Best Credit Cards for Insurance Premium Payment 2019

Given that insurance policies tend to be rather expensive, they also represent good opportunities for consumers to earn credit card rewards. However, many cards exclude insurance payments from their rewards programs. Therefore, we've compiled a list of the best credit cards for insurance payments in Singapore to help you compare and choose a card that best fits your needs.

Table of Contents

Best Miles Card for Insurance Payments: Citibank PremierMiles Visa Card

Consider this if you are an average consumer who wants a balance of generous mile awards and other travel perks

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000

Citi PremierMiles Visa Card could be a great credit card to earn miles on insurance premiums. While most cashback cards exclude spending on utilities or insurance from their rewards, miles cards like Citi PMV actually rewards those expenditures with 1.2 miles for 1.2 miles for S$1 spent locally (2 miles per S$1 spent overseas). Not only that, Citi PMV Card provides even more features like welcome cashback bonus, complimentary lounge access and travel insurance, and access to Citi Privileges globally, making it one of the best miles credit cards for average consumers in Singapore.

Highlights

  • Annual fee: S$192.6, waived 1st year
  • 1.2 miles for S$1 spent locally, 2 miles for S$1 spent overseas
  • Up to 10 miles per S$1 spent on online travel booking sites like Kaligo and Agoda
  • Complimentary travel insurance
  • Priority Pass Membership for free lounge access
  • Access to Citi Privileges globally
  • 14% off petrol spend at Shell & Esso
  • Promotion: 21,000 bonus miles after paying 1st annual fee and spending S$7,500
  • Bonus: 10,000 miles when you pay the annual fee and renew
  • Read Our Full Review

Best for Bonus Mile Award: American Express Singapore Airlines KrisFlyer Card

Consider this if you want an easy to use miles card and fly mostly on Singapore Airline's various brands

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

American Express Singapore Airlines KrisFlyer Card is a great miles credit cards that comes with a lot of bonus mile rewards. For example, It also provides up to 14,000 KrisFlyer miles as a bonus for new customers who meet certain conditions like expenditure amount and getting supplementary credit cards. Not only that, this card provides 1.1 mile per S$1 spent locally (including insurance premiums) and 2 miles per S$1 spent overseas or with Singapore Airlines for your travel bookings. Its annual fee is S$176.6 and is waived for the first year.

Highlights

  • Annual fee: S$176.55, first year fee waived
  • 1.1 miles per S$1 of local spend, 2 miles per S$1 spent with Singapore Airlines
  • 2 miles per S$1 spent overseas in June and December
  • 3.1 KrisFlyer miles per S$1 spent on Grab and Uber rides
  • Access to American Express Selects
  • Promotions: Up to 20,000 bonus KrisFlyer Miles when you spend S$5,000 in the first 3 months
  • 1,500 KrisFlyer Miles each for the first two approved supplementary cards
  • S$150 Cashback for use with Singapore Airlines when you spend S$12,000
  • Read Our Full Review

Best Air Miles Card for Online Shopping Without Annual Fee: OCBC Titanium MasterCard Credit Card

Consider this if you want to earn miles on shopping and mobile payments without paying an annual fee

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000

If you can make your insurance premium payments via mobile wallets (i.e. Apple Pay, Samsung Pay, Android Pay) OCBC Titanium MasterCard Credit Card could be a great option to consider. Because this card provides 4 miles for every S$1 spent on shopping and via mobile payment, those who can utilise this new technology for their insurance payments could stand to benefit quite a bit by using this card. Not only that, OCBC Titanium Card can actually be used without paying an annual fee because its annual fee of S$192.6 is waived for 2 years, and waived in subsequent years as long as you spend at least S$10,000 on the card annually.

Highlights

  • Annual fee: S$192.6, 2-year annual fee waiver, with subsequent years waived with annual spend of S$10,000
  • 4 mile for every S$1 on shopping (offline, online and overseas) and mobile payments (Apple Pay, Android Pay, Samsung Pay)
  • Min annual income: S$30,000 (S$45,000 for foreigners)

Best for Annual Insurance Premiums: OCBC Cashflo Card

Consider this if you want to earn rebates on your 0% instalment payments

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000

If you have annual insurance premiums that you want to break up into smaller pieces, OCBC Cashflo Credit Card is likely your best bet. This card is the only card with a 0% instalment payment plan that will provide cashback on insurance payments. By using this card, you could make your annual insurance obligations over 3 to 6 months while earning 1% rebate on your insurance bill. Furthermore, this card's 0% instalment plan could extend to 12 months for insurance payments to Great Eastern. Finally, its annual fee of S$160.5 is waived for the first 2 years, and then waived in subsequent years for people who spend at least S$10,000 on the card annually. Highlights

  • Annual fee: S$160.5, waived for 2 years & subsequently if you spend at least S$10,000 annually
  • 1% cash rebate with monthly bill of at least S$1,000
  • 0.5% cash rebate with monthly bill below S$1,000
  • No fee 0% instalment payment plan: earn rewards, pay over 3 months when you spend below S$1,000, over 6 months when you spend above S$1,000 (12 months for Great Eastern insurance payments)
  • Min annual income: S$30,000 (S$45,000 for foreigners)
  • Promotion: S$50 cashback when you apply for 2 OCBC credit cards online
  • Read Our Full Review

Best Cashback Card for Monthly Bills: UOB One Card

UOB One Card

Consider this if you spend about S$2,000 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

UOB One Card is a particularly great cashback card to use monthly insurance payments. First, as long as you spend at least S$2,000 per month, this card provides S$100 of monthly cash rebate, which is among the highest in the country. Because this rewards is highly dependent on consistently spending more than S$2,000 every single month, fixed costs like recurring monthly bills are particularly good fit for this card. However, not meeting this condition for even one month could lower your cashback significantly. Therefore, it may not work as well for those who have large annual insurance premiums to take care of.

Highlights

  • Annual fee: $192.6, waived 1st year
  • Flat rate cashback of up to 5% (max S$100/month)
  • Up to 24% discount on petrol at SPC and Caltex
  • Extra interest income of up to 3.33% on your UOB One Savings account
  • Promotion: S$80 cash credit for new card members
  • Read Our Full Review

Best Cashback Card for Affluent Consumers: HSBC Advance Credit Card

Consider this if you either make S$3,500 per month, have S$30,000 of cash savings or have a home loan with HSBC

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

For people who can qualify for HSBC's Advance status, HSBC Advance Credit Card is a great no-fee cashback card to use on monthly bills. For Advance customers, this card's annual fee of S$192.6 is perpetually waived. Also, Advance customers can also enjoy a 3.5% cash rebate up to S$125/month. However, this card loses its effectiveness for non-Advance customers, so we highly recommend that you read our detailed review to see if you can qualify for HSBC Advance program.

Highlights

  • Annual fee: S$192.6, waived for Advance Customers
  • Rebate: Up to 3.5% of cash rebate for HSBC Advance Customers (1.5% for non-Advance customers)
  • 16% discount on petrol at Shell and Caltex
  • Welcome Bonus: A Samsonite Astra 55cm luggage (worth S$350) or S$100 cash back for new customers (S$50 for existing customers)
  • Promotion: Save up to S$10,000 with 1,000 Entertainer 1-for-1 deals
  • Read Our Full Review

Best Cashback Card for Low Income Consumers: Maybank Platinum Visa Credit Card

Consider this if you spend S$300 to S$1,000 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

Maybank Platinum Visa Card is a great no-fee cashback card for low-income consumers. First, it charges no annual fee without any spending requirements. Not only that, as long as you spend S$1,000 per month (or S$300 per month), you can earn up to 3.33% in cash rebate for every dollar you spend in Singapore. This minimum spending requirement makes this card quite appropriate for monthly bills like telco & insurance bills. Though it caps its total rebate at S$100 per quarter (S$400 per year), it's still one of the highest yielding cashback cards in the market for modest spenders with a monthly budget of around S$1,000 (or S$300).

Highlights

  • Annual fee: S$0, S$20 quarterly servicing fee waived if you use the card at least once every 3 months
  • Up to 3.33% cash rebate on all expenditures (max S$100 per quarter)
  • Travel insurance coverage of up to S$500,000
  • Promotion: Receive a complimentary Samsonite Orfeo 69cm Spinner worth S$420 when you apply for 2 Maybank Credit Cards and CreditAble
  • Read Our Full Review

Highest Unlimited Cashback Rewards: Maybank FC Barcelona Visa Signature Card

Consider this if you spend more than S$5,000 per month and want to avoid paying an annual fee

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000 for Malaysians; S$60,000 for Others

Maybank's FC Barcelona Visa Signature Card is an excellent choice for people who want to earn rewards on all of their expenditures, including monthly bills. First, Maybank FC Barcelona Card's unlimited cashback of 1.6%, which is higher than 1.5% provided by its competing products. Not only that, this card's annual fee (S$120) is waived for simply charging S$10,000 on the card annually, while other cards tend to charge a relatively high fee of around S$180. While it doesn't come with a petrol discount, we think this card works perfectly well for those who are looking for the convenience of a unlimited cashback without the high cost.

Highlights

  • Annual fee: S$120, waived with S$10,000 of annual spend
  • 1.6% cashback on everything
  • 0.8 miles per S$1 spent on foreign currency transactions
  • Foreign exchange transaction fee: 2.75%
  • No cap on cashback or monthly spend requirement
  • No monthly minimum spend & Online price guarantee
  • Bonus: Chance to win a free trip for 2 to FC Barcelona Live game every season
  • Promotion: Receive a complimentary Samsonite Orfeo 69cm Spinner worth S$420 when you apply for 2 Maybank Credit Cards and CreditAble
  • Read Our Full Review

Unlimited Cashback with Amex Perks: American Express True Cashback Card

Consider this if you spend more than S$5,000 per month and want American Express's services

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

American Express True Cashback Card is a great flat rate cashback card that combines value and convenience. First, it provides an unlimited cashback of 1.5% on everything, which is boosted to 3% during the first 6 months. While its annual fee is waived for only 1 year, this card provides access to Amex's world-renown services like American Express Selects, Global Dining Program, 24-hr customer care and Global Assistance. Similar to its competitors, Amex True Cashback Card has no cap on cashback or monthly spend requirement, making it extremely easy to use.

Highlights

  • Annual fee: S$171.2, waived for the 1st year
  • 1.5% cashback locally
  • Foreign exchange transaction fee: 2.5%
  • No cap on cashback or monthly spend requirement
  • Promotion: 3% cashback rewards rate boost for the first 6 months for up to S$5,000 of spend
  • Read Our Full Review

Cashback on Town Council, Insurance, Telco and EZ-Link: Citibank SMRT Platinum Visa Card

Consider this if you want to earn cashback on your daily commute on public transit

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000

Citibank SMRT Platinum Visa Card is another excellent card that provides cashback rewards and doubles up as an EZ-Reload card. The highlight of the card is probably its 7% cashback on groceries, one of the highest in Singapore. It also helps you to save some money on monthly recurring bills like telco (1%), town councils (5%) and insurance (1% at Prudential and Chubb).

Highlights

  • Annual fee: S$192.6, waived for 2 years
  • Rebates: up to 7% on groceries, up to 15% rebate on coffee, 2% on EZ-Reload Auto Top-Ups, 5% on Town councils, 1% on telcos, insurance and SPH news subscriptions

Best Grocery Cashback Rewards Card: UOB Delight Credit Card

UOB Delight Card

Consider this if you want maximum savings on groceries

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

UOB Delight Credit Card offers the best deal in Singapore for groceries. If you don’t mind buying house brands or private labels at Cold Storage, Giant and Guardian, UOB Delight Credit Card can save up to 18% off of your grocery bills. This is because it provides 8% off on groceries, and offers another 10% discount on house brands at aforementioned supermarkets. Not only that, it provides 3% rebate on monthly recurring bills for telcos, insurance (for Prudential, which has great health insurance plan), Town Councils and SPH newspapers.

UOB Delight Credit Card is also very cheap to use, only requiring S$85.6 of annual fee that is waived for the first year. UOB is also providing a S$50 cash welcome gift for new customers at this time. These characteristics, in our view, make UOB Delight card an ideal for any big families with a lot of fixed expenses on groceries and utilities to take care of every month.

Highlights

  • Annual fee: S$85.6, waived for the first year
  • 8% rebate on groceries, additional 10% on house brands
  • 3% rebate on monthly recurring bills for telcos, Prudential Insurance, United Overseas Insurance (UOI), Town Councils and SPH newspapers with S$400 min. spend per month
  • 3% on contactless transactions
  • Promotion: S$80 cash credit for new card members
  • Read Our Full Review

Summary of Best Credit Cards for Insurance Payments

In case you want a quick look at our picks, here are ValueChampion's best credit cards for insurance in 2019.

Insurance CardsInsurance RewardsAnnual Fee
Citi PMV1.2 miles/S$1 spentS$192.6Learn More
HSBC AdvanceUp to 3.5% for AdvanceS$0.0 for AdvanceLearn More
Maybank Visa PlatinumUp to 3.33%S$0.0Learn More
Maybank FC BarcelonaUnlimited 1.6% RebateS$120.0 (waiver)Learn More
Amex True CashbackUnlimited 1.5% RebateS$120.0 (waiver)Learn More
Citi SMRT5% town council, 1% telco, insurance & SPHS$128.4Learn More
Insurance CardsInsurance RewardsAnnual Fee
Citi PMVLearn More1.2 miles/S$1 spentS$192.6
HSBC AdvanceLearn MoreUp to 3.5% for AdvanceS$0.0 for Advance
Maybank Visa PlatinumLearn MoreUp to 3.33%S$0.0
Maybank FC BarcelonaLearn MoreUnlimited 1.6% RebateS$120.0 (waiver)
Amex True CashbackLearn MoreUnlimited 1.5% RebateS$120.0 (waiver)
Citi SMRTLearn More5% town council, 1% telco, insurance & SPHS$128.4

Compare the Best Credit Cards for Insurance by Dollar Value

To help you find the best credit card for insurance bill payments, we have prepared a chart below organizing credit cards by 2-year dollar value*. We have estimated an average Singaporean's monthly expenditure patterns through research to model out likely savings from credit cards. You should note that the dollar value can heavily depending on your spending habits, so make sure to read through each card's review and see if it fits your monthly budget. There are also other "intangible" benefits like complimentary travel insurance and free access to airport lounges whose values are difficult to quantify but nevertheless incredibly valuable to some consumers.

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

Footnotes

*ValueChampion calculates the dollar value of rewards based on S$2,000 of monthly spending. We sum the value of points, miles and cashback in dollar terms and subtract the annual fee over a 24-month period. The estimates here are ValueChampion's alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Duckju Kang

Duckju is the Senior Vice President of ValueChampion Singapore. He covers the financial services industry, consumer finance products, budgeting, and investing. He previously worked in the financial services industry, including at such hedge funds as Tiger Asia and Cadian Capital.

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