up with the Apply button above.

Until 20th February 2022

For policies that don’t accept credit cards directly

Many insurance policies don’t accept credit cards directly, but that wouldn’t stop rewards chasers like us. There are a few good ways to pay for your premiums and still get rewards:

GrabPay and AXS or PayNow

Once again, your Grab wallet comes in handy: many insurers accept payment via AXS, and GrabPay Mastercard can be used to pay AXS transactions. You don’t get Grab points on such transactions, but you do get cashback from topping up your Grab wallet with Amex True Cashback and UOB Absolute.

Grab wallet credits can also be used to pay PayNow QR UEN codes, so you are able to pay to insurers who accept payments via PayNow.

CardUp and ipaymy

CardUp and ipaymy are services that allow you to use your credit cards to pay for things that don’t accept credit cards. Read this article for more details on how they work.

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3 thoughts on “Cashback on Insurance Premiums! (Miles Too)

  1. Using Friz to pay AXA insurance doesn’t work. Although credit card payment method is accepted, the system doesnt allow it. Maybe its because its debit card. 🙁
    $ now stuck in Friz, thought of topping up grabpay wallet, also cannot. Any idea or other solutions?

    1. Maybe you can check with AXA and Friz. I recently paid an insurance policy (but not AXA) and topped up Grab with Friz.

      Have you tried topping up Big Pay?

    2. Managed to leave an email for AXA to reply. I tried to top up Grabpay again, and it worked now. Strange. 🙂
      Thanks for the quick reply and suggestion.

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