Credit Cards That Insure Cell Phones as a Perk

credit card phone insurance

Credit card phone insurance is becoming a common perk with card providers

If your cell phone is stolen or gets damaged, you would typically call your provider to file a claim. But you may have insurance through your credit card. Credit card phone insurance is becoming more common. Here is a rundown of how it works.

Overview

Here is how credit card cellphone coverage typically works:

  • You must pay your cell phone bill with an eligible card.
  • Accidental damage that causes your phone to be less functional and theft will be covered.
  • Cosmetic damage, a lost phone, battery failure, and phone accessories typically won’t be covered.
  • You will often have a deductible of anywhere from $25 to $100 before coverage takes effect.
  • Coverage through your credit card is secondary to any insurance you may have through your provider.

Cards That Offer Coverage

Here are a few cards that offer cell phone insurance.

Citi Prestige

Coverage Limit per claim/per 12-month period = $1000/$1500

Deductible = $50

Other Features = Earn points towards hotels and travel.

US Bank Visa Platinum

Coverage Limit per claim/per 12-month period = $600/$1200

Deductible = $25

Other Features = 0% APR on balance transfers and purchases for 20 billing cycles.

Wells Fargo Cash Back College Card

Coverage Limit per claim/per 12-month period = $600/$1200

Deductible = $25

Other Features = Earn 3% cash back on up to $2500 of qualifying purchases.

Conclusion

Credit card phone insurance is becoming more popular and is a nice perk to have. I wouldn’t recommend opening a credit card solely for phone insurance, but if your card happens to have it, then it may be something to take advantage of should you need it.

Remember that these coverages do have stipulations and deductibles. Also note that insurance through your credit card is supplemental and comes second to insurance through your phone provider.

Read Also:

How Many Credit Cards Should You Have?

5 Tips On How To Avoid Growing Your Credit Card Debt

How to Lower Your Credit Card Interest Rate

5 Benefits of Credit Card Consolidation

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