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Credit cards that let you make insurance premium payments can offer a way to let you accrue rewards as you pay your monthly bills. But most credit cards in Singapore now exclude insurance payments from earning rewards.
Offer ends 30 June 2021
Eligibility criteria, terms and conditions, fees and charges apply.
There are a few benefits that come with paying your insurance premiums with a credit card. These include:
Checking whether or not a credit card you compare offers rewards for paying insurance premiums can be straightforward. The steps to take include:
First, narrow your choices down to those credit cards that allow you to earn rewards on insurance premium payments. Once that’s done, you should consider:
While paying your insurance premiums by credit card can be convenient, there are some stumbling blocks to try and avoid. These include:
If you’re already making insurance premium repayments, it can be highly beneficial to earn rewards on those expenses. It’s best to be organised, find the right card for you and be certain that your finances are in order before you pay any larger bills or expenses by credit card.
Unfortunately, the majority of credit cards in Singapore today won’t let you earn rewards on insurance premiums. So, you may need to explore other ways to get the most out of your regular card spending.
Why is it a good idea to pay for my insurance premium with a credit card?
Put simply, paying your insurance premium on your card can open up more credit card rewards. This won’t be the case with other types of payment, such as cheque, internet banking or GIRO. Just be aware that most credit cards will exclude insurance payments from earning rewards – so, be sure to compare your options with care.
When should I pay for my insurance on a new card?
Generally, it’d be a good idea to apply for your credit card at least a couple of weeks in advance of your insurance’s policy due date. This should give you the time to make sure your new card gets activated in time for you to pay for your premium before the due date set by the insurer. Typically, insurance is paid for monthly, quarterly, bi-annually or yearly.
Am I eligible for a credit card that earns rewards when paying insurance premiums?
Every credit card has different eligibility criteria. To apply for a credit card you generally have to be: over the age of 21 (unless you’re applying for a student credit card), a Singapore national or permanent resident and have a good credit standing. Some credit cards allow foreigners to apply, while credit cards with premium rewards schemes and larger spending limits will often have higher minimum income requirements for applicants.
How does excess size impact premium size?
In general, a higher excess can lower premium payments. Excess payments are the charge you need to pay whenever you make a claim. It can be tempting to opt for a lower excess, as these charges are typically a larger sum of money than a monthly premium payment. Lowering your premium may save you more in the long run, but you’ll want to make sure you can afford a higher lump sum in case you need to make a claim.
Are there limits on the rewards I can earn when using my credit card to pay insurance premiums?
If your card allows you to earn rewards when paying for insurance premiums, then it’s likely that typical reward earning limits will also apply. Be sure to check the terms and conditions of the rewards scheme attached to any credit card, so you’re aware of any exclusion, caps or limits in place.Back to top
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