Earning credit card rewards for insurance premiums is becoming quite the rare unicorn indeed. One by one, banks have progressively excluded insurance transactions from their rewards programs, leaving few options for what can be a substantial recurring payment.
Which insurers accept credit card payments?
Here’s what I’ve managed to cobble together from the websites of some of the largest insurers in Singapore. It’s far from comprehensive, but should give you an idea of the options available:
Do note that not all types of policies can be paid through credit cards, and additional restrictions may apply.
For example, AIA only accepts Mastercard for recurring payments; AMEX and Visa can only be used for new applications or additions of riders. NTUC Income only allows the first life insurance premium to be paid via credit card; subsequent renewals or single premium policies must be paid via other means.
When in doubt, do check the accepted payment methods with your insurance agent.
What MCC does insurance code as?
Insurance can code under two main MCCs:
- 5960: Direct Marketing Insurance Services
- 6300: Insurance Sales, Underwriting and Premiums
Merchants assigned these MCCs typically pay a below-average processing fee, and banks are therefore less inclined to offer rewards on such transactions.
What credit cards earn rewards for insurance?
As you can imagine, the ground for earning rewards on insurance premiums is rapidly shrinking. Here’s a summary of each bank’s policy:
Except products purchased via AMEX channels
Visa Infinite & Horizon only
Except Prudential Platinum Card
Only one bank allows cardholders to earn rewards on insurance- Maybank. This is restricted to the Visa Infinite (high income requirement) and Horizon (low earn rate) cards only.
|Maybank Visa Infinite||1.2 mpd|
|Maybank Horizon||0.4 mpd|
Alternative Options for Insurance Payments
If you’re willing to pay a fee in exchange for earning miles on insurance, the following options are available.
|Platform||Fee||Earn Rate||Cost Per Mile|
|AXS Pay+Earn||2.5%||1.6 mpd||1.52|
|SC EasyBill||2%||1.4 mpd||1.43|
|👍 For your first payment of at least S$1,000 on CardUp, use the code MILELION to get S$20 off the admin fee|
For the sake of conciseness, I’ve only shown relevant options for each platform, and nothing that costs more than 2 cents per mile.
For example, SC EasyBill only supports SCB credit cards, so you’re limited to the SCB Visa Infinite (1.0/1.4 mpd) and SCB X Card (1.2 mpd). Likewise, AXS Pay+Earn doesn’t support Citibank cards, so the Citi Prestige’s 1.3 mpd isn’t an option.
I can’t tell you whether the prices above are “worth it”, because it all boils down to how much you value a mile. The gold standard is of course to earn miles for free, but if banks keep cracking down, this may be the only option left.
At the rate things are going, we’ll probably have to accept that credit card rewards for insurance premiums will soon disappear altogether, except for those holding cobrand cards like the OCBC Great Eastern Cashflo or SCB Prudential Platinum.
If your card still lets you earn points on insurance premiums, you’d better make hay while you can.