What’s the best credit card for paying insurance premiums?

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Credit card rewards on insurance premiums may soon become a thing of the past. Here's the few banks which are still holding out.

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?

aia insurance
Photo Credit: Straits Times

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:

 
AIA1
AIG 
Aviva 
AXA
DirectAsia 
Etiqa 
FWD 
Great Eastern 
MSIG 
NTUC Income2 
Prudential 
Sompo 
Tokio Marine 
1. Visa and AMEX can only be used for new application or addition of rider. 
2. For life insurance premiums, only the first premium can be paid via credit card. Cards not accepted for subsequent renewals or single premium

Do note that not all types of policies can be paid through credit cards, and additional restrictions may apply.

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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
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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:

 Awards Points?

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. 

CardEarn Rate
Maybank Visa Infinite1.2 mpd
Maybank Horizon0.4 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. 

PlatformFeeEarn RateCost Per Mile
CardUp
2.25%
(code: GET225

1.6 mpd1.38
1.4 mpd1.57
1.3 mpd1.69
1.2 mpd1.83
1.0 mpd1.96
AXS Pay+Earn
2.5%
1.6 mpd1.52
1.4 mpd1.74
SC EasyBill
2%
1.4 mpd1.43
1.2 mpd1.67
1.0 mpd2.00
👍 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.

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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. 

Conclusion

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. 

Aaron Wong
Aaron founded The Milelion with the intention of helping people travel better for less and impressing chiobu. He was 50% successful.

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WJ

Hi Aaron,
How do you make payment for Tokio Marine premiums via Visa/MC? Is there a link that you can share? Thanks

WJ

Thanks. I was figuring out how to use Visa/MC to pay for my recurring TM premiums.

Belinda

I was thinking to use HSBC Revolution card to pay online. However axs-estation do not have HSBC credit card as a selection.

S.A

I believe it is only for the first premium only. I also ask this qns before from my TM agent.

QRC

Does GPMC work with CardUp and IPM?

Adam

Yes it doss

H L

Great article about IP update, looking forward updated article for tuition fee for poor parents.

Austin

Great Eastern does not accept Grabpay MC card to pay for my 1st year life insurance. but when i switch to bank MC card, it goes through.

Derek

Hi Aaron,
Just sharing, I actually emailed to DBS & Citi to check if they award points/miles if insurance payment made through CardUp Platform but their reply was that no points/miles will be awarded.
In the end, I tried using SCB EasyBill function @ 1.9% fee instead.

Cass

Hi Aaron, may I know if the new CitiRewards Mastercard earns the same as the visa? Will I still get 4mpd if I top up grabpay?

Kelvin

Earn the same BUT Visa and Master is different. You won’t get anything on top up grappay with a mastercard!

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