2024 Edition: Best Credit Cards for Insurance Premiums

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

While it was once possible to earn as much as 4 mpd on insurance premiums, banks have been steadily tightening 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…
❓ Overall Guide
✈️ Air Tickets
🌎 Amaze 💗 Charity
🍽️ Dining
🏫 Education🥡 Food Delivery
🏨 Hotels☂️ Insurance
📱 Kris+
⚕️ MedicalPetrol🚍 Public Transport
🛒 Supermarkets🚰 Utilities 

What MCC does insurance code as?

Insurance transactions code under two main MCCs: 

  • 5960: Direct Marketing Insurance Services
  • 6300: Insurance Sales, Underwriting and Premiums

In case you’re uncertain about the MCC, there’s three ways of looking it up before making a transaction:

MethodEase of UseReliability
📱 Instarem app●●●●
🤖 DBS digibot

Merchants assigned insurance-related 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?

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

BankAwards Points for Insurance?

1. Except payments made for insurance products purchased through American Express authorised channels (e.g Chubb)
2. Visa Infinite and Horizon only
3. Prudential Platinum & Prudential Visa Signature only

There’s only a handful of scenarios where you can earn miles when paying insurance premiums with your credit card. 

Maybank Visa Infinite & Horizon Visa Signature

While the Maybank TREATS programme T&Cs 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 a much lower income requirement of just S$30,000, but insurance transactions earn just 0.24 mpd (better than nothing, I suppose).

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

If, for whatever reason, your insurance premium happens to be in foreign currency, then the earn rates increase to 2 mpd for the Maybank Visa Infinite and 2.8 mpd for the Maybank Horizon Visa Signature. 

Standard Chartered Prudential Cards

The little-known Standard Chartered Prudential Platinum and Standard Chartered Prudential Visa Signature explicitly state that rewards points are awarded on insurance premiums- even if they’re not from Prudential.

The earn rate is 1X points per S$1 for Prudential Platinum Cardholders, and 1.5X points per S$1 for Prudential Visa Signature Cardholders. This works out to 0.29 and 0.44 mpd respectively.

CardEarn Rate for Insurance
SC Prudential Platinum
0.29 mpd
SC Prudential Visa Signature
0.44 mpd

Do note that the Prudential Visa Signature is only available to members of Ascend by Prudential.

KrisFlyer UOB Debit Card

The KrisFlyer UOB Credit Card does not earn miles on insurance, but its debit card brethren does. Cardholders can earn at least 0.4 mpd on their premiums. 

CardEarn Rate for Insurance
KrisFlyer UOB Debit Card
≥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 monthly average balance (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.

So don’t think too much about the bonus miles; just take this as 0.4 mpd. 

Bill payment services

If you’re willing to pay a fee in exchange for earning miles on insurance premiums, then bill payment platforms like CardUp, Citi PayAll and SC EasyBill are all options.

ProviderFeeCost Per Mile
2.25% (code: GET225)
S$30 off first payment with code: MILELION 
From 1.38 cents
2.2%1.22 cents
(till 29 Feb 24)
1.9%From 1.36 cents

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, though if banks keep cracking down, this may be the only option left.


Banks may not be fond of rewarding insurance purchases, but there’s still ways we can “disguise” the transactions.

The key is to find an insurance premium sold by a company whose main line of business is not insurance.

A good example is Klook. Klook usually sells tours and attraction tickets, but they also sell a travel insurance product known as Klook Protect. These policies are underwritten by companies like AIG, AXA, FWD and Zurich, so it’s basically a white label kind of product.

Buying Klook Protect codes the same as any other Klook transaction- MCC 4722 Travel Agencies and Tour Operators. You’d earn 4 mpd with the DBS Woman’s World Card, or 6 mpd with the UOB Lady’s Cards (with Travel selected as your quarterly bonus category). 

Likewise, when you’re booking a Singapore Airlines or Scoot air ticket, you’ll typically be offered the opportunity to include travel insurance. If you opt in, the transaction will code under the airlines’ MCC, allowing you to use the same cards mentioned in the previous paragraph. 

Now, I can’t vouch that these policies will always offers the lowest possible rates and the best possible coverage. You’ll need to do your comparison shopping for that. However, to the extent that the rates are competitive, it’s a simple workaround to get your miles. 


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 3 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 1 year 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 3 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 »


Hi Aaron, able to advise if you have experience making 1 time annual payment via AXS, does the prudential platinum card recognize 1pt for every dollar paid on the insurance policies through AXS?


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


Only an Ascend by Prudential customer is eligible for the Prudential Visa Signature Card.


@aaron, got to update this article to reflect that grabpay doesnt work with Amex cards any more.


Well, now Grabpay just doesn’t work “any more” PERIOD

Last edited 11 months ago by Wei

hihi, Im thinking OCBC N90 with cardup? isit a good choice?


Hi Aaron, to clarify SC Prudential non-VI for me to get a higher mpd I should apply for another SC X card?


The problem is some insurance companies like AIA only accepts Mastercard when making renewal premium payments and the only way a visa card can be use is through the AXS channel which the T&C of the visa card specifically exclude for awarding of miles

Victor Lee

Getting miles or cashback from paying insurance is getting more difficult. Many do not accept AMEX cards and others like AIA only allow Master card. Either you use Prudential Visa signature card or Maybank. Otherwise for payment that requires Master card I am using Debit Card UOB Krisyfler.


I have given up trying to earn points on insurance. I charge it to any credit card if accepted, and then pay credit bills by GIRO through HSBC Everyday Global Account. At least I get back 1% rebate for that.


TIL on the Maybank card. As it happens I do have insurance premiums in a foreign currency. Thanks!


only reason i’m using the maybank VI card, combining with the airport transport service and it’s actually not bad.



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