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The best credit card for insurance payments

Insurance payments tend to be treated differently from other types of spend. When it comes to cardholder perks, you'll need to tread carefully when comparing providers.

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.

Here’s everything you need to know about choosing the best credit card for insurance payments.

HSBC Revolution Credit Card

HSBC Revolution Credit Card

Receive up to S$200 cashback.

Offer ends 31 Aug 2021

Eligibility criteria, terms and conditions, fees and charges apply.

HSBC Revolution Credit Card

  • Principal Annual Fee: S$0 annual fee for entire membership - S$0 thereafter.
  • Cashback Rate: 0%
  • Annual Interest Rate: 25.9%
  • Minimum Income (Singaporean & PR): S$30,000
  • Minimum Income (Non-Singaporean): S$40,000
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Compare credit cards for paying insurance premiums

Name Product Reward Cashback Offer Annual Fee Min Income - Singaporean and PR
HSBC Advance Credit Card
Receive up to S$200 cashback when minimum spend requirements are met.
Enjoy up to 3.5% cashback on all purchases with no minimum spend
S$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and S$192.60 thereafter
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$60 cashback. T&Cs apply. Ends 31 Aug 2021.
American Express CapitaCard
Earn up to 3% rebate (6X STAR$) when you shop at participating merchants in CapitaLand Malls in town.​ An additional 5% rebate (10X STAR$) at participating STAR$ X’tra Partners in CapitaLand Malls.​
N/A
S$0 annual fee for the first 1 year and S$171.20 thereafter
S$30,000
New card members can receive 150,000 STAR$ upon S1,500 minimum spend within the first 3 months of card approval. T&Cs apply. Ends 30 Sep 2021.
UOB One Credit Card
Receive S$150 cash credit when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date.
Up to 10% cashback with some merchants including Grab,7-Eleven and Cold Storage; 6% for Singapore Power Utilities bills; and 5% back on all other retail spending.
S$0 annual fee for the first 1 year and S$192.60 thereafter
S$30,000
Receive S$150 cash credit (for first 100 successful UOB personal credit card applications) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. T&C apply. Ends 31 Aug 2021.
HSBC Revolution Credit Card
Earn up to 10X Reward points or 4 miles per S$1 spent on qualifying purchases.
Receive up to S$200 cashback. T&Cs apply. Ends 31 Aug 2021.
S$0 annual fee
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$60 cashback. T&Cs apply. Ends 31 Aug 2021.
HSBC Visa Platinum Credit Card
Earn 1 Reward point for every $1 on all spend.
Up to 5% cash rebates on groceries, dining and fuel with minimum monthly spend of at least S$600.
S$0 annual fee for the first 2 years and S$192.60 thereafter
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$60 cashback. T&Cs apply. Ends 31 Aug 2021.
American Express True Cashback Card
Enjoy cashback on all purchases with no minimum spend or cap. Plus receive up to S$120 CapitaVouchers when a minimum spend of S$500 is made in the first month.
Earn 1.5% cashback on all eligible spending with no minimum spend or cap
S$0 annual fee for the first 1 year and S$171.20 thereafter
S$30,000
Apply today and get a 3% Cashback bonus when you spend S$5,000 in the first six months.
American Express Singapore Airlines KrisFlyer Credit Card
For every S$1 spent, earn 1.1 KrisFlyer miles on all eligible purchases, 2 KrisFlyer miles in foreign currency spent overseas during June and December.and 3.1 KrisFlyer miles on eligible Grab Singapore transactions.
S$150 cashback for use at singaporeair.com when you spend a minimum of S$12,000 until 30 June 2022
S$0 annual fee for the first 1 year and S$176.55 thereafter
S$30,000
Get up to 13,300 KrisFlyer miles with a minimum spend of S$3,000 in your first 3 months and an additional S$200 statement credits if you are new to American Express. T&Cs apply.
American Express Singapore Airlines KrisFlyer Ascend Credit Card
Earn 1.2 KrisFlyer miles per S$1 spent on local purchases, with no cap.
N/A
S$337.05 annual fee
S$50,000
Get a complimentary stay at Sofitel Singapore Sentosa Resort & Spa, Luxury Room (worth up to S$460++) when you spend S$5,000 within the first three months and an additional 10,000 KrisFlyer miles if you are new to American Express. T&Cs apply. Ends 30 Sep 2021.
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Benefits of paying insurance premiums with a credit card

There are a few benefits that come with paying your insurance premiums with a credit card. These include:

  • Maximise rewards points. Insurance premiums can cost hundreds or thousands of dollars and are repeat expenses. Being able to earn rewards when paying your premiums can cut the cost of a trip away or offer more cashback earnings. If you budget well and time the payment of, say, two or three big insurance purchases to your card throughout a year, you could amplify your rewards (especially if there’s a minimum spending requirement to meet each month or quarter). If you’re in the market for a rewards card, the HSBC Visa Platinum Credit Card could be a great choice if you’d like to save on everyday expenses such as fuel and food.
  • Cash flow. Being able to put your insurance premiums on a credit card can allow you to maintain a healthy and flexible cash flow. Instead of having to make a direct deposit from a savings account, and finding yourself strapped for funds, you can incorporate your insurance premiums into your monthly credit card bills.
  • Convenience. Paying by credit card is a convenient option. Your insurance premium will show up in your monthly credit card statement, allowing you to easily track and manage the expense. Check out Amex’s True Cashback Card, which lets you take advantage of a bonus 3% cashback on up to $5,000 of spending in your first six months.

How to check if a credit card offers rewards for insurance payments

Checking whether or not a credit card you compare offers rewards for paying insurance premiums can be straightforward. The steps to take include:

  • Check the insurer’s terms and conditions. Start by finding out whether your insurer accepts credit card payments for your premium. The easiest way to do this is to check the fine print on the terms and conditions of your insurance policy.
  • Look for policy exclusions. You’ll need to see if your credit card excludes insurance premiums from earning credit card benefits. If ‘insurance payments’ or ‘insurance sales’ (or similar) pops up on a list of policy exclusions, you won’t earn rewards for these payments.
  • Rewards conditions. Each policy should state any conditions under which you will not earn rewards. For example, purchases made on certain dates or at certain times.
  • Contact your bank. If you’re still unsure, you could ring your bank and ask whether or not insurance premium payments made by your credit card will accrue rewards. Ask them to point out exactly where in the terms and conditions it states this, so you have a written indication.

      How to choose the best credit card for paying insurance premiums

      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:

      • Reward type. If you’re trying to earn extra rewards then be sure to choose a credit card that offers you the type of reward you are likely to make use of. Rewards can come in many forms, including air miles, points schemes, cashback and shopping discounts. Be sure to choose the best credit card that provides you with the most rewards for your lifestyle.
      • Fees. All credit cards have some associated fees and charges. These can include annual fees, late payment fees, cash advance fees, overspending fees and rewards program fees. Always check the terms and conditions attached to your credit card.
      • Card features. If you’re after a certain feature, check that the card you want offers it. Features to look out for can include compatibility with mobile payments, global ATM access and more.
      • Credit limits. Banks will typically allocate you a credit limit after assessing your financial circumstances. That being said, it can be fruitful to shop around. One card may offer you a limit of two times your monthly income while another may offer you three times that amount. Just make sure you’re in a position to pay back anything you borrow in full each month.
      • Security. Most banks have safeguards and protective measures built into credit cards and payment processing systems. If you’re looking for a specific feature, such as SMS verification codes, one-time passwords or a transaction alert notification, then be sure your desired card offers the feature before signing up.

      What to look out for when using a credit card to pay insurance premiums

      While paying your insurance premiums by credit card can be convenient, there are some stumbling blocks to try and avoid. These include:

      • Higher fees. Higher fees may be unavoidable. The benefits of a good rewards scheme and the ability to make insurance premium payments may be offset by a higher annual card fee. You’ll have to decide whether the benefits of a certain card outweigh the potentially higher associated fees.
      • Squeezed credit limit. If you add insurance premium payments to your regular monthly credit card expenses, you could quickly find yourself nearing your credit limit. Be sure that charging insurance premiums to your credit card won’t cramp your financial freedom afterwards.
      • Interest rate charges. If you do push too hard against your credit limit and fail to make a credit card repayment as planned, you could face high interest rate charges. These rates can go above 20%. As enticing as extra rewards can be, don’t put insurance premium repayments on your card if it will cause you to face interest payments you can’t meet.

      Bottom line

      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.

      Compare cards and apply securely

      Frequently asked questions

      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.

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