My Premium Card

A Dedicated Card That Pays For All Your Insurance

what is premium card

Premium Card is a unique offering from Imalia.

Like all Imalia products, we put a gender lens through product creation, design and delivery to ensure that women’s needs are front and centre of all that we do. 72% of all household spending is performed by women including the purchase of insurance. This includes obtaining insurance quotes and purchasing for their own insurances as well as insurance for their families (children's cars, family health, travel etc)

We all buy a range of insurance products from different providers throughout the year. Often times these insurances fall due at inopportune times (straight after Christmas, just before an overseas trip or a time when a lot of bills are due). Similarly, a woman starting out in her new business may only be given a small business credit card limit because she is a start-up. The last thing she wants to do as a start-up, is spend the business credit card limit on all the Insurances she needs to purchase, and subsequently lose an ability to use the capital on the card for growing her business through purchasing valuable resources or product.

Premium Funding

Premium Funding has always been available to business clients as a convenient way for businesses to manage cash flow for insurance placements. The cost is traditionally spread over a 10 month period, at very competitive interest rates, depending on the amount funded. 

Premium funding has not been traditionally available to the general population unless they go through a broker for the placement of their insurances and even then, many brokers may not refer their clients to a premium fund solution, if the policies are seen as retail products (home and contents, motor etc.).

Clients can pay by the month with certain direct insurers (NRMA etc.) but this may incur an additional cost of around 10-12% on top of the annual premium. Some insurers may simply charge a higher premium if paying by the month compared with full annual payments made by credit card or BPAY.

If you are using multiple insurers for a myriad of insurance products throughout the year, this can be a cumbersome and time consuming process. You need to keep track of where all your insurances are placed, where the documents are and where you are up to with your repayment schedule with each different insurer.

A woman could purchase the following insurances throughout the year:

  • Home and contents insurance.
  • Health insurance.
  • Motor insurance (yours and perhaps 2 other cars in the family).
  • Pet insurance.
  • Income protection.
  • Life insurance.
  • TPD.
  • Trauma.
  • Workers compensation.
  • Professional and public liability.
  • Travel insurance.
  • Health insurance.
  • The list goes on.
This could, (depending on the policies and levels of cover), amount to a minimum $5k spend per year up to $50k. The options available are often only to BPAY the full amount, pay by credit card the full amount or pay by the month with each separate insurer. Unless you are in a position to pay the full balance of the credit card each month, you may then incur a charge of up to 20% on your credit card for outstanding insurance balances.
Premium Card meets women's needs in the following waYs
  • Bringing the concept of premium funding to everyday women as a convenient way to manage cash flow.
  • Allowing all insurances to be funded (not just business insurances) and allows family insurances to be placed with Premium Card.
  • Using premium funding rates, not credit card rates, to fund insurance purchases
  • Saves cash flow for small businesses –you can use your business credit card for other purchases in the business.
  • Saves all insurance documentation in one place that can be accessed anytime.
  • Doesn’t require you to place your insurance through a broker, rather you can go to direct insurers that you wish to use.
  • Premium Card reminds you when your insurances are due and can provide alternative quotes for your insurances in year 2.
  • Makes life easy and less stressful because there are no large upfront payments required or expenses you did not budget for. In other words, Premium Card is a tool to provide you with better management of your cash flow and time and lets you use your main credit card for other purchases.
  • Designed with women’s busy lives in mind.
How Does My Premium Card Work?

The prospect of paying an annual insurance premium in one hit can be daunting, particularly if the due date coincides with other bills or large expenses. However, a premium funding option can make life a lot easier and help ensure cash flow won’t be impeded.

  • Payments for all insurance product payments can be placed on Premium Card (health, income protection, life, pet insurance, home and contents, motor, public liability, professional indemnity etc).
  • You then pay 12 “monthly” instalments you choose how you would like to repay (fortnightly, monthly).
  • Pre-Approved limit - you advise what your usual spend is per year on insurance products when you are approved for Premium Card and then renew your insurances as they fall due, on Premium Card.
  • As the insurances come up for renewal you use your Premium Card to pay for your insurance regardless of which insurer you choose.
  • As further insurances occur during the year you can add that to your Premium Card and the fortnightly/monthly payment is adjusted as the new premiums are added to the card.
  • Premium Card would show each insurance purchased, the amount and the repayment amount. This also makes it easier at tax time to refer to one statement for those insurances that are tax deductible.
  • You only incur premium funding rates, not credit card rates on your outstanding balance.
  • You know when all your insurances are due, regardless of which insurer they are placed with, and at anytime can access the relevant insurance documents.
My Premium Card Application Process

If you are interested in Imalia's My Premium Card, we request that you register you interest by clicking on the button below. You will then be redirected to a landing page where you will be asked to submit some basic information that will enable us to understand your needs. We will then contact you directly.

Register Your Interest For My Premium Card

Imalia_Financial Services_My Premium Card_Cover.jpg

Download Fact Sheet

  • The information on this website does not take into account your personal financial situation, needs or objectives. Therefore, before you decide to buy a product arranged by Imalia or keep a similar product you already hold, it is important that you consider the relevant Product Disclosure Statement to make sure that the product is appropriate for you.