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A luxury when they were first introduced decades ago, cell phones have become a ubiquitous part of life. And along with a phone in every pocket comes the worry about replacing it if it breaks. While cell phone insurance was not as big a market when phones were simpler and less expensive, it has become much more common with cell phones costing hundreds if not thousands of dollars.
What you might not know is that some credit cards that you may already have offer a type of cell phone insurance. Having these credit cards (and in most cases paying your monthly bill with the card) will qualify you for some or all of the replacement costs if your phone is damaged or stolen. In this article, we will take a look at some of the most popular credit cards that offer cell phone insurance.
The Chase Freedom Flex is a relatively new entry to the credit card world. Like many World Elite Mastercards, the Freedom Flex offers cell phone protection. With the Freedom Flex, you are covered up to $800 per claim and $1,000 per year in cell phone protection. The coverage applies to any phone that is damaged or stolen that has been paid for with your Freedom Flex card. There is a maximum of two claims in a 12 month period, and each claim comes with a $50 deductible.
US Bank Visa Platinum
If you have a US Bank Visa Platinum card, you are also eligible for cell phone protection if your phone is damaged or stolen. Again, you must pay your cell phone bill with your US Bank Visa Platinum card, and the coverage applies to your primary line and any secondary, additional or supplemental lines. With the US Bank Visa Platinum Card, you are covered for up to $600, with a $25 deductible per claim. There is a maximum of two claims per 12 month period.
Chase Ink Business Preferred
The Chase Ink Preferred is a business credit card, with cell phone coverage targeted to business owners. You do have to pay your cell phone bill with your Ink Preferred card in order to qualify for the bonus, but one nice thing about the Ink Preferred card is that it is one of the few cards that offer cell phone protection that ALSO give you a bonus for paying your bill. You will earn 3 Ultimate Rewards points per dollar spent on your cell phone bill.
With the Ink Preferred cell phone coverage, you can be reimbursed up to $600 per claim for covered theft or damage. You are limited to a maximum of three claims per 12 month period, and each claim comes with a $100 deductible.
The Citi Prestige is an ultra-premium credit card that comes with a $495 annual fee but offers the highest dollar amount for a claim of any of these cards with cell phone protection coverage. Citi Prestige cardholders are eligible to be reimbursed for the replacement cost for a stolen or damaged cell phone. There is a $1,000 limit per claim, and a $1,500 limit per 12 month period, with a deductible on each claim of $50. You must pay your cell phone bill with the Citi Prestige in order to be eligible for coverage.
American Express Wells Fargo Propel
The Wells Fargo Propel American Express is one of Wells Fargo’s cards that offers cell phone coverage. In order to be eligible for the Wells Fargo cell phone insurance, you need to pay your regularly occurring cell phone bill with your Wells Fargo card. You are eligible for up to $600 per claim for covered damaged or stolen phones. There is a maximum of two claims per 12 month period, and each claim has a $25 deductible.
The Bottom Line
If you are looking for peace of mind about your cell phone, you’ll want to check out one of these cards that offers cell phone insurance. In almost all cases, the coverage only covers damaged or stolen phones, not lost phones. Also, you will need to pay your monthly cell phone bill with the credit card in question in order to be eligible for the insurance.
Keep in mind that the exact terms and benefits of the cell phone protection with each of these cards varies slightly. You will want to make sure to look through the card’s benefits guide to find the exact terms and conditions that apply to your card. The benefits guide will help you understand what exactly is covered, what your claim limits are, and how soon after making your payment you become eligible for cell phone protection.
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