Credit Cards For Paying Insurance Premiums (2021)
Please find the most up to date article here.
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*
3% cashback on first $5,000 of spend (Grab top ups get 1.5% instead)
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.
| Activity | Reward |
| 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 |
Excellent deal: get an iPad with CIMB credit cards! Also, grab S$5 +S$5 Lendlease voucher for use at JEM, 313, PLQ or Parkway Parade in under a minute.
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Maybank Cards
Maybank
Platinum
⚠️ Please remember to refer to Application Steps and complete all requirements
🔥 👍🏼
New to Maybank Customers
First 5,000 applicants: apply for both an eligible Maybank Credit Card and a CreditAble Account, make a min spend of S$600 per month for 2 consecutive months, and receive:
- A pair of American Tourister Linex 66/24 Luggage TSA; or
- AirPods (3rd generation) with Lightning Charging Case; or
- S$200 cash credit
Note that you need to apply for the CreditAble account, although you do not need to use it.
Application Steps
- Sign up here
- Note down the Application Reference number (at the end of Application, starts with REF-XXXXXXX)
- Fill up this Google form
Please view the terms and conditions here and save a copy for your reference.
Spend S$300, S$1,000, or S$2,000* per month for a quarter and get S$30, S$100, or S$200* cashback! That is 3.33% and it works for Cardup and ipaymy.
*S$2,000 tier from 1st October 2023 onwards
Maybank
Horizon
🔥 👍🏼
New to Maybank Customers
First 5,000 applicants: apply for both an eligible Maybank Credit Card and a CreditAble Account, make a min spend of S$600 per month for 2 consecutive months, and receive:
- A pair of American Tourister Linex 66/24 Luggage TSA; or
- AirPods (3rd generation) with Lightning Charging Case; or
- S$200 cash credit
Note that you need to apply for the CreditAble account, although you do not need to use it.
Application Steps
- Sign up here
- Note down the Application Reference number (at the end of Application, starts with REF-XXXXXXX)
- Fill up this Google form
Please view the terms and conditions here and save a copy for your reference.
Earn up to 3.2 mpd for restaurant dining, petrol stations, public transport (including Grab and taxi rides with our selected taxi service providers), and hotel bookings at Agoda.com/horizon.
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
Use promo code SETHISFY: get $30 off the fee on your first payment! That’s a transaction of around S$1,150 for free!
New and existing users
Use promo code SETHTAX23: get a discounted 1.75% fees on one-off or recurring income tax, Visa only
ipaymy
New to ipaymy
Sign up here to get $30 off the fee on your first payment! That’s a transaction of around S$1,330 for free!
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