Best Credit Cards For Insurance Payments In Singapore (2024)

SingSaver team

SingSaver team

Last updated 29 January, 2024

Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you.


Get protected and rewarded at the same time, by designating these credit cards to your recurring insurance premium payments.

Perhaps the best-loved features of credit cards are the rewards they provide as you use them to pay for your everyday expenses. In many cases, the more you spend on your card, the more rewards you can enjoy. 

However, not all transactions are eligible for rewards — case in point: insurance premiums. Many card issuers do not recognise payments made to insurance providers as eligible for rewards. That is a pity, considering that insurance premiums are usually regular and long-term in nature – which makes them ideal for stacking up credit card rewards!

But all is not lost. Some credit cards regard insurance premium payments as eligible transactions, letting you earn rewards. And even if you don’t have any of these cards, there are still ways you can continue to earn rewards as per usual.

 

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Be one of the first 400 to receive rewards of up to +S$740 Vouchers or up to +74K Miles when you sign up for any participating Cashback or Miles Credit Card, respectively, within the promo period. The team with the most applications wins the rewards! Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

Plus, get up to 31x chances to win a Pair of RETURN Business Class Tickets to Tokyo, Japan (worth 120K Max Miles) in the Grand Lucky Draw when you successfully apply for participating products. Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

Click here to check out our past Lucky Draw winners!

 


Looking for the best credit cards to complement your spending patterns and expenditure in 2024? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore – from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.


Why do some credit cards not give you rewards on insurance premium payments?

Credit card rewards are only given on what the card issuer regards as “eligible transactions”, which are determined via what’s known as the Merchant Category Code (MCC). This four-digit number serves as a universal identifier for what category of business the merchant is in, and every transaction made on your credit card is tagged to the relevant MCC. 

Insurers usually carry MCC 5960 (direct marketing insurance services) or MCC 6300 (insurance sales and underwriting), which many card issuers exclude from their reward programmes. 

Since credit cards only provide rewards on transactions that fall under the pre-qualified MCCs, those that exclude MCCs 5980 or 6300 will naturally disregard your premium payments for rewards. 


Best credit cards for insurance premium payments in Singapore

Credit card Benefits
American Express True Cashback Card Unlimited 1.5% cashback on all spend, no minimum spend
Maybank Platinum Visa Card 3.33% cashback
UOB Absolute Cashback Card Unlimited 1.7% cashback on all spend, no minimum spend
Maybank Visa Infinite Card 3.33% cashback with min. S$300 monthly spend in a quarter

American Express True Cashback Card

amex-true-cashback

There are cashback cards, and then there are unlimited cashback cards. The latter is best for individuals who want a fuss-free credit card with very few limitations or category exclusions, such as paying for insurance premiums.  

The Amex True Cashback Card was the first credit card to bring the concept of unlimited cashback to credit card users in Singapore. It offers a flat 1.5% unlimited cashback on a much wider range of eligible transactions, and does not require any minimum monthly spend to earn cashback. There is also no limit to how much cashback you can earn.

Naturally, it is among the best candidates for earning rewards on your insurance premiums. 1.5% may not seem like much, but it surely adds up over the course of, say, your 20-year endowment plan!

TeamCashback-VS-TeamMiles-KV2.1_BLOGARTICLE_800x250

🆚SingSaver's Cashback vs Miles Campaign (Round 2) 🆚: Are you Team Cashback or Team Air Miles?

Be one of the first 400 to receive rewards of up to +S$740 Vouchers or up to +74K Miles when you sign up for any participating Cashback or Miles Credit Card, respectively, within the promo period. The team with the most applications wins the rewards! Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

Plus, get up to 31x chances to win a Pair of RETURN Business Class Tickets to Tokyo, Japan (worth 120K Max Miles) in the Grand Lucky Draw when you successfully apply for participating products. Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

SingSaver's Exclusive Offer: Receive the following rewards when you sign up for an Amex True Cashback Card (Team Cashback):

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Receive S$150 Cash via PayNow when you apply for an Amex True Cashback Card and make a min. S$500 spend within 1 month of Card approval. Available to new-to-American-Express card members only. Valid until 6 June 2024. T&Cs apply.

 

Maybank Platinum Visa Signature Card

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The Maybank Platinum Visa Signature Card offers quarterly cashback equivalent to 3.33% per annum, based on how much you spend in the preceding three months. 

Here’s how it works:

- Get S$30 cashback for minimum monthly spend of S$300 in the quarter 
- Get S$100 cashback for minimum monthly spend of S$1,000 in the quarter
- Get S$200 cashback for minimum monthly spend of S$2,000 in the quarter

Thus, you can earn a maximum of S$800 cashback for the year, if you spend more than S$2,000 per month every month. 

The good news is, your insurance premiums can contribute towards the required minimum monthly spends. The not-so-good news is, only 50% of the value of your premium payments are counted.

This means that if your monthly premiums are S$500, only S$250 will be counted for the month, and you’ll need to spend another S$50 to hit the S$300 minimum monthly spend. And you’ll have to do this for every month in the quarter (Maybank defines calendar quarters as: January to March, April to June, July to September and October to December) to qualify for cashback.

But still, 50% is better than 0%, and if you’ve been happily using this credit card all along, you can charge your insurance premiums to it to bump you up a tier for more cashback every quarter.


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UOB Absolute Cashback Card

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UOB Absolute Cashback Card Welcome Offer: Get S$350 Cash Credit as one of the first 200 new-to-UOB credit cardmember and make a min. spend of S$1,000 per month for 2 consecutive months from card approval date. Valid till 30 June 2024. T&Cs apply.

Also, get up to 10% cashback (equivalent to S$100) on the first S$1,000 spend within 30 days from card approval date. Valid till 30 June 2024. T&Cs apply.

Another credit card that gives you unlimited cashback is the UOB Absolute Cashback Card. It offers an even higher cashback rate of 1.7%, and acknowledges insurance payments as eligible transactions.

There is no cap on how much cashback you can earn with this card, and there are also no spend exclusions. Besides your insurance premiums, you should also pay for your big-ticket purchases such as furniture and appliances using this card to benefit from more cashback. 

Naturally, this 1.7% cashback applies to insurance premiums too, but before you swap out your current payment arrangement with this card, there's something to take note of. Not all insurers accept American Express credit cards as a form of payment and it's not certain whether they'll begin to do so. At this point in time, the only insurers doing so are AXA and AIA.

Furthermore, it's likely that insurers only accept both American Express and Visa credit cards for either new applications or when you're adding a rider onto your existing policy.


Maybank Visa Infinite Card

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The final entry on our list of credit cards that give you rewards on your insurance premiums is none other than the Maybank Visa Infinite Card. 

True to its premium credit card status, this card gives you 3x TREATS points (or 1.2 miles per dollar), up to S$3,000 worth of insurance payments every month.

This means you can earn up to 3,600 miles per month on your insurance payments – on top of however many miles you can generate from your other transactions. 

Not too shabby, provided you can satisfy the stiff eligibility requirements of S$120,000 in annual income.

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Other ways to earn rewards on insurance premium payments

Alternatively, you can pay your insurance payments using a third-party payment service to continue earning your credit card rewards. 

However, this involves paying a service fee, as well as running the risk that your bank may not recognise the transaction or offer a lowered reward rate. This varies by bank, so you’ll need to check directly with your card issuer if you consider taking this route.

Nonetheless, here are the third-party services you may use, as well as how much they charge.

Payment platform
Service fee (per transaction)
Eligible credit cards 
CardUp
2.6%, or S$3.40 for amounts less than S$130
All Visa, Mastercard, Amex and UnionPay cards
AXS Pay Any Bills
2.6%
Visa or Mastercard only
Min. of S$300 per transaction
Citi PayAll
2.2% (fee option)
Standard Chartered EasyBill
Up to 1.9% 
All Standard Chartered credit cards

CardUp 

CardUp is the most flexible payment service of the four, in the sense that you can use any Visa, Mastercard, UnionPay or Amex credit card issued in Singapore for your payments. 

Most insurance providers are included on the platform, but even if yours isn’t, you can simply set them up as a new payee on CardUp to start making payments to them.

In exchange for the convenience, you will also be paying among the highest service fee of 2.6%, or a minimum of S$3.40 per transaction. 


AXS Pay Any Bill

AXS Pay Any Bill allows you to use any Visa or Mastercard credit card to pay your insurance premiums, with a fee of 2.6% per transaction. In exchange, you will be able to earn credit card rewards with a credit card that does not usually recognise insurance premiums as eligible transactions. 

Thus – and this goes no matter which of the four services you choose to use – you should only choose a credit card which would give you rewards that outstrips the admin fee. For instance, there’s no point paying with a cashback card that gives you 1.5% cashback, versus a 2.6% fee.

This almost always means you should look towards credit cards with high earn rates, such as air miles or rewards cards. 

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Citi PayAll   

Citi PayAll is available in both no-fee and fee options, but only the latter would provide credit card rewards. Hence, that’s the version we’re focused on. 

You’ll pay an admin charge of 2.2% per transaction for the availability to earn your usual credit card rewards. As explained earlier, this doesn’t always make for a good deal, as you will only earn the base reward rates; that means cards like the Citi Also, only Citi credit cards are eligible, which further narrows down your choices. 

However, Citi PayAll is more attractive during promotions, such as the one currently ongoing. Pay at least S$8,000 through Citi PayAll within the promotion period to earn 1.8 miles per dollar, or 4.5 ThankYou points. 

Note that this promo is valid till 29 Feb 2024 and only four cards are eligible – Citi ULTIMA Card, Citi Prestige Card. Citi PremierMiles Card and Citi Rewards Card.

SingSaver's Exclusive Offer: Receive the following rewards when you sign up for a Citi Credit Card:

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Citi PremierMiles Card: Receive a Dyson Supersonic (worth S$699) or an Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529) or 15,600 KrisFlyer Miles or S$450 eCapitaVoucher or S$300 Cash upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 2 June 2024. T&Cs apply.

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Other Citi Credit Cards: Receive a Dyson Supersonic (worth S$699) or Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529) or Sony Portable Theatre System HT-AX7 (worth S$759) or S$450 eCapitaVoucher or S$300 cash via PayNow upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 2 June 2024. T&Cs apply.

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Plus, upgrade your rewards when you top up S$999 for an Apple MacBook Air 13” (M3 chip) 256GB (worth S$1,599) or an Apple iPhone 15 Pro 128GB (worth S$1,664.25). Alternatively, top up S$1,488 for a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB 5G (worth S$2,128). Valid till 2 June 2024. T&Cs apply.


Standard Chartered EasyBill 

SC EasyBill offers the lowest admin fee, with a maximum of 1.9% per transaction. So if you’re a Standard Chartered cardholder, you should probably start by looking here. 

Like with the other services listed, you can use your Standard Chartered credit card to pay for your insurance premiums and earn the corresponding rewards in return. Note that up to 7 business days is required for your payment to be fully processed. There is also no option to set up recurring payments at present.

SingSaver's Exclusive Offer: Enjoy the following rewards when you sign up for a Standard Chartered credit card. Eligible for new Standard Chartered cardholders only.

Standard Chartered Simply Cash Credit Card : Receive a Sony HT-AX7 (worth S$769) or Dyson SSHD (worth S$699) or Apple iPad 9th Gen 10.2 Wifi 64GB (worth S$508.30) or S$330 cash upon activating and spending min. $500 spend within 30 days of card approval. Also, get an additional S$30 e-Capitaland voucher when you make a min. spending of $1,000 in your 2nd month. Valid till 2 June 2024. T&Cs apply.
 

Plus, get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 2 June 2024. T&C applies.

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Standard Chartered Smart Card and Rewards+ Card: Receive  a Dyson AM07 (worth S$459) or Hinomi H1 Classic V3 Ergonomic Office Chair (worth S$419) or Apple Airpods (3rd Gen) With Magsafe Charging Case (worth S$274) or up to S$250 cash upon activating and spending min. S$250 spend within 30 days of card approval. Also, get an additional S$20 e-Capitaland voucher when you make a min. spending of S$1,000 in your 2nd month. Valid till 2 June 2024.  T&Cs apply.

Plus, get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 2 June 2024. T&C applies.

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Standard Chartered Journey Credit Card Only: Receive a SONY SRS-XB100 (worth S$90) or Apple AirTag (worth S$45.40) or up to S$50 cash upon activating your card within 30 days and no minimum spend required. Also, get an additional S$20 e-Capitaland voucher when you make a min. spending of $1,000 in your 2nd month. Valid till 2 June 2024. T&Cs apply.

Get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 2 June 2024. T&C applies.

Plus, receive up to 45,000 miles when you apply with annual fee payment (S$196.20 incl. GST) and make a min. spend of S$3,000 within 2 months of card approval. Valid till 30 June 2024. T&Cs apply.

 

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