Best Credit Cards for Insurance Payment (Miles vs Cashback)

Suitesmile rating:

✍️ Short summary
Most specialized cashback cards (over 2% cashback) require cardholders to meet multiple conditions. The conditions to receive up to 3.33% cashback on the Maybank Platinum Visa card, in my opinion, are a little less complicated.

Cardholders can earn up to 3.33% cashback on a wide range of spending categories like online shopping, in-person shopping, dining, groceries, flights, hotels, ride-hailing, food delivery, utilities, phone bills and even insurance* and school fees*.

Why “up to” 3.33%? Upon meeting certain conditions, cardholders get a fixed cashback amount of $30, $100 or $200 at the end of each quarter.

How to receive up to 3.33% cashback:

• Tier 1: Get $30 cashback when you spend at least $300 per month, for 3 consecutive calendar months in a calendar quarter
• Tier 2: Get $100 cashback when you spend at least $1,000 per month, for 3 consecutive calendar months in a calendar quarter
• Tier 3: Get $200 cashback when you spend at least $2,000 per month, for 3 consecutive calendar months in a calendar quarter

In other words, you will only receive exactly 3.33% cashback when you spend exactly $300, $1,000 or $2,000 for 3 consecutive months in a calendar quarter. For that reason, a cardholder who spends $400 to $900 per month in that same period would unfortunately fall under the $300 band, and be rewarded with just $30 cashback from $2,700 worth of spending (equivalent to 1.1%).

*While this card offers up to 3.33% cashback on commonly-excluded categories like Insurance, School Fees and Medical Bills, note that they can only make up a maximum of 30% of your spending tier (e.g. max. $300 for the $1,000 tier).

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💸 Quarterly fee
$21.80
(First 3 years waived, subsequent quarters waived if card is charged at least once every 3 months)

💼 Income requirement
$30,000/year

🤑 Foreign currency fee
3.25%

❓ When cashback is credited
Receive your cashback in the card by the following calendar month after the completion of a calendar quarter.

📜 Terms & conditions