Cards for Insurance Premium | Credit Cards for Insurance Premium in Singapore

Written By Priyadarshini Nandi

September 10, 2021

Premiums for medical insurance or life insurance can run into hundreds or even thousands of dollars every year. That is why it is so worthwhile to sign up for a credit card that rewards you when you pay your insurance premiums with it. In the best-case scenario, you never use your insurance policy, implying that you paid insurance premiums for nothing. However, when things don’t go as planned, you can use your insurance policy. Since paying insurance premiums is unavoidable, it is best to do so with a credit card. And one that allows you to claw back some of your money. In this blog, we tell you about credit cards for insurance premium in Singapore.

Find Out if Your credit Card will Reward you for Paying your Insurance Premiums?

Insurance premiums are frequently excluded from cashback, air miles, and rewards programs offered by credit cards. Moreover, your insurance premiums may be excluded even if your credit card promises to reward you for every cent you spend. The simplest way to find out is to read your bank’s Terms and Conditions. You must read carefully to know the benefits of your credit card. There will be a list of exclusions that do not qualify for their cashback/miles/rewards. You can check to find out if insurance payments are one of them.

Credit Cards for Insurance Premium in Singapore:

American Express True Cashback Card

The Amex Express card offers the highest cashback for insurance payments. This card offers up to 3% cashback on all eligible purchases, including insurance payments. It is the only card that has no insurer restrictions and provides instant cashback in the same month’s statement. However, the 3% cashback is only available for the first six months. And you can only earn on purchases of up to $5,000. If you spend more than $5,000, the rate drops to 1.5%.  Even if you can easily spend that much, charge your insurance premiums to the card.

For instance, spending $5,000 in 6 months is not difficult. Most insurance premiums, monthly payments, and online shopping purchases should easily allow you to reach the limit. The American Express True Cashback Card is simple to use.

UOB Absolute Cashback Card

It is the most straightforward and simple cashback card for insurance payments. It is a simple and all-in-one cashback credit card that you can keep for a long time.  The UOB Absolute Cashback credit card is your best choice in Singapore. Unlike most cards, this one accepts insurance premium payments. And you can charge almost anything to it and still get that sweet 1.7% cashback. This is the highest in Singapore’s market right now. If you want to maximize your cashback, consider signing up for this card after you’ve exhausted the $5,000 limit on the Amex True Cashback Card.

For example, charge the majority of your expenses such as bills, insurance premiums, online shopping, etc. to this card. And then collect the cashback with your monthly statement. This card is appropriate for people who want to save time and money by using something simple.

 Maybank Platinum Visa Card

Looking for cashback on insurance payments and foreign currency purchases? Then the Maybank Platinum Visa Card is for you. If you frequently make foreign currency purchases (for example, on Amazon US) and want a single card to pay your bills and insurance premiums, the Maybank Platinum Visa card is ideal. However, the cashback is only available quarterly and is capped at $100 when you spend at least $1,000. This amount is relatively simple to achieve, especially if done on a quarterly basis.

For instance, you are browsing on Amazon Singapore and come across something you like, but it’s only available on Amazon US. Charge that purchase in USD to your Maybank Platinum Visa. And then have your insurance premiums automatically charged to this card. When the time comes, collect your $100 quarterly cashback! This is how you can use credit cards for insurance premiums in Singapore.

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