Credit cards with cell phone protection

  Credit Card Reference

Many credit cards offer “purchase protection” for damaged and stolen items. However, this type of protection only applies to problems that occur during the first 60 - 120 days. But, several cards offer additional coverage for damaged or stolen cell phones, throughout the life of your phone.

Given the cost of paying for cell phone insurance, free coverage from your credit card can save you significant amounts of money each year.

To get coverage, you don’t have to buy your cell phone with the credit card, but you do have to use it to pay your monthly bill. Coverage will apply automatically for any month you use the card. None of the plans will cover lost (as opposed to broken) phones.

Tips for taking advantage of credit card cell phone protection

• Coverage is “secondary” to any other insurance you have, such as homeowners, auto, or renter’s insurance. That means your own insurance needs to pay out first, and the credit card coverage will only cover any remaining charges. So, if your homeowners or rental policies provides coverage, you may not gain any additional benefit from using one of these cards.
• It can be worthwhile for you to cancel your homeowner’s or rental’s insurance’s cell phone coverage, if you decide to get one of these cards. That way, if you have a problem, you can take advantage of the credit card’s coverage, without worrying about an increase in your insurance rates.
• To file a claim, you’ll need to have the receipt, from when you purchased your phone. For many people, that means that coverage won’t really kick in, until you purchase your next phone, and hold onto the receipt. If you don’t have a real receipt, you can try making a claim using the credit card statement from the month you purchased the phone.
• Coverage doesn’t cover leased or prepaid phones. It can be unclear when a cell phone purchase plan is considered a lease, and when they it is just considered an alternative financing plan. If you aren't buying your phone outright, you can call the credit card company to make sure your phone will be covered.  

Cards that offer cell phone protection

Citi Prestige Guide	Starting on May 1st, the Citibank Prestige Card will provide cell phone coverage on up to 5 lines. Covers up to $1,000 per claim, up to $1,500 per year, with a $50 deductible. Unlike the business cards, there is no ambiguity about whether family member lines are covered, but you'll need to settle for only 1 point per dollar on your cell phone bill payments.
Ink Preferred Guide	The Chase Ink Preferred (business card) covers up to $600 per claim, with a $100 deductible, for up to three claims per year. You'll get coverage for an unlimited number of phones on your account, but it only covers phones for employees, not family members. This card offers one of the best reward rates on cellphone services—3x Ultimate Reward points (valued at 5.1 cents) per dollar, but has a higher deductible than the most of the other options.
First National Bank Business Edition Guide	First National Bank Business Cards. Covers up to $600 per claim, with a $50 deductible, up to $1,000 total in a year. Covers up to five lines. The Business Edition card earns 5 points (worth a total of 3.75 cents) on telecommunication services, making this your best bet for a business card, if you are precluded from getting the Chase Ink Preferred card. No annual fee.
Uber Credit Card Guide	The Uber Visa covers up to $600 per claim, with a $25 deductible, on up to two claims per year.  Unlike some of the other personal cards, it offers coverage on an unlimited number of phones on your account. Along with cell phone coverage, the Uber card offers one of the best reward rates on dining (4%) that you can get from any card, and has no annual fee. If you can't use a business card and don't have the Citi Prestige, this is your best option for cell phone coverage. The downside is that you'll only earn 1% back for your cell phone charges. You could earn about 1-2% more, by using a better reward card to pay your bill instead.  If your cell plan costs about $50 per line per month, you are essentially paying about $.50 to $1.00 per month in “lost” reward points, by using your Uber card to get cell phone coverage.
Wells Fargo Credit Cards Guide	All the Wells Fargo personal credit cards, including the no-annual-fee Wells Fargo Cash Wise card, come with free cell phone insurance. Coverage is up to $600 per claim, on up to two total claims per year, with a $25 deductible. Protects up to four lines on the same bill. Like the Uber card, you’ll be missing out on some reward points, by using one of these cards, rather than your general-purpose reward card for paying your bill.
U.S. Bank Platinum Card Webpage	U.S. Bank Platinum card. The no-annual-fee U.S. Bank Platinum card includes free cell phone coverage. Like the Wells Fargo card, the deductible is only $25, and the card will cover up to four lines. Total coverage is capped at $1,000 per year. The main disadvantage to this card’s cell phone coverage versus the Wells Fargo cards, is that you won’t earn any rewards at all for your cell phone spending.

Other cards

Doctor of Credit and Magnify Money both have lists that include some other cards that offer free cell phone coverage, that are issued from some smaller banks and credit unions. The Magnify Money list is more dated, but more comprehensive. The Doctor of Credit post includes full details about terms and exclusions.

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