Best Credit Cards for Insurance Premium Payment 2019

While insurance policies are often expensive, you can earn great rewards by using a credit card to pay your premium. Most cards exclude insurance payments from earning rewards, so we've identified the best credit cards for insurance payments in Singapore to help you find a card that best fits your needs.

Best Credit Cards for Paying Insurance Premiums
Best for CashbackUOB OneUp to 5% flat rebate, up to S$300/quarter
Easy Fee WaiverMB Platinum VisaUp to 3.33% rebate with S$300 min. spend requirement
HSBC Revolution2 miles per S$1 online spend (inc. insurance, bills)
HSBC Visa Platinum5% rebate on food & petrol, miles for general
Best for MilesAmex SIA KFUp to 13,000 bonus miles & S$150 SIA credit in 3 mo
High SpendersHSBC AdvanceUp to 3.5% cashback capped at S$125/month
Amex True CB1.5% unlimited cashback with Amex benefits
0% Interest PlanOCBC CashfloRewards for split payments, no processing fee

Best Cashback Card for Insurance Payments: UOB One Card

Consider this if you want to maximise your cash rebate and spend about S$2,000 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000
Promotions:
  • Earn an additional 5% rebate (up to 10%) on Grab rides, food & top-ups
  • Receive up to 6% rebate on Singapore Power utilities bill
  • Receive up to S$150 cashback with S$1,500 spend in 1st month

UOB One Card is not just one of the best cashback cards on the market for paying insurance premiums, it’s also one of the best rebate cards overall. Cardholders with a consistent budget of S$2,000/month earn 5% flat rebate up to S$300/quarter, or S$1,200/year–one of the highest earning potentials available. Lower and inconsistent spenders can earn 3.33% rebate up to S$50 or S$100/quarter, depending on their minimum spend level.

This flat rebate applies to nearly all spend, including insurance premiums, telco, and even Town Council payments as long as they are consolidated and paid through UOB Bill Pay. No other card allows consumers to earn up to 5% rebate on insurance premiums.

Even better, cardholders can ‘double earn’ on select insurance payments through UOB SMART$ Programme. Bill pay first counts toward monthly spend, which determines the rebate tier, and second by earning SMART$, which can be used to offset future purchases. Programme eligible merchants include EQ Insurance and United Overseas Insurance Ltd (UOI). Ultimately, UOB One Card allows you to make the most of your insurance payments, while also providing excellent rebates for general spend.

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  • Annual fee: S$192.6, 1-year waiver
  • 5% rebate, up to S$300/quarter (S$2,000 min spend)
  • 3.33% rebate, up to S$100/quarter (S$1,000 min spend)
  • 3.33% rebate, up to S$50/quarter (S$500 min spend)
  • UOB SMART$ Rebate Programme
  • Up to 24% fuel savings with SPC, 20.8% with Shell
  • Annual fee: S$192.6, 1-year waiver
  • 5% rebate, up to S$300/quarter (S$2,000 min spend)
  • 3.33% rebate, up to S$100/quarter (S$1,000 min spend)
  • 3.33% rebate, up to S$50/quarter (S$500 min spend)
  • UOB SMART$ Rebate Programme
  • Up to 24% fuel savings with SPC, 20.8% with Shell

Best Credit Cards for Insurance Payments with Easy Fee Waiver

In addition to rewarding insurance premium payments, these credit cards also come with easy waivers so you can avoid paying an annual fee.

Best Cashback Card for Low, Local Budgets: Maybank Platinum Visa Card

Consider this if you spend S$300 to S$500 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000
Promotions:
  • Receive free American Tourister Luggage w/ S$300 monthly spend for 2mo (req. both card + Creditable applications)

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 local 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.

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  • Quarterly service fee: S$20.0, 3-year waiver, subsequently with card use at least 1x/quarter
  • S$30 quarterly rebate with at least S$300 monthly spend (local only)
  • S$100 quarterly rebate with at least S$1,000 monthly spend (local only)
  • 0.3% rebate on overseas spend, capped at S$50/month
  • Local spend below S$300 minimum does not earn rebate
  • No minimum spend requirement for overseas rebate
  • Free travel insurance
  • Quarterly service fee: S$20.0, 3-year waiver, subsequently with card use at least 1x/quarter
  • S$30 quarterly rebate with at least S$300 monthly spend (local only)
  • S$100 quarterly rebate with at least S$1,000 monthly spend (local only)
  • 0.3% rebate on overseas spend, capped at S$50/month
  • Local spend below S$300 minimum does not earn rebate
  • No minimum spend requirement for overseas rebate
  • Free travel insurance

Best Miles Card for Social & Online Spenders: HSBC Revolution Card

Consider this if you spend mostly on shopping, dining and entertainment

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000
Promotions:
  • Receive Samsonite T5 68cm Spinner luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides

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.

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  • 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
  • Up to 16% fuel savings with Caltex, 14% with Shell
  • 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
  • Up to 16% fuel savings with Caltex, 14% with Shell

Best Card for No-Fee Cashback + Miles: HSBC Visa Platinum Card

Consider this if you spend at least S$600/month and want to earn both cash rebates and miles

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000
Promotions:
  • Receive Samsonite T5 68cm Spinner luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides

If you’re interested in earning both cashback and miles, HSBC Visa Platinum Card is the best option on the market. 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.

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  • 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)
  • Annual fee: S$192.6, 2-year waiver, subsequently with S$12,500 annual spend
  • 5% cashback on local dining & groceries (up to S$250/quarter)
  • 0.4 miles per S$1 general spend, unlimited
  • Up to 21% fuel savings with Caltex, Shell

Best Miles Cards for Insurance Payments

The following credit cards are great for frequent travellers as they offer miles for nearly all spend, including on insurance payments.

Best Card for Insurance Payments & Bonus Miles: American Express Singapore Airlines KrisFlyer Credit Card

American Express Singapore Airlines KrisFlyer Credit Card
American Express Singapore Airlines KrisFlyer Credit Card

Consider this if you want to easily earn welcome bonus miles and fly mostly on Singapore Airlines' various brands

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000
Promotions:
  • Spend S$5k within the 1st 3mo, receive 7,500 bonus miles
  • 5,000 bonus miles w/ 1st spend
  • S$150 Cashback for use with Singapore Airlines when you spend S$12,000

American Express Singapore Airlines KrisFlyer Card is the best card on the market for miles-card beginners and those seeking welcome promotions. Cardholders earn 5,000 bonus miles with their 1st spend, up to 7,500 miles with S$5,000 spend in 3 months, and S$150 credit to Singapore Airlines after S$12,000 spend. In addition, S$1 daily spend (including insurance premiums) earns 1.1 miles (2 miles overseas in June & December) and 2 miles with SingaporeAir, SilkAir and KrisShop. Spend with select merchants (Deliveroo, McDonald's, Watsons & more) and on Grab earns 3.1 miles per S$1 spend. All spend directly earns KrisFlyer Miles, so there’s no need for conversions or transfer fees. Even though there’s a S$176.55 fee, this card more than makes up for it in both convenience and bonuses.

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  • Annual fee: S$176.55, 1-year waiver
  • 1.1 miles per S$1 local & overseas spend, 2 miles overseas in June & December only
  • 2 miles per S$1 spend on SingaporeAir online & app, SilkAir, KrisShop in-flight & online
  • 3.1 miles per S$1 spend on Grab, up to 620mi/mo
  • 3.1 miles per S$1 spend with select merchants (Starbucks, Subway & more), up to 620mi/mo
  • Free travel insurance
  • Hertz Gold Plus Rewards & Amex Selects Privileges
  • Annual fee: S$176.55, 1-year waiver
  • 1.1 miles per S$1 local & overseas spend, 2 miles overseas in June & December only
  • 2 miles per S$1 spend on SingaporeAir online & app, SilkAir, KrisShop in-flight & online
  • 3.1 miles per S$1 spend on Grab, up to 620mi/mo
  • 3.1 miles per S$1 spend with select merchants (Starbucks, Subway & more), up to 620mi/mo
  • Free travel insurance
  • Hertz Gold Plus Rewards & Amex Selects Privileges

Best Travel Card for Exclusive Membership Upgrades: American Express Singapore Airlines KrisFlyer Ascend Credit Card

American Express Singapore Airlines KrisFlyer Ascend Credit Card
American Express Singapore Airlines KrisFlyer Ascend Credit Card

Consider this if you prioritise luxury perks like flight & hotel membership upgrades

Annual Income Requirement S$50,000
Foreigner Income Requirement S$60,000
Promotions:
  • Spend S$10k within the 1st 3mo, receive 15,000 bonus miles
  • 5,000 bonus miles w/ 1st spend
  • 1,500 KrisFlyer Miles each for the first two approved supplementary cards

American Express Singapore Airlines KrisFlyer Ascend Card offers competitive miles rewards rates as well as unique travel perks, all without a massive annual fee. Consumers enjoy 1.2 miles/S$1 general spend, 2 miles on SIA brands and overseas in June & December, and 3.2 miles with vendors like McDonald's, Starbucks and Grab. Even better, cardholders receive 4 free lounge visits/year, a free hotel night annually, and free travel insurance.

What really stands out, however, is cardholders' access to exclusive membership upgrades. With Amex SIA KF Ascend Card, consumers can enjoy Hilton Honors Silver, KrisFlyer Elite Gold, and Hertz Gold Plus statuses, each of which come with unique travel privileges. Even with all of these perks, Amex SIA KF Ascend Card costs just S$337.05 per year–far less than the cost of other luxury travel cards. Ultimately, this might be a great match to your needs if you want a high-end travel experience at a comparable discount.

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  • Annual fee: S$337.05
  • 1.2 miles per S$1 local & overseas spend, 2 miles overseas in June & December only
  • 2 miles per S$1 spend on SingaporeAir online & app, SilkAir, KrisShop in-flight & online
  • 3.2 miles per S$1 spend on select merchants (Grab, McDonald's, Starbucks & more)
  • 4 free lounge visits/year, free annual hotel night, travel insurance
  • Access to Hilton Honors Silver & Krisflyer Elite Gold status
  • Annual fee: S$337.05
  • 1.2 miles per S$1 local & overseas spend, 2 miles overseas in June & December only
  • 2 miles per S$1 spend on SingaporeAir online & app, SilkAir, KrisShop in-flight & online
  • 3.2 miles per S$1 spend on select merchants (Grab, McDonald's, Starbucks & more)
  • 4 free lounge visits/year, free annual hotel night, travel insurance
  • Access to Hilton Honors Silver & Krisflyer Elite Gold status

Best Credit Cards for High Spenders & Insurance Payments

Higher spenders can feel limited by the earnings caps associated with most cashback cards. The following options allow for unlimited rewards, including cashback for insurance payments.

Best Rebate Card for Affluent Advance Customers: HSBC Advance Card

Consider this if you spend at least S$3,500 per month and are open to a bank account with HSBC

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000
Promotions:
  • Receive Samsonite T5 68cm Spinner luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides

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.

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  • 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
  • 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

Best Unlimited Cashback Card with Amex Benefits: American Express True Cashback Card

American Express True Cashback Card
American Express True Cashback Card

Consider this if you want unlimited amount of cash rebate and value American Express's services

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000
Promotions:
  • Earn +1% cashback boost on foreign currency transactions (for 2.5% total rebate)
  • Receive S$20 CapitaVoucher for each of 1st 2 supplementary cards

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 ushc payments.

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
  • Up to 22.2% fuel savings with SPC
  • Annual fee: S$171.2, 1-year waiver
  • Unlimited 1.5% cashback on all spend
  • Free travel insurance & Amex Selects Privileges
  • Up to 22.2% fuel savings with SPC

Best Credit Card for Insurance Payments with 0% Interest Instalment Plan: 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
Promotions:
  • Earn S$50 rebate w/ card approval
  • Up to 55% off single trip travel insurance

If you tend to make big purchases that you prefer to pay back over time, OCBC Cashflo Card is the most convenient and easy-to-use card on the market. Cardholders can access OCBC’s 0% interest instalment plan which has no processing fee (some competitors with no-interest plans still charge 3%+ fees). In addition, while other cards require consumers to call ahead and apply for the instalment plan–before even making the purchase–OCBC Cashflo Card has a unique trigger system that automatically splits payment into instalments at a certain transaction threshold. This means you can shop and make spontaneous purchases worry-free.

In addition, OCBC Cashflo Card offers 1% rebate on all purchases–including on insurance premiums–with a S$1,000 minimum spend (0.5% if lower). Many cards that reward insurance premiums offer just a 0.3% base rate, so at any spend level you can earn more on premiums with OCBC Cashflo Card. Instalments split under the plan also earn rebates. Finally, OCBC Cashflo Card is worth considering because it has a fee waiver with just S$10,000 annual spend.

Read Our Full Review

  • Annual fee: S$160.5, 2-year waiver, subsequently with S$10,000 annual spend
  • 1% flat rebate with S$1,000 minimum spend (0.5% if below)
  • 0% Interest Instalment Plan with no processing fee, payments earn rebates
  • Trigger scheme automatically splits payments at specified threshold
  • Up to 16% fuel savings with Caltex, 14% with Esso
  • Annual fee: S$160.5, 2-year waiver, subsequently with S$10,000 annual spend
  • 1% flat rebate with S$1,000 minimum spend (0.5% if below)
  • 0% Interest Instalment Plan with no processing fee, payments earn rebates
  • Trigger scheme automatically splits payments at specified threshold
  • Up to 16% fuel savings with Caltex, 14% with Esso

Summary of Best Credit Cards for Insurance Payments 2019

Below, we've prepared a summary of our picks for the best credit cards for insurance payments for 2019.

CardBest for...Annual Fee
UOB OneBest Flat RebateS$192.6
Maybank Plat VisaVery Low SpendersS$20.0 (waiver)
HSBC RevolutionOnline & Social SpendS$160.5 (waiver)
HSBC AdvanceAffluent Advance CustomersS$192.6 (waiver)
OCBC Cashflo0% Interest InstalmentsS$160.5 (waiver)
CardBest for...Annual Fee
UOB OneBest Flat RebateS$192.6
Maybank Plat VisaVery Low SpendersS$20.0 (waiver)
HSBC RevolutionOnline & Social SpendS$160.5 (waiver)
HSBC AdvanceAffluent Advance CustomersS$192.6 (waiver)
OCBC Cashflo0% Interest InstalmentsS$160.5 (waiver)

Compare the Best Credit Cards for Insurance Payments 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.

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.

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