2022 Edition: Best Credit Cards for Insurance Premiums

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It gets harder and harder every year to earn credit card rewards on insurance premiums. Here's the handful of options remaining.

Here’s the bad news: the days of earning credit card points on insurance premiums are all but gone. One by one, banks have excluded this category from their rewards programmes, leaving very few options for what can be a substantial recurring payment. 

What, you’re waiting for the good news?

Well, it’s technically not impossible to earn points here- the scope is just very limited, and you may need to pay a fee. 

💳 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:

 
AIA1
AIG  
Aviva  
AXA
DirectAsia  
Ergo  
Etiqa  
FWD  
Great Eastern2  
Manulife      
MSIG  
NTUC Income3  
Prudential  
Singlife
Sompo  
Tokio Marine  
1. Visa and AMEX can only be used for new application
2.
Applicable to all Accident & health policies and new SGD regular premium life policies submitted from 15 October 2020 onwards
3. 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. 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, check the accepted payment methods with your insurance agent. 

What MCC does insurance code as?

Insurance transactions will 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. 

Which credit cards earn rewards for insurance?

Very few. Here’s a snapshot of each bank’s policy:

Bank Awards Points for Insurance?

Only for Chubb products purchased via AMEX


Visa Infinite & Horizon only

Prudential Platinum/ Visa Signature Card only

There are only five scenarios where you can earn rewards points when paying insurance premiums with your credit card. 

Scenario 1: Maybank Visa Infinite or Maybank Horizon Visa Signature

While the T&Cs of Maybank’s TREATS programme exclude insurance transactions, an explicit exception is carved out for the Maybank Visa Infinite and Maybank Horizon Visa Signature.

(d) Payments to insurance companies (does not apply to Maybank Visa Infinite for payments up to S$3,000 per calendar month and Maybank Horizon Visa Signature);

The problem is that the Maybank Visa Infinite requires a minimum income of S$150,000, not exactly mass market. The Maybank Horizon Visa Signature has an income requirement of just S$30,000, but earns a paltry 0.4 mpd. 

Card Earn Rate for Insurance
Maybank Visa Infinite 1.2 mpd
(capped at S$3,000 per calendar month)
Maybank Horizon 0.4 mpd

Scenario 2: Standard Chartered Prudential Platinum/ Visa Signature card

The little-known Standard Chartered Prudential Platinum/Visa Signature Cards explicitly state that rewards points are awarded on insurance premiums. 

It’s not clear whether they’re referring to all kinds of insurance premiums, or just Prudential specifically. For what it’s worth, the T&Cs of the card don’t list insurance as a blanket exclusion, so I’m hopeful it applies to all underwriters. 

In any case, you can definitely earn points on Prudential premiums, at a rate of anywhere between 0.29-0.6 mpd (this depends on whether or not you own a Standard Chartered Visa Infinite/X Card; read this post for more details).

Card Earn Rate for Insurance
Without SCB VI/X Card With SCB VI/X Card
SC Prudential Platinum 0.29 mpd 0.4 mpd
SC Prudential Visa Signature
0.44 mpd 0.6 mpd

Scenario 3: American Express Cards with Chubb

Back in March 2020, American Express updated their rewards T&Cs to exclude insurance premium payments, except those “purchased through American Express authorized channels”. In practice, this means only Chubb premiums will earn points on the AMEX KrisFlyer or AMEX Platinum credit cards. 

The AMEX True Cashback Card was exempted from this change, which means you can earn 1.5% cashback on your insurance premiums if American Express is accepted (if not, see the GrabPay option below).

Scenario 4: Via the GrabPay Mastercard

The GrabPay Mastercard can be a roundabout way of earning rewards on insurance premiums- provided you have a card that still earns rewards for GrabPay top-ups.

💳 Cards for GrabPay Top-Ups
Card Earn Rate Remarks
AMEX SIA Business Card
Apply
1.8 mpd Only for owners of SMEs
AMEX True Cashback Card
Apply
1.5% cashback No cap
UOB Absolute Cashback Card
Apply
1.7% cashback No cap

What you do is top-up your GrabPay balance with one of the cards above, then use the GrabPay Mastercard to pay your premium.

Just remember that:

Scenario 5: Pay a fee

If you’re willing to pay a fee in exchange for earning miles on insurance premiums, the following options are available. 

Provider Fee Cost Per Mile*
Pay + Earn 2.5%  1.52-2.50 
2.25% (code: GET225)
S$30 off first payment with code: MILELION 
1.38-1.83
2% 1.25-1.67
(only for Citi cards)
2% 1.43-2.00
(only for SC cards)
*Based on general spending cards with earn rates of 1.2 to 1.6 mpd

Whether it’s “worth it” to buy miles 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

There’s not a lot of ways left to earn credit card points on insurance premiums, and I wouldn’t count on the existing ones lasting very long either. You’ll just have to make hay as long as you can. 

Are there any other ways you know of earning points on insurance premiums?

Aaron Wong
Aaron founded The Milelion to help people travel better for less and impress 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

everyoneall

CardUp / iPayMY transactions on GrabPay MasterCard, will not earn any Grab Reward Points.
U can only get the 1.5% / 1.7% Cashback via TrueCashback Amex or UOB Absolute Amex Top-Up to GPMC Wallet.

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.

Daniel

Same here, second this comment.

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.

everyoneall

CardUp / iPayMY transations does NOT earn points/reward on ALL Citi/DBS cards.
eg.
DBS Live Fresh / SAFRA Cards do NOT earn cashback on CardUp / iPayMY transactions.
DBS Altitude Cards do earn DBS Points on CardUp / iPayMY transactions.

I’m not very sure which Citi cards have cashback/Citi$ for CardUp/iPayMY transactions, as CardUp specifically disallow Citi cards for some payments (eg. Mortgage Loans, etc).

Qing

Aaron’s reply is one year ago and at that time is true.

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!

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?

Thanks

Refer to:

amex.co/SGexclusions

https://www.americanexpress.com/content/dam/amex/sg/campaigns/pdfs/true-cashback-card.pdf

https://www.americanexpress.com/content/dam/amex/sg/benefits/SGexclusionsjan20.pdf

Last edited 1 year ago by Mazie Doh
Alan

https://www.maybank2u.com.sg/iwov-resources/sg/pdf/cards/horizon-benefits-privilege-tnc.pdf

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?

ben

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

Jessie

Fyi, I paid for insurance (first time sign up premiums) using Horizon recently, checked statements for next 2 months and zero Treat Points to date.

Leon

You can use Horizon to top up Grabpay card to get points and use it to pay for insurance directly or through Cardup. Which insurer?

Last edited 1 year ago by Leon
S K

Amex cards (KF, Platinum and Capitacard) are still giving rewards for GrabPay topup as well, and there is an ongoing campaign. Does that not count?

Vice

I guess the Amex offer is targeted and for a limited time, therefore not included as a solution in the long term.

kkong

campaign until 10 May 2021 and quota by $5k. but with $5k , at least it is a solution for most of people for this year insurance.

Adam

Interestingly enough, the Prudential cards also have 10X for foreign currency transactions so you could potentially use this card as a substitute for the Rewards+, or as an alternative once you max out the cap on Rewards+.

Ian

Hi Aaron,
How about Cigna international insurance plan? Since it charges in USD, is it considered an overseas spendings and would go well with SC Rewards+ or PRVI?

Max

Manulife not included?

J C

hi aaron. grabpay mastercard cannot be used to pay insurance bill via AXS online (see error message below). are u referring to other payment modes?

“Transaction Failed
Your payment card is not accepted. Please try again or use another card.”

J C

oic! good thing i have not tried to load all the money into grabpay phew

Gerry

I think it does I just did it last night!

everyoneall

this has been so, for very long already

Kim

Anyone has data points on paying non prudential insurance with Stanchart prudential card? Rewards points earned? Also, do you need to be a prudential policy holder?

chk

Oh thanks Aaron. Wasn’t aware Amex card don’t earn points for all insurance payments anymore. Bummer

John

Hi Aaron,

Just sharing, for Singlife, first premium only is only for Grow policies, their other life policies allow use of all 3 credit cards for recurring payments. Have been using AMEX to pay for my CI policy 😀

everyoneall

Maybank Platinum VISA card has 3.33% cashback for Insurance premium payments.

Oily

Think UOB Absolute Cashback doesn’t exclude insurance payments in the T&C… but it’s AMEX

Paul

Can citi payall be used for AIG? The CSO themselves also dunno

FTFTFT

It’s also important to note that the daily transaction limit for GrabPay card is $5000

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