Credit Cards For Paying Insurance Premiums (2021)

Insurance is one of the bigger recurring expenses we have, and it’s only natural to want to get rewards from paying for the premiums. Unfortunately, credit cards tend to exclude these transactions and you often get nothing for using your card. Here are some ways for you to get card rewards for paying your insurance policies.

If your policy accepts card payment directly

These Amex Cards + GrabPay Mastercard

Amex
True Cashback

New to Amex

Receive*:

  • Apple Airpods (3nd Generation) (worth S$269); or
  • S$160 cash via PayNow

Plus:

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

Existing Amex customers (Promo 1)

$30 via PayNow*

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

Until 31st January 2022

UOB
Absolute Cashback

New to UOB cards

Get S$150 cashback if you are among the first 100 new-to-UOB cardmembers to make a min. spend of S$1,500 within 30 days of card approval. Valid till 28 Feb 2022. T&Cs apply

The Amex True Cashback has been the permissive card of choice to pay for insurance premiums. The recently launched UOB Absolute Cashback Card joins it as a nearly identical clone, except for a higher 1.7% earn rate.

Both cards are American Express cards which very few insurers accept. Fortunately, this can be sidestepped by first topping up your GrabPay Card with these cards for the cashback, then spending with your GrabPay Card.

Friz

Friz is a prepaid card that gives instant 1.75% cashback on anything that isn’t AXS or e-wallet top up transactions.

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 1 of 5 Fitbit Charge 5s
*spend on e-wallets or AXS is excluded

Maybank Cards

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

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
Visa Infinite

Maybank is one rare bank that has yet to exclude insurance premiums from earning cashback/miles on all of its cards.

For cashback, Maybank Platinum Visa gives you an earn rate of 3.33% per quarter. You are required to meet the minimum spend of $300 or $1,000 per month for the three months within the quarter.

Maybank Visa Infinite gives 1.2 mpd on insurance premiums (up to $3,000 a month). However, its $150,000 annual income requirement and the $600 annual fee (waived for the first year) make it a little out of reach for many. The Maybank Horizon Visa, on the other hand, is more mass market with the standard $30,000 income requirement. Alas, it gives a paltry 0.4 mpd for insurance premiums.

If your policy does not accept card payment directly

Many insurers and policies do not accept cards. That’s not going to stop highly motivated rewards chasers like us, clearly. Simply use payment services like CardUp and ipaymy to make such non-card payments with your card! You pay a service fee for this, though it pays off if you can get rewards greater than the service fee. Read this for more info; it applies to insurance as it does for income tax.

CardUp

New to CardUp*
Get $30 off the fee on your first payment! Remember to use the promo code listed!

New and existing users^
Get 1.75% off the fee on your income tax payment!

*Valid until 31 December 2021 with payment due date on or before 6 January 2022. 

^Valid for income tax payment scheduled on or before 26 December 2021

ipaymy

New to ipaymy
Sign up here to get $30 off the fee on your first payment!

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.

Subscribe to the channel, then join the group chat. You would often benefit from the tips exclusively shared in the group chat! See the Things You’ve Missed here

Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Thank you for supporting my site!

Leave a Reply

%d bloggers like this: