Premiums for medical insurance or life insurance can run into the hundreds or thousands depending on what kind of plan your bought.
That’s why it’s so worthwhile signing up for a credit card that rewards you when you use it to pay your insurance premiums.
We get asked this question a lot!!
By paying premiums with a credit card, you can earn some cash back for yourself.
I have created a top 5 list of which credit card is best suited for insurance premiums.
My TOP 5 credit cards for insurance premiums!
Best credit card to pay Prudential insurance premiums
UOB Delight Card gives 3% cashback for PRU policies.
It also provides you with 3% cashback on telco, Prudential insurance, Town Council, and SPH newspaper subscription bills after a S$400 monthly spend.
UOB Delight Card does have some drawbacks. While a S$400 spend unlocks a 3% rebate. The card also has a low S$50 monthly cap on rebates.
Read more: Health Insurance For Foreigners In Singapore (2 Best Ideas!)
Best credit card to pay Great Eastern insurance premiums
OCBC Great Eastern Cashflo is recommended if you have insurance plans from Great Easter Life or their general insurance.
You get the added benefit of paying the annual premiums over a period of 12 months interest free and 1% rebate on Great Eastern insurance.
Click here for the list of eligible insurance.
The drawbacks for this are the rebates is amongst the lowest compared to all the other credit cards.
Best credit card for insurance premiums (All other insurers) for HIGH monthly spenders
By providing 3.33% to 5% cashback on nearly all spending, the UOB One Card is recommended if you have other insurance plans other than prudential/great eastern.
For a premium of S$3,000, you can max out the $100 rebate per month.
You can pay for different plans on different months to maximise the monthly rebate.
Best credit card for insurance premiums (All other insurers) for LOW monthly spenders
Maybank Platinum Visa Card is great if you spend S$300 to S$1,000 per month typically.
This card gives you up to 3.33% in cash rebate for a maximum of S$400 annually.
Maybank Platinum Visa Card has a S$0 of annual fee.
Maybank Platinum Visa Card also has its own set of drawbacks.
There's a max rebate of S$100 per quarter.
If a $3,000 insurance premium is charged, the max rebate is reached and you have to wait for the new quarter to earn new rebates.
Best credit card for getting miles while paying insurance premiums
American Express Singapore Airlines KrisFlyer Credit Card!
It is an exceptional miles-earning card if you who value miles, but don't want to pay a hefty fee for them.
With a very respectable rewards rate of 1.1 miles per S$1 local spend and 2 miles for overseas spend, American Express Singapore Airlines KrisFlyer Card provides a simple way to earn miles by paying insurance.
You can receive 5,000 bonus miles the first time charging your card and receive another 7,500 miles after spending $3,000 during the first 3 months upon Card approval.
Clocking $3,000 is actually quite possible with a life insurance premium.
I've checked on the terms and conditions for most miles card and they exclude insurance premiums charges.
Even the DBS Altitude card and Citi Premier Miles Visa card.
Personally, I use cashback cards more for insurance premiums so The Milelion is a great source to find out more.
Bonus suggestion from reader! (Qualify with $120k annual income)
OCBC VOYAGE Credit Card!
With a very respectable rewards rate of 1.2 Voyage miles per S$1 retail/insurance spend , 1.6 Voyage miles for local dining spend and 2.4 Voyage miles, OCBC VOYAGE Credit Card provides a alternative way to earn miles by paying insurance.
You can also can transfer your Voyage Miles to KrisFlyer miles with no transaction cost!!
Also earn Voyage Miles by using this card to pay your income tax as well.1 Voyage miles per S$1 income tax spend.
Other cons for the OCBC voyage credit card are the annual fees being high ($488) and it being hard to waive off.
Want to know more on how to save? Hear my tips below and a SPECIAL frugal man story for you LOL
Conclusions
You should check if the insurance plan first allows credit cards for premiums.
Most life insurance plans ONLY allow for first year premiums to be charged to credit cards.
Single premium plans typically DO NOT not allow credit card payment.
Investments into funds also do not allow credit card for premiums.
On a side note: NTUC Incomeshield premiums NOW allow credit card payments.
As for the rest, hopefully you own one of the cards mentioned above!
If you have any different suggestions, do leave in the comments sections below.
Last updated on September 1st, 2019 at 02:29 pm