Credit Card Cell Phone Insurance

Us Bank Visa Platinum Card: Best Introductory Rate On Purchases

Although the U.S. Bank Visa Platinum Card doesnt offer a sign-up bonus or earn rewards, its by far the best card when it comes to offering an extended introductory rate on both purchases and balance transfers all while also providing cell phone protection.

Under the cards cell phone insurance plan, you can be reimbursed for up to $600 per covered incident with a $25 deductible. The coverage is capped at up to $1,200 and two claims per 12-month period.

Although these limits are on the lower side when compared to some of the other cards on our list, the U.S. Bank Visa Platinum Card also comes with an introductory 0% APR for 18 billing cycles on both purchases and balance transfers. The rate then rises to a variable 18.24% to 28.24% once the intro offer expires.

Thats an extremely generous amount of time if you need several extra months to pay down your existing debt, or if youre looking to make a large purchase. But truthfully, this is probably only a card to get if youre in need of the introductory offer. If not, then the other cards on our list offer better rewards and overall benefits.

Delta Skymiles Reserve American Express Card

The Delta SkyMiles® Reserve American Express Card covers your phone for up to $800 per claim on theft or certain damages. You can have up to a maximum of two claims per 12-month period, with each claim subject to a $50 deductible. You must pay your cell phone bill in full to be eligible for this benefit.

Apart from cell phone protection, the Delta Reserve Amex also includes many great travel-oriented benefits, such as Delta Sky Club and The Centurion Lounge access, first checked bag free, an annual companion certificate, and TSA PreCheck or Global Entry application credit. Select benefits require enrollment.

With this card, you also earn 3X miles per dollar spent on purchases made directly with Delta and 1X miles for all other eligible purchases, and potentially a welcome bonus of: Earn 50,000 bonus miles after spending $5,000 in the first 6 months ).

For more details, read our Delta SkyMiles Reserve American Express Card review.

What Youre Covered For With Mobile Device Insurance

Currently, mobile device insurance covers you only up to a maximum value of $1,000. To be eligible, you need to pay for the device with a credit card that offers mobile device insurance. If your device is subsidized by your carrier , then you need to pay your monthly cell phone bill with that credit card in order to be covered.

Its important to note, too, that your mobile device insurance also doesnt kick in right away. Your coverage takes effect after a certain number of days from the purchase date or after a certain number of billing cycles . For example, your policy might state that your insurance coverage takes effect 90 days after the date you purchased your mobile device, or after your second billing cycle.

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Who Does Credit Card Cell Phone Protection Cover

In most cases, your credit card issuer will provide protection for cell phones that you pay your monthly service bills for. As in, any phone numbers listed on the monthly bill that you pay for using an eligible credit card will most likely be covered. That means if you have more than one phone on your plan, the will extend to all of them.

However, some credit card companies may limit the number of cell phones that are covered. It bears repeating that its important to check the coverage limitations listed in the terms and conditions for your credit card.

Does Free Cell Phone Insurance Cover All Types Of Cell Phones

Yes. As long as the cell phone insurance comes with your credit card, and you pay the phone bill with your credit card, you should be covered for any phone and multiple phones. For example, if youre paying for your cell phone bill but also your spouse and kids phones, and its your kids cell phone that is stolen or winds up with a cracked screen, that should all be covered.

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Which Credit Cards Have Cellphone Insurance

Whether your credit card offers cellphone insurance mainly depends on your specific credit card, card issuer and card network. Wells Fargo is the only issuer that provides cellphone protection on all personal credit cardsup to $600 per claim with a $25 deductible and two claims per year for a $1,200 yearly coverage limit. American Express also added cellphone protection to four of its personal cards and business card equivalents in April 2021:

• Delta SkyMiles® Platinum American Express Card

These Amex cards offer up to two claims per year with an $800 coverage per claim and a $50 deductible, but the yearly coverage cap isnt defined. The assumed $1,600 annual coverage cap would be one of the highest limits available, so be sure to check your particular card agreement for your concrete terms.

Otherwise, the perk is usually provided through your Visa or Mastercard benefit tier. Your roster of network perks depends on how the issuer classifies each of its cardsand whether itll even provide phone protection on that cardbut youll usually begin to see cellphone protection offered on Visa Signature cards, World Mastercards and World Elite Mastercards.

Less Emphasis On Business Travel Rewards

The pandemic decimated the business travel industry. And, according to the 2022 GBTA Business Travel Index Outlook, spending on business travel may not fully recover until as far out as 2026.

If travel was a significant part of your companys expenses, its likely you have a travel rewards card. But if flights and in-person pitches have given way to Zoom meetings, it may be time to look for a card that offers benefits you can use now.

We expect to see cards offering less emphasis on business travel perks and to focus more on rewarding everyday expenses. One option might be a card like the Ink Business Preferred® Credit Card which earns 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year and 1 point per dollar on all other purchases and has an annual fee of $95. Theres no fee for additional employee cards and the flexible earning structure means you can use the card for travel if your business needs change.

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What Is Cellphone Insurance

Cellphone insurance is an ongoing protection plan that may either replace your phone or reimburse you for repairs or a new device once you file an eligible loss or damage claimafter ponying up for the out-of-pocket deductible, of course .

The most common sources of phone protection are your service provider , phone maker or the retailer you bought it from, but Experian notes that many of these providers go through the Asurion or Assurant insurance companies anyway.

A cash reimbursement is a more flexible solution in most cases, but these providers may decide to send you a refurbished model of your phone as a replacement instead. Even then, you may face more fees and replacement costs with these companies.

The refurbished phones they provide may lead to problems of their own, and purchasing cellphone insurance isnt the most valuable use of your money unless you have an expensive phone and intend to upgrade every year or two.

Receiving cellphone protection from your credit card may be the more valuable route for many cardholders, since you may be more likely to receive coverage in the form of reimbursement. Plus, credit card coverage only requires you to pay your phone bill with that card each month instead of shelling out monthly insurance payments.

Deserve Digital First Credit Card

Award:BEST FOR CRYPTOCURRENCY

WHY WE LIKE IT: Youll be able to easily add this card to Apple Pay for more convenient transactions on the go. This card will also provide up to 1.5% rewards and doesnt charge foreign transaction fees.

ProsCons

• No physical card available

You can get approved for this card without taking a hit to your credit. This is excellent news for anybody worried about their credit lowering due to an inquiry. You can get started quickly and easily using Apple, Google, or a different email address. Unfortunately, there is no physical card offered by this company yet. Because of this, you wont be able to rely on the backup of having a physical card if your phone dies.

Youll benefit from cell phone protection when you pay your bill using this card. This protection will give you coverage of up to $600 if your phone is lost or stolen. This is an exceptionally easy card to use since you can instantly add it to Apple Pay. The ability to use your card in a digital wallet means you can stop bringing a bulky wallet with you wherever you go and still have access to your funds. Youll love that they dont charge an annual fee, so the costs associated with using this card are low. This credit card will also offer you Mastercard World Benefits.

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Certain World Elite Mastercards

If you happen to carry a World Elite Mastercard in your wallet, you may be eligible for cell phone protection that covers damage or theft up to $800 , and up to $1,000 per 12-month period. This benefit protects your primary cell phone line and the first two secondary, additional or supplemental lines when you pay your cell phone bill every month with a World Elite Mastercard.

Heres a list of World Elite Mastercards, but its currently not clear whether all come with cell phone insurance.

Which Credit Cards Offer Cellphone Insurance

While cellphone protection is uncommon, in our database of more than 300 credit cards that we track and monitor, more than a dozen cards offer some level of cellphone insurance. Coverage varies by credit card, and many limit the number of claims you can make each year. Deductibles vary by card but are reasonable.

Also, most cellphone insurance is secondary to your existing insurance if you can make a claim with your homeowner’s insurance, you need to pursue that option first.

Unless otherwise noted, the credit cards in the table below do not charge an annual fee:

However, iPhone users need to keep in mind that only two cards in the chart can cover the cost of a new iPhone 12 .

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What Kind Of Deductible Do You Want To Pay

Once you find a credit card that fits your credit score and general usage habits, its time to start looking at the specifics of cell phone insurance. Most credit card companies will require you to pay a deductible per claim anywhere from $25 to $100.

Consider what youd feel comfortable paying for a deductible when you need to repair your phone, and choose the credit card that fits.

How The Venture X Cell Phone Protection Works

The Capital One Venture X will reimburse you up to $800 in the event that your cell phone is stolen or damaged. This is hugely valuable, given how expensive cell phones are nowadays, and also given how easily they can be damaged. Lets go over the basics of this coverage:

• This benefit applies if youre a Capital One Venture X cardholder and you charge your monthly cell phone bill to your card for the billing cycle before the month in which the incident occurs the coverage applies to all lines listed on the bill
• You can use the cell phone protection benefit up to twice per 12 month period, and you can get up to $800 per claim
• Theres a $50 deductible per claim
• The benefit is supplemental coverage, so it applies when theres not otherwise coverage by another insurance policy if you do have another insurance policy, the benefit reimburses you for the deductible
• You can be reimbursed the lesser of the cell phone providers suggested retail value of a similar model replacement, or the actual cost to replace the phone
• If your cell phone is stolen as a result of criminal activity, you must file a police report within 48 hours of the event

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American Express Platinum Credit Card

Award:HONORABLE MENTION

WHY WE LIKE IT: This nifty little card is fantastic for those who travel often. Youll enjoy access to a $200 hotel credit from participating locations when you use this card to pay. Theres also an opportunity to earn 125,000 membership points.

ProsCons

• Has an annual fee

Youll have the opportunity to earn 125,000 membership rewards points when you go with this option. Thats far more than competing cards in the same class have to offer. Youll only have to spend $6,000 on purchases with your new card in the first year to qualify. However, you will have to pay a pretty hefty annual fee to have this card. This comes out to $695 and might be too pricey for some consumers who want to keep a tighter budget.

Beyond that, you can unlock over $1,500 per year in credits on your credit card statement. This will apply to qualifying purchases, but its an excellent feature for those looking to use their credit card daily. This credit card is a fantastic option for those looking to book flights or stay in hotels. While it has excellent everyday value, youll also love the benefits it has for luxury travel. Youll also have protection on your cell phone for up to $800 for major repairs or total loss. This covers two claims that are approved over 12 months.

Us Bank Visa Platinum Credit Card

Award:BEST FOR INTRO APR

WHY WE LIKE IT: You wont have to pay any pesky annual fees to have this card, which is a huge plus for anybody trying to tighten up their budget. It also has a 0% introductory APR and a convenient mobile wallet experience.

ProsCons

• Customer support is lacking

The low APR on this card makes it an excellent option to ensure that costs stay low. This makes it a perfect budget option for those who dont want to spend too much on their credit card interest. Youll also earn cell phone protection if you pay your cell phone bill with this card. This will include $600 worth of coverage for damage or theft. However, youll want to keep in mind that consumers have reported not-so-great experiences with customer service. This is primarily due to the limited hours that they are reachable.

Youll also enjoy that theres no variable fee on this card. Another fantastic feature that keeps this a budget-friendly option for credit cards. They offer a decision on this card in as little as sixty seconds. That means you wont have to worry about a long wait time before you get your decision. Beyond this, youll love the ability to add this card to your mobile wallet easily. That means youll be able to use it even if you forget your wallet at home.

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Is Cell Phone Insurance Worth It

If you own an expensive smartphone and expect to break it before its value is completely gone, its a good idea to get it insured. The latest iPhone from Apple starts at $429 and can cost up to $1,599probably worth protecting.

Whether you purchase insurance through a phone carrier, phone manufacturer or receive it as an added bonus from your credit card, insurance is good to have even if only for peace of mind.

According to market research firm Kantar Worldpanel, the average U.S. phone owner in 2018 held onto a single phone for almost two years before upgrading. In two years a phone can receive plenty of damage or fail unexpectedly. A major benefit to having cell phone insurance is protection from large out-of-pocket expenses when replacing a phone because it fails entirely.

Is It Worth It To Have Cell Phone Insurance

Yes, especially when its cell phone insurance that you receive with a credit card. Whether or not you should pay for cell phone insurance is another debate, but if you have a credit card that offers cell phone insurance, and all you have to do is use your credit card to pay for your monthly bills, in order to get the insurance, its a no-brainer. In that case, its definitely worth it to have cell phone insurance.

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How To Make Sure Your Phone Is Covered

If you have an eligible credit card, getting coverage is fairly straightforward. You dont have to enroll or pay an extra fee for coverage, but you do need to pay your full cellphone bill with your eligible credit card for insurance benefits. Coverage often begins on the first day of the month after you pay your bill with the eligible credit card.

Make sure you pay each bill with your credit card to avoid losing coverage. If you skip a month, your coverage might lapse and wont pick up again until the first day of the month after you resume payments.

Example: How A Mobile Device Reimbursement Is Calculated

For a deeper look into how credit card mobile device insurance works, letâs walk through an example using the Tangerine World Mastercard, arguably one of the best cash back credit cards on the market that also comes with $1,000 in mobile device insurance.

Letâs say you:

• Bought an $800 phone on your Tangerine World Mastercard on May 1.
• Then, come eight months later on January 21 of the next year, you submit a claim.

Hereâs how your reimbursement amount would be calculated:

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