Credit cards in Singapore offer many benefits and some of them feature travel insurance and the like. But did you know that a few of the cards available in the country also give you specific benefits when it comes to paying your insurance premiums? Take a look at the cards that can help you get discounts, rebates and other benefits when you pay to protect your family.
Standard Chartered PruPrestige Visa Signature Credit Card – Use Reward Points to Pay Insurance Premiums
The Standard Chartered Bank PruPrestige Visa Signature Credit Card gives you access to all the exclusive privileges and rewards that come with Visa Signature, while allowing you to use the earned Rewards Points to pay for your insurance premiums. You can apply only on an invitation basis.
- For each S$1 you charge to this card, you earn 1.5 Reward Points.
- Convert these points and use them to pay for Prudential insurance premiums.
- The Visa Signature Concierge assists you in making reservations, travel plans and arrangements, gift services, and shopping requirements.
This credit card gives you instant insurance coverage for your motor vehicle, along with a discount of 20% on premiums for car insurance, courtesy of AXA SmartDrive. In the case of severe damage or theft resulting in a complete loss of your car, you can get reimbursement for its full market value.
- 24-hour insurance-related assistance from the AXA hotline for emergencies and claims.
- Cash back of up to 8% on dining and Grab rides.
- Cash back of up to 8% on groceries purchases from participating supermarkets around the world.
- Savings on fuel at Shell and Esso of up to 20.88%.
- Cash back of 0.25% on all other retail purchases, with no limit to cash back accumulation.
The UOB Delight Credit Card gives you SMART$ rebates of 3% when you pay the premiums for United Overseas Insurance and Prudential Insurance. Now get rewarded when you pay to protect your family. The card also gives you a range of other benefits.
- Get a discount of 10% on health & beauty, and groceries purchases at house brands such as Guardian, Giant, and Cold Storage.
- 8% cash rebate at major grocery stores and health & beauty section.
- 3% cash rebate on recurring bills, contactless payments and NETS FlashPay Auto Top-up.
- Up to S$10 SMART$ rebate at over 900 merchants via the UOB SMART$ rebate programme.
- Cash rebate of 0.3% on all other transactions.
- Discount of up to 75% on hotel room bookings all over the world.
Many of the OCBC credit cards help you provide protection for your family from any unpaid credit card dues in case of your permanent disablement or death, with a coverage of up to S$60,000. If your death occurs due to an accident, your family will get an extra 50% of the insured sum (maximum amount is S$60,000).
- Premiums are affordable at S$0.40 for every S$100 of your unpaid monthly dues.
Benefits of Using Insurance Credit Cards
Here are some advantages of having a credit card that gives insurance perks:
- Get extended warranty on products.
- Get worldwide coverage against fraudulent activities on your card.
- Get complimentary travel insurance when you pay for your travel using your credit card.
- Earn reward points when you pay your insurance premiums. Pay your premiums with the points earned.
Who Should Use It
If you pay for insurance premiums and are looking for a way to save on these premiums, then you can consider credit cards which give benefits on premium payments. Several cards like Standard Chartered PruPrestige Visa Signature Card and Citibank SMRT Card allow you to save when you pay for your policies. Most cards offer travel insurance protection of up to S$1 million in case of your death or permanent disablement. If you are traveling overseas with your family and want a safe journey, you can opt for a credit card which offers travel insurance. The policy will cover you and some cards cover your family members too.
A credit card with Purchase Protection will replace/refund your lost/damaged item of up to S$8,000 per item. On the other hand, if you want to protect your credit card from misuse or any illegal activities when you use it online, you can select a card with the CardSafe Guarantee feature.
How Credit Card will Work for Insurance Premium Payment
Cards like Standard Chartered PruPrestige Visa Signature let you pay your Prudential premiums with the rewards you earn on transactions. This way you can save more and use the excess amount to pay other monthly bills. OCBC Great Eastern Cashflo Credit Card will reward you with a 1% cash rebate when you pay your Great Eastern Insurance premiums. You are eligible for this offer only if you spend S$1,000 or above on purchases. For instance, if your monthly premium amount is S$300, then you will save S$3 (1% x S$300). The cash rebate is capped at S$100 for each month.
You can use your reward points to offset your insurance premiums. This way you can save money and use the extra cash to pay other bills. For instance, the Standard Chartered PruPrestige Visa Signature lets you convert your reward points to offset your Prudential premiums payments. Moreover, if you want protection against cyber theft, then UOB Lady’s Solitaire Card is a card that can be considered. This card gives you e-commerce protection for all your online transactions, worldwide. In case you are driving to your destination and your car gets severely damaged or stolen, you can claim the SmartDrive Motor Insurance using your Citi Cash Back Card. This policy reimburses the full market price of your car.
OCBC credit cards safeguard your family members in case of your accidental death or permanent disablement. This plan provides a coverage of up to S$60,000. These credit cards also protect you against cyber theft and crimes. This policy covers fraud protection of up to S$3,000.
Tips for Credit Card Insurance
If this is your first credit card, then you should know the nuances of the system, how these cards work, and how you can make the most of the features and benefits they offer, especially when they are related to insurance. Before you select a credit card, it is of utmost importance to know how a card works and the various terms associated with it.
- You should know the terms and conditions of paying insurance premiums with your credit card. Find out how much you can benefit if you use your card to pay the premiums. The terms and conditions may contain vital information that most people fail to go through. Understanding them well can help you make better use of the insurance facilities your card offers.
- Check how many reward points you get or how much cashback you can earn when you use the card to pay for your daily expenses and other transactions. Knowing this will help you accumulate rewards in the best possible way by timing and planning your purchases.
- Time your purchases well. You can do this by keeping track of the promotions and occasional offers being given by your card. This will help you make better use of the rewards available on card spends. The more rewards you accumulate, the more you will be able to save on future transactions (provided you use the rewards before they expire).
- Ask the bank if you can pay your insurance premiums with the cashback or the rewards points you have earned. This will save you money on premiums. Why spend out of your pocket when you can use the rewards you have already earned to pay for your insurance?
- In the case of travel insurance policies, find out if your policy provides coverage only for you or for your family members as well. Also, make sure that you are fully aware of the sum assured for each person covered by your particular policy.
- Certain insurance policies may give the beneficiaries an additional amount over and above the insured sum in case your death occurs due to an accident. Find out what this amount is, and inform the same to the beneficiaries you nominate, so that they know how much to claim in case a calamity actually happens.