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. 

💳 What’s the best card for…
This guide forms part of the “best card” series. Check out other category specific guides below, or the overall guide here.
💗 Charitable Donations | 🏫 Education | 🥡 Food Delivery | 🏥 Hospital Bills | ☂️ Insurance  | ⛽ Petrol | 🚍 Public Transport| 🚰 Utilities Bills

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:

Great Eastern  
NTUC Income2  
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.

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:

  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. 

Card Earn Rate
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
(code: GET225

1.6 mpd 1.38
1.4 mpd 1.57
1.3 mpd 1.69
1.2 mpd 1.83
1.0 mpd 1.96
AXS Pay+Earn
1.6 mpd 1.52
1.4 mpd 1.74
SC EasyBill
1.4 mpd 1.43
1.2 mpd 1.67
1.0 mpd 2.00
👍 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.

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. 

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


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


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


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


Does GPMC work with CardUp and IPM?


Yes it doss


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


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.


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.


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?


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

Mazie Doh

Hi Aaron,

Thanks for this summary.

I did some google search, and actually I found seems that Amex True Cash Back currently still considers the insurance premium as the eligible transaction. (amex.co/SGexclusions)

Could you please confirm or did I miss something?

If it’s true, given that I might have 10000 SGD pending premium in next few weeks, should I go for this Amex True Cash Back credit card?


Refer to:




Last edited 2 months ago by Mazie Doh


Please see the terms and condition on Maybank Horizon card. Insurance premium is excluded. Not sure whether it is a recent change. Can the admin please verify

Ben K

So from this, I gather that T Points are awarded for the VI card, up to $3000 per calendar month?


OCBC Great Eastern Cashflo have recently changed their terms. no more points i believe and they charge you for amortizing payments



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