• Insurance Credit Cards

    As a credit cardholder, you get to enjoy various benefits such as unrestricted airport lounge access, discounts or cashbacks on movies, grocery, shopping, wellness, dining, etc. What most of you don’t realise is that besides these benefits, some cards even provide you with a whole host of insurance-related perks.

    From complimentary travel and accident cover to subsidised premiums, insurance cards help you stay protected while you enjoy all other benefits of a credit card.

    Compare Insurance Credit Cards In Malaysia

    Card Name Benefits Annual Fee Interest Rates
    OCBC Great Eastern Platinum MasterCard Complimentary coverage of RM100,000 on death or Total and Permanent Disability (TPD) Waived 15 - 18% p.a
    CIMB Visa Signature Travel Insurance of up to RM1 million Waived 15 - 18% p.a
    Citi PremierMiles Visa Credit Card You can get personal accident insurance while travelling overseas with a cover of up to RM300,000 RM636; can be redeemed with 30,000 PremierMiles 15 - 18% p.a
    AmBank World MasterCard Get Travel Insurance with a cover of up to RM2 million Waived 15 - 18% p.a
    RHB Travel Money Credit Card Benefit amount of up to RM600,000 on loss of life RM74.20 15 - 18% p.a
    HSBC Premier World MasterCard Takaful coverage of up to RM750,000 on automatic flight accident RM636; waived for the first year 15 - 18% p.a

    Features And Benefits Of Choosing Insurance Credit Cards

    • Get personal accident coverage when you travel overseas.
    • Get coverage for any medical expenses incurred during overseas travel.
    • Split your insurance premium payment into 0% interest instalment plan.
    • Protect yourself against travel inconveniences like baggage delay, flight delay, flight cancellation, etc.
    • Get protection if your house is burgled when you have travelled abroad.
    • Get reward points, cashback offers, or cash rebates when you use the card for other transactions.
    • Get personalised concierge services for a comfortable travel experience.
    • Get exclusive access to select airport lounges.
    • Get offers and discounts on your dining bills.
    • Enjoy complimentary stays at select hotels.

    How Do Insurance Credit Cards Work?

    Insurance cards aren’t different in how they work when compared to a regular credit card. The insurance benefits they offer is what defines them. While some insurance cards in Malaysia let you earn a nominal cashback or enjoy a discount on insurance premiums paid using the card, other cards come with complimentary travel insurance cover that can go up to RM1 million.

    With an insurance credit card, you’re protected all the way whether you need to buy something on credit or need financial cover for your unique lifestyle needs.

    How Do You Choose The Best Insurance Credit Card?

    If you’re familiar with how an insurance credit card works, figuring out which one is best for you should be easy. Start off by shortlisting a few credit cards that offer the best value and return when it comes to insurance.

    Whether such benefits are in the form of reward points for insurance transactions or a subsidy on the premium itself, see which insurance card suits your needs. Now compare the interest rates, annual fees, and any other associated fees or charges.

    Eligibility Criteria

    To apply for most insurance credit cards in Malaysia, you need to be at least 21 years old and have a steady source of income, either monthly or annually. The card issuer can also specify a minimum income requirement that you have to satisfy. This minimum income level can differ from one issuer to another and is dependent on the type of card as well as the benefits on offer.

    How Do You Apply For An Insurance Credit Card?

    You can apply for an insurance credit card through online and offline means. You could either visit the nearest bank branch in person to initiate your credit card application or fill out the form online on the bank’s website. You could also contact the bank’s customer service team for any kind of assistance with your credit card application.

    FAQ's

    Q. Can I use an insurance credit card to make retail purchases?

    A. Yes. You can utilise insurance credit cards to pay the bill at retail cash counters.

    Q. Is an interest-free period applicable when I have made a partial payment on previous statement balance?

    A. No. An interest-free period is offered only when you have made full payment on previous statement balance. In case of partial payment, you will have to pay finance charges of 1.5% per month calculated daily from the date of transaction until the date of full settlement.

    Q. What is the minimum monthly repayment I can make?

    A. You are supposed to repay a minimum of 5% of the outstanding balance or RM50, whichever is higher on a monthly basis.

    Q. Does the insurance cover my journey across the globe?

    A. Yes. The travel insurance offered by an insurance credit card provides coverage anywhere you travel across the globe. However, you must check your insurance policy’s terms and conditions to know if there are any exclusions.

    Q. When does the insurer consider a flight and baggage delay for coverage?

    A. If the flight is delayed for 4 hours or more and if the baggage is delayed for 6 hours or more from the time of your arrival, then the insurer considers the events for coverage.

    Q. How early should I submit a claim in case of injury during a flight journey?

    A. You must inform the insurance company regarding the event causing the claim as soon as the event occurs. Once you are back to Malaysia, you have to submit a written notice on the claim with all the supporting documents. The number of days you get to submit the claim depends on the insurer’s discretion.

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