An apparatus and method for a card payment instrument providing that a percentage of consumer spending is rebated to the consumer for payment of premiums or the like for an account with an insurance company. In one version, an applicant provides a benefiting insurance account number to which the rebate is credited based on the rebate amount. The rebate is automatically submitted by the card issuer to the insurance account and, depending on the sizes of the rebate and premium, the cardholder may receive a bill reflecting a reduced premium or even a credit from the insurance concern. In another version, the rebate is submitted as a two-party check which can be cashed by the consumer or submitted by the consumer to the insurance company for cashing.