Credit Cards Offered by Insurance Companies

Part
01
of one
Part
01

Credit Cards Offered by Insurance Companies

After an extensive search, the cards detailed below were identified as being offered by insurance companies or banks in partnership with insurance companies. For each of the credit cards identified, the details of any insurance rewards or benefits have been provided. In truth, the benefits and rewards offered in this regard are relatively uninspiring, as several industry commentators have pointed out. Given the lack of originality in the benefits and rewards, there is seemingly an opportunity for a new player to make real gains with a well-thought-out rewards plan. Although not detailed below, the majority of the credit cards had travel and purchase protection insurance included.

State Farm Rewards Visa

  • The State Farm Rewards Visa allows cardholders to accrue loyalty points. These loyalty points can be used to purchase State Farm Products, including property and casualty insurance, life insurance, and annuities.
  • In addition, State Farm offers up to a 50% premium on rewards for redemptions made for State Farm products. There is, however, a catch the spending levels are relatively high to achieve maximum rewards. They are set out below.
  • State Farm announced they would no longer be issuing these cards and had teamed with US Bank to offer a new credit card range. The rewards on these cards will be announced in 2021.

AXA ME Platnium Visa

  • The insurance benefits associated with the AXA ME Platnium Visa include worldwide travel insurance (including Schengen) covering medical expenses caused by emergency accidents or sickness through AXA Assistance. To qualify for this benefit, at least 50% of the travel tickets must be purchased with the AXA ME Platinum Visa, the cardholder must be under 75, and the travel must not be for more than 92 consecutive days.
  • A 1% (+1%) cashback is available. The (+1%) is eligible upon payment of the cardholder's annual insurance premium. Any cashback is placed either on account or used to settle outstanding AXA insurance premiums.

Sun Life Financial Visa and Mastercard

  • Sun Life offers both Visa and MasterCard credit cards. The welcome offer includes a HK$200 premium rebate upon spending of HK$2,500 and within two months of opening the credit card. The premium must be paid with the credit card.
  • If the cardholder is a policyholder of Sun Life Hong Kong’s Hospitalization and Surgical Expenses Plan and Hospital Income Plan, the credit card limit can be increased to seven times the cardholder´s monthly income or 4.5 times the current credit limit in the event of hospitalization.

Desjardens Credit Cards

  • Desjardens Insurance offers the following credit cards:
    • Flexi Visa
    • Cash Back Visa
    • Bonus Visa
    • All of these cards offer up to $1,000 to cover the theft, loss, mechanical failure, or accidental damage to mobile devices purchased with the card.
    • Bonus Dollars earned from the cards can be used to invest RRSP, RESP, TFSA, service fees, insurance, personal loans and mortgages, savings products, and Desjardins Funds.

Farmers Insurance Rewards Visa and Visa Signature

  • When the card is used to purchase Farmer´s Insurance products, three reward points are earned for every $1 spent.

AIG Mastercard

  • While the AIG MasterCard was identified, the insurance benefits are not detailed on the website. To access this information, the credit card number is required to enter the portal.

Assurant Credit Card

  • Benefits of Assurant credit cards include credit card balance protection or auto loan balance.

FAB LIC Rewards Card

  • Although this card has now been discontinued, the following insurance benefits remain for existing cardholders:
    • Complimentary life insurance to the value of AED50,000 over the first year as a cardholder. This is extended beyond the first year with the level of coverage the equivalent of 1.5 times the annual spend. A minimum spend of AED$25,000 is required to be eligible.

Dividend Unlimited World MasterCard, CIBC Dividend Visa infinite and Visa Platinum

  • The cardholder can purchase security and extended warranty insurance. This has a maximum coverage period of two years.
  • Up to $25 per day can be saved on car rental insurance.
  • Common carrier insurance for the cardholder, spouse, and children is automatically included up to $1 million.
  • Out-of-pocket travel expenses up to $500 for reasonable and necessary hotel, motel, or restaurant expenses, up to $100 for ground transportation, and $100 for entertainment expenses in the event of a four-hour travel delay are included.
  • These benefits vary depending on the card selected.

OCBC Great Eastern Platinum Mastercard

  • Complimentary life and disability insurance is available in the first year. A spend of more than RM10,000 is required for this to continue beyond the first year.

AVIVA Insurance India in Partnership With SBI

  • Equated Monthly Installments can be opted for on purchases up to the card's credit limit through AVIVA Insurance India.

Direct Line Insurance Visa

  • Details of any insurance benefits available with the Direct Line Visa were not immediately available as a login was required to access this information.

FT Life Visa

  • Insurance related benefits offered by FT Life Visa include the opportunity to double rewards points when paying the FT Life premium with the card.

Prudential Platinum Visa

  • The Prudential Platinum Visa is the only credit card in Singapore that allows cardholders to convert reward points to offset insurance premiums. Reward points can also be used to purchase additional coverage.
  • Once the cardholder has spent $3,000 on the card, they receive the cash equivalent of $12,000 to pay their next Prudential insurance premium.

AEON Visa and MasterCard in Partnership With MSIG

  • AEON Credit Malaysia cardholders are eligible for a 45% discount on travel insurance offered by MSIG. They also receive a foreign currency handling fee waiver.
  • AEON credit card holders are entitled to the following discounts on SIG insurance plans.
    • 25% off Travel Right Insurance
    • 10% off Motor Insurance
    • 10% off Motorcycle Insurance
    • 25% off Pet Insurance

Additional Information

The following insurance companies also offered credit cards, however, there were no insurance benefits associated with them:
Sources
Sources