Credit Cards For Insurance | Paying Insurance Premiums with Credit Cards

Credit Cards
by Priyadarshini 16 March 2022

Premiums for medical insurance or life insurance can reach into the hundreds or if you’re a little older, thousands of dollars per year. That’s why it’s worthwhile to sign up for a credit card that rewards you when you pay your insurance premiums with it. In this blog, we tell you about credit cards for insurance premiums. 

Insurance isn’t our idea of a good time. In the best-case scenario, you never use your insurance policy, implying that you paid insurance payments for nothing. In the worst-case scenario, you can use your insurance coverage, but it also implies you ended up in the hospital, were diagnosed with a serious illness, or died. However, because paying insurance premiums is unavoidable, it’s ideal to do it using a credit card that allows you to recoup some of your costs.

How to find out if your credit card will reward you for paying your insurance rates?

Insurance premiums are frequently excluded from cashback, air miles, and rewards programmes offered by credit cards. Insurance payments may be excluded even though your credit card promises to reward you for every cent you spend. The simplest approach to find out is to read your bank’s Terms and Conditions page on the benefits of the credit card. Googling [name of a credit card] + [terms and conditions] will usually bring up the relevant PDF document, saving you from having to sift through the bank’s website.

Credit Cards For Insurance Premiums

The American Express True Cashback Card offers the most cashback for insurance payments.

This card offers up to 3% cash back on all eligible purchases, including insurance payments. It’s the only card that doesn’t have any insurer limits and offers cashback in the same month’s statement. However, the 3% cashback is only available for the first six months and may only be earned on purchases of up to $5,000. If you spend more than $5,000, the rate drops to 1.5 percent.

Even so, if you can easily pay that amount, charge your insurance premiums to the card.

UOB Absolute Cashback is the most straightforward cashback for insurance payments.

If you want a straightforward and all-in-one reward credit card that you’ll maintain for a long time, the UOB Absolute Cashback credit card is your best bet. Unlike other cards, this one accepts insurance premium payments, and you can charge almost anything on it and still get that nice 1.7 percent cashback – the best in the market right now. If you want to maximize your return, try signing up for this card after you’ve exhausted the $5,000 maximum on the Amex True Cashback card stated above.

Cashback on insurance payments and foreign currency purchases: Maybank Platinum Visa

If you frequently make foreign currency purchases (for example, on Amazon US) and want a single card to pay your bills and insurance premiums, the Maybank Platinum Visa card is ideal.

However, the cashback is only available quarterly and is capped at $100 if you spend at least $1,000. This number is rather simple to achieve, especially if done on a quarterly basis.

Home Loan | Education Loan | Personal Loan | Credit CardsTravel Insurance | Lifestyle | Real Estate | Career

credit cards
insurance premiums
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments