2023 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.

First, the bad news: the days of earning free credit card miles on insurance premiums are all but over. While it was once possible to earn as much as 4 mpd on such transactions (through a combination of the Citi Rewards Visa and GrabPay Mastercard), banks have steadily tightened the noose by closing loopholes and nerfing rewards.

What, you’re waiting for the good news?

Well, it’s technically not impossible to earn miles 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

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?

As mentioned earlier, the vast majority of banks exclude insurance transactions from earning points. Here’s a snapshot of each bank’s policy:

BankAwards Points for Insurance?

Only for Chubb products purchased via AMEX, or AMEX HighFlyer Card & AMEX True Cashback

Visa Infinite & Horizon only
Prudential Platinum & Prudential Visa Signature only

There are only six scenarios where you can earn miles when paying insurance premiums with your credit card. 

(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.

2.2 (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 has a hefty minimum income requirement of S$150,000. The Maybank Horizon Visa Signature has an income requirement of just S$30,000, but earns a paltry 0.4 mpd on insurance transactions.

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

(2) StanChart Prudential Platinum or StanChart Prudential Visa Signature 

The little-known Standard Chartered Prudential Platinum and Standard Chartered Prudential Visa Signature explicitly state that rewards points are awarded on insurance premiums. You might think this was just limited to Prudential premiums, but the T&Cs make no distinction. 

The earn rate is 1X points per S$1 for Prudential Platinum Cardholders, and 1.5X points per S$1 for Prudential Signature Cardholders. This works out to 0.29-0.6 mpd, depending on whether you hold a Standard Chartered Visa Infinite or X Card (read this post for more details).

CardEarn Rate for Insurance
Without SCB VI/X CardWith SCB VI/X Card
SC Prudential Platinum
0.29 mpd0.4 mpd
SC Prudential Visa Signature
0.44 mpd0.6 mpd

(3) KrisFlyer UOB Debit Card

The KrisFlyer UOB Credit Card does not earn miles on insurance, but its debit card brethren certainly does. 

For whatever reason, insurance premiums are not an exclusion category for the KrisFlyer UOB Debit Card, which means you can earn at least 0.4 mpd on your payments. 

CardEarn Rate for Insurance
KrisFlyer UOB Debit Card
At least 0.4 mpd

Why “at least”? Because accountholders can earn bonus miles for putting money in the account and spending on their debit card. The current structure gives a bonus 5 or 6 mpd to anyone who keeps a minimum MAB of S$1,000 in the account. 

The catch is that you earn a puny 0.05% p.a. interest, and the bonus miles are capped at 5% of the MAB. In other words, someone who put the bare minimum S$1,000 in the account would be limited to earning just 50 bonus miles per month.

(thanks to Zhang Pinzheng for confirming this)

(4) AMEX HighFlyer Card or AMEX True Cashback Card

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 AMEX credit cards. 

The AMEX HighFlyer Card and AMEX True Cashback Card are exempt from this change, which means you can earn 1.8 mpd or 1.5% cashback on your insurance premiums if American Express is accepted (if not, see the GrabPay option below).

CardEarn Rate for Insurance
AMEX SIA Business Card
1.8 mpd
AMEX True Cashback Card
1.5% cashback

(5) Via 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
CardEarn RateRemarks
AMEX SIA Business Card
1.8 mpdOnly for owners of SMEs
AMEX True Cashback Card
1.5% cashbackNo cap
UOB Absolute Cashback Card
0.3% cashbackNo cap

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

This, of course, depends on whether your insurer accepts credit card payments. It used to be possible to pay insurance premiums via GrabPay on AXS, but that was blocked on 16 January 2023. 

(6) Pay a fee

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

ProviderFeeCost Per Mile
Pay + Earn2.5% 1.52-2.50 
2.25% (code: GET225)
S$30 off first payment with code: MILELION 
2%1.1 cents
(promo till 31 Jan 23, T&Cs apply)
(only for SC cards)

Whether it’s “worth it” to buy miles at this price 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. 


The landscape for earning miles on insurance premiums has grown progressively bleak over the past few years, and I wouldn’t count on the existing avenues 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 Wong
Aaron founded The Milelion to help people travel better for less and impress 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


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.


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.


Same here, second this comment.


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.


CardUp / iPayMY transations does NOT earn points/reward on ALL Citi/DBS cards.
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).


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


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 years 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?

Asac WU

Hi Aaron, would you mind to share your wisdom on the following scenario?

  1. Using Maybank Visa Horizon card
  2. Pay up to USD 5000 Insurance premium payment
  3. Plz note that payment carried out in FCY

May I know, will it have 3000 per month cap and will it follow FCY treat point track, i.e., 5x points?

Last edited 5 months ago by Asac WU

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


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.


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 2 years ago by Leon

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?


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


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.


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+.


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?


Manulife not included?


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.”


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


I think it does I just did it last night!


this has been so, for very long already


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?


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


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 😀


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


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


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


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


Hi Aaron,
Will paying insurance premiums via mAXS earn miles?


Wanted to apply for the Maybank Infinite Visa to pay for my insurance premiums renewal. Insurer side only accepts MasterCard for renewal payment only and I thought I can use the AXN machine to pay using the Maybank Infinite Visa card. While browsing through the card’s T&C they also specifically exclude payment paid using AXN. So although this card technically award miles for payment of insurance premium but there isn’t a channel we can use to benefit from it. Are there other options to use a Visa card to pay for renewal insurance premium (other than AXN) and hope to… Read more »


UOB Krisflyer card’s T&C seems to indicate that it doesn’t exclude insurance payment



Well… the T&C on this main page is updated Nov 2022 but probably missing the insurance exclusion

I found same Nov-2022 updated T&C on Moneysmart having insurance exclusion


Hi Aaron, Clause 8f of the SCB Prudential card states “The following transactions will not be considered as Qualifying Prudential Card Transactions. Qualifying Foreign Currency Transactions or Qualifying Dining Transactions: f. recurring payments (being automatic payments where you, the principal or supplementary cardholder of a Prudential Card, have given a one-time authorisation or instruction for the merchant to charge the payment directly to your Prudential Platinum Cards or Prudential Signature Card (as the case may be) at a fixed interval, such as transactions made pursuant to Standard Chartered Bank (Singapore) Limited’s 0% Interest Instalment Plan) or payments made to all… Read more »


Are travel insurance typically under the same MCC? Or they still earn miles as online transaction (under other MCC?), thus, online card like WMMC will still earn points/miles.


can i ask, how do your pay insurance premium for singlife? don’t seems to have a link to pay



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