Best Credit Cards for Insurance Premium Payment 2020

Insurance premiums are expensive, offering a great opportunity to earn rewards on payments. However, most of Singapore's credit cards exclude insurance payments from earning rewards. We've carefully read through the terms & conditions for 100+ credit cards to identify which options actually offer rebates or miles on premiums.

Best Miles Card for Insurance Premiums
Best Cashback Card for Insurance Premiums
Best High-Income Cards for Insurance Premiums
Best Low-Spender Card for Insurance Premiums

Compare Best Credit Cards for Insurance Premiums by Dollar Value

Based on an average monthly spend of S$2,000, we analysed the best credit cards on the market to estimate returned value-to-consumer after 2 years, accounting for rebates and netting out annual fees. As a note, dollar value is heavily dependent on spending habits; intangible benefits (like free travel insurance and airport lounge access) are valuable but difficult to quantify.

A graph displaying how best credit cards for paying insurance premiums compare to one another in terms of their rewards
Best Credit Cards for Insurance Payments in Singapore by Estimated 2-Year Dollar Value
Best Miles Card for Insurance Premiums Best Cashback Card for Insurance Premiums Best High-Income Cards for Insurance Best Low-Spender Card for Insurance

Compare Best Credit Cards for Insurance Premiums by Dollar Value

Based on an average monthly spend of S$2,000, we analysed the best credit cards on the market to estimate returned value-to-consumer after 2 years, accounting for rebates and netting out annual fees. As a note, dollar value is heavily dependent on spending habits; intangible benefits (like free travel insurance and airport lounge access) are valuable but difficult to quantify.

A graph displaying how best credit cards for paying insurance premiums compare to one another in terms of their rewards
Best Credit Cards for Insurance Payments in Singapore by Estimated 2-Year Dollar Value

Best Miles Credit Card for Insurance Premiums

If you want to earn miles for you daily spend–including on insurance, consider this card.

HSBC Revolution: Miles for Social & Online Spenders

  • Up to 2mi/S$1 spend on online insurance & bill-pay
  • Promotions: Receive Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides
  • Read Our Full Review
  • Annual fee: S$160.5, 2-year waiver, subsequently with S$12,500 annual spend
  • 2 miles per S$1 spend on local dining & entertainment, online spend (unlimited)
  • Online rate includes travel bookings, recurring bills & transit payments
  • No minimum spend requirement
If you’re a social spender and pay for essentials online, HSBC Revolution Card is the best way for you to earn rewards for both your lifestyle and your insurance premium payments. Cardholders earn 2 miles per S$1 local spend on dining and entertainment, as well as for online transactions–including travel bookings, transit, recurring bills and insurance premiums. Earnings are unlimited and there’s no minimum spend requirement, making HSBC Revolution Card the easiest way to earn top rates for your premium payments. Even better, you can avoid paying the S$160.5 annual fee with S$12,500 annual spend. Ultimately, this is the absolute easiest and most affordable way for you to earn miles by simply paying your bills.
  • Stand-Out: Up to 2mi/S$1 spend on online insurance & bill-pay
  • Promotions: Receive Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides
  • Read Our Full Review
  • Annual fee: S$160.5, 2-year waiver, subsequently with S$12,500 annual spend
  • 2 miles per S$1 spend on local dining & entertainment, online spend (unlimited)
  • Online rate includes travel bookings, recurring bills & transit payments
  • No minimum spend requirement
If you’re a social spender and pay for essentials online, HSBC Revolution Card is the best way for you to earn rewards for both your lifestyle and your insurance premium payments. Cardholders earn 2 miles per S$1 local spend on dining and entertainment, as well as for online transactions–including travel bookings, transit, recurring bills and insurance premiums. Earnings are unlimited and there’s no minimum spend requirement, making HSBC Revolution Card the easiest way to earn top rates for your premium payments. Even better, you can avoid paying the S$160.5 annual fee with S$12,500 annual spend. Ultimately, this is the absolute easiest and most affordable way for you to earn miles by simply paying your bills.

Best Cashback Credit Card for Insurance Payments

You can earn cashback on essentials, including premiums, with the card below.

HSBC Visa Platinum: Rebates on Food & Petrol

  • Rebates on local food & petrol, miles for general spend
  • Promotions: Receive Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides
  • Read Our Full Review
  • Annual fee: S$192.6, 2-year waiver, subsequently with S$12,500 annual spend
  • 5% cashback on local dining, groceries & petrol (up to S$250/quarter)
  • 0.4 miles per S$1 general spend, unlimited
  • Up to 21% fuel savings with Caltex, Shell (including 5% card rebate)
HSBC Visa Platinum Card offers consumers a great way to earn cashback on their daily essentials–plus miles for all else. Cardholders earn 5% rebate on local dining, groceries and petrol after S$600 minimum spend, and 0.4 miles per S$1 on all other spend–including insurance premiums–with no minimum requirement. This is great for the average consumer because food and transport make up almost half of most Singaporean’s monthly budgets. Cardholders can earn up to S$250/quarter (S$83/month), and are exempt from the S$180 fee with just S$12,500 annual spend. Ultimately, HSBC Visa Platinum Card offers a unique rewards system that also earns miles for your insurance premiums.
  • Stand-Out: Rebates on local food & petrol, miles for general spend
  • Promotions: Receive Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides
  • Read Our Full Review
  • Annual fee: S$192.6, 2-year waiver, subsequently with S$12,500 annual spend
  • 5% cashback on local dining, groceries & petrol (up to S$250/quarter)
  • 0.4 miles per S$1 general spend, unlimited
  • Up to 21% fuel savings with Caltex, Shell (including 5% card rebate)
HSBC Visa Platinum Card offers consumers a great way to earn cashback on their daily essentials–plus miles for all else. Cardholders earn 5% rebate on local dining, groceries and petrol after S$600 minimum spend, and 0.4 miles per S$1 on all other spend–including insurance premiums–with no minimum requirement. This is great for the average consumer because food and transport make up almost half of most Singaporean’s monthly budgets. Cardholders can earn up to S$250/quarter (S$83/month), and are exempt from the S$180 fee with just S$12,500 annual spend. Ultimately, HSBC Visa Platinum Card offers a unique rewards system that also earns miles for your insurance premiums.

Best High-Spender Credit Cards for Insurance Payments

Affluent consumers can maximise rewards on all spend–including insurance–with these options.

HSBC Advance Card: Rebates for Affluent Advance Customers

  • Up to 3.5% flat cashback, lofty S$125/month rewards cap
  • Promotions: Receive Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides
  • Read Our Full Review
  • Annual fee: S$192.6, waived for Advance banking customers
  • Up to 3.5% flat rebate for Advance customers (2.5% for others)
If you might be interested in a banking account with HSBC, you should definitely check out HSBC Advance Card, which offers exceptional flat rates–including on insurance payments. Advance banking customers earn 3.5% flat rebate after S$2,000 spend (2.5% if below), up to a market-leading S$125/month. To put this into perspective, most cards exclude premiums from earning rewards altogether, and those that do, tend to offer just base rates of about 0.3%. With HSBC Advance Card, you can easily multiply potential earnings by more than 10x, making it an exceptional option for premium payments.


It’s worth pointing out that flat rate cards tend to be best for higher spenders. A budget of S$3,500/month will max out rewards with HSBC Advance Card. Additionally, non-Advance customers earn at most 2.5% rebate with a S$70/month earnings cap. As a result, we definitely recommend checking to see if you qualify for an Advance banking account–if so, this card may be the best way to maximise rewards for your spend.

  • Stand-Out: Up to 3.5% flat cashback, lofty S$125/month rewards cap
  • Promotions: Receive Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides
  • Read Our Full Review
  • Annual fee: S$192.6, waived for Advance banking customers
  • Up to 3.5% flat rebate for Advance customers (2.5% for others)
  • Up to 16% fuel savings with Caltex, 14% with Shell
If you might be interested in a banking account with HSBC, you should definitely check out HSBC Advance Card, which offers exceptional flat rates–including on insurance payments. Advance banking customers earn 3.5% flat rebate after S$2,000 spend (2.5% if below), up to a market-leading S$125/month. To put this into perspective, most cards exclude premiums from earning rewards altogether, and those that do, tend to offer just base rates of about 0.3%. With HSBC Advance Card, you can easily multiply potential earnings by more than 10x, making it an exceptional option for premium payments.


It’s worth pointing out that flat rate cards tend to be best for higher spenders. A budget of S$3,500/month will max out rewards with HSBC Advance Card. Additionally, non-Advance customers earn at most 2.5% rebate with a S$70/month earnings cap. As a result, we definitely recommend checking to see if you qualify for an Advance banking account–if so, this card may be the best way to maximise rewards for your spend.

American Express True Cashback Card: Unlimited Cashback + Amex Perks

  • 1.5% unlimited cashback, boosted to 3% for 1st 6mo
  • Promotions: Earn +1% cashback boost on foreign currency transactions (for 2.5% total rebate)
  • Welcome bonus of 3% cashback on up to S$5k spend in 1st 6mo
  • Receive S$60 CapitaVoucher w/ S$1k spend in 1st mo (new customers); existing customers receive S$30 voucher
  • Read Our Full Review
  • Annual fee: S$171.2, 1-year waiver
  • Unlimited 1.5% cashback on all spend
  • Free travel insurance & Amex Selects Privileges
If you’re a very high spender, chances are your rewards potential is limited by capped cashback cards. With American Express True Cashback Card, you can enjoy 1.5% cashback on all spend–including on insurance premiums–with no limit or cap to your earning potential. Cardholders also enjoy a boosted 3% rate during their first 6 months, for up to S$150 cashback.


In addition, consumers have access to top-notch Amex benefits like Global Assist, Amex Selects Privileges, and True Cashback Card promotions (which frequently include wedding-related deals and discounts). Other unlimited cashback cards exclude insurance premiums from earning rewards, but Amex True Cashback Card is an excellent option to earn on all of your spend, including insurance payments.

  • Stand-Out: 1.5% unlimited cashback, boosted to 3% for 1st 6mo
  • Promotions: Earn +1% cashback boost on foreign currency transactions (for 2.5% total rebate)
  • Welcome bonus of 3% cashback on up to S$5k spend in 1st 6mo
  • Receive S$60 CapitaVoucher w/ S$1k spend in 1st mo (new customers); existing customers receive S$30 voucher
  • Read Our Full Review
  • Annual fee: S$171.2, 1-year waiver
  • Unlimited 1.5% cashback on all spend
  • Free travel insurance & Amex Selects Privileges
If you’re a very high spender, chances are your rewards potential is limited by capped cashback cards. With American Express True Cashback Card, you can enjoy 1.5% cashback on all spend–including on insurance premiums–with no limit or cap to your earning potential. Cardholders also enjoy a boosted 3% rate during their first 6 months, for up to S$150 cashback.


In addition, consumers have access to top-notch Amex benefits like Global Assist, Amex Selects Privileges, and True Cashback Card promotions (which frequently include wedding-related deals and discounts). Other unlimited cashback cards exclude insurance premiums from earning rewards, but Amex True Cashback Card is an excellent option to earn on all of your spend, including insurance payments.

Best Low-Spender Credit Card for Insurance Premiums

If you have a smaller budget but still want to earn rewards on insurance, consider this credit card.

Maybank Platinum Visa: Flat Cashback for Smaller Budgets

  • Up to S$30/quarter with just S$300/month spend
  • Promotions: Receive S$100 rebate w/ S$250 spend/mo for 2mo
  • Receive S$30 cash via PayNow (through our partnership w/ SGSaver)
  • Read Our Full Review
  • Quarterly service fee: S$20.0, 3-year waiver, then w/ card use at least 1x/quarter
  • S$30 quarterly rebate with at least S$300 monthly spend
  • S$100 quarterly rebate with at least S$1,000 monthly spend
  • Free travel insurance
Even if you spend as little as S$300/month, you can earn high cashback rates–including on your insurance premiums–with Maybank Platinum Visa Card. Cardholders earn S$30/quarter with S$300/month consistent spend, which adds up to S$120/year. Most cashback cards have minimum requirements of S$500+ and offer just 0.3% rebates for spend at lower levels, which would add up to S$3.6/year. Cardholders can also avoid a S$20 quarterly fee by simply using the card at least once a quarter, making Maybank Platinum Visa Card the best option for lower spenders on the market.
  • Stand-Out: Up to S$30/quarter with just S$300/month spend
  • Promotions: Receive S$100 rebate w/ S$250 spend/mo for 2mo
  • Receive S$30 cash via PayNow (through our partnership w/ SGSaver)
  • Read Our Full Review
  • Quarterly service fee: S$20.0, 3-year waiver, then w/ card use at least 1x/quarter
  • S$30 quarterly rebate with at least S$300 monthly spend
  • S$100 quarterly rebate with at least S$1,000 monthly spend
  • Free travel insurance
Even if you spend as little as S$300/month, you can earn high cashback rates–including on your insurance premiums–with Maybank Platinum Visa Card. Cardholders earn S$30/quarter with S$300/month consistent spend, which adds up to S$120/year. Most cashback cards have minimum requirements of S$500+ and offer just 0.3% rebates for spend at lower levels, which would add up to S$3.6/year. Cardholders can also avoid a S$20 quarterly fee by simply using the card at least once a quarter, making Maybank Platinum Visa Card the best option for lower spenders on the market.

Learn More About Finding the Best Credit Card for You

Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

Comments and Questions

{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"}