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In addition to perks like earning rewards and statement credits, some top credit cards also offer the under-utilized perk of cellphone insurance. This benefit can provide additional security when your cell phone is lost or damaged. Here’s a breakdown of the best credit cards for cellphone insurance and how to choose the right one for your needs.
Comparing the best credit cards with cellphone insurance
Take a look at some of our top choices for credit cards with cellphone insurance, complete with coverage, claim and deductive limits.
| Card Name | Best for | Cellphone protection | Annual fee | Bankrate Score |
|---|---|---|---|---|
| Chase Freedom Flex® | Bonus cash back |
|
$0 | 4.8 |
| The Platinum Card® from American Express | Luxury perks |
|
$695 | 4.8 |
| Capital One Venture X Rewards Credit Card | Travel rewards |
|
$395 | 5.0 |
| Wells Fargo Active Cash® Card | Flat-rate rewards |
|
$0 | 4.3 |
| Ink Business Preferred® Credit Card | Business owners |
|
$95 | 4.4 |
Top credit cards with cellphone insurance
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The Chase Freedom Flex card is the only Chase personal card that provides cellphone protection. And with an outstanding reward structure for a no-annual-fee card and the ability to pool points with other Chase cards, it can be the most valuable cash back card for insuring your cellphone.
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Pros
- You’ll get a well-rounded set of bonus categories and benefits for no annual fee.
- The cellphone protection value matches cards with much higher annual fees.
Cons
- While you can claim up to $800 per claim, there is an annual cap of $1,000 total.
- You must remember to activate rotating bonus categories to earn full rewards.
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As one of the most elite travel cards on the market, it should come as no surprise that the Amex Platinum Card offers cellphone protection. Like many of Platinum’s benefits, the protection plan is among the best on a personal credit card. However, the annual fee is one of the highest of any card, so make sure you’ll utilize enough of the laundry list of benefits before applying for this card.
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Pros
- The cellphone protection benefits are one of the strongest you can find on a personal credit card.
- Maximizing this card’s numerous benefits can provide outsized value, even for a card with an annual fee this high.
Cons
- The high annual fee may scare away anyone who doesn’t expect to maximize the benefits.
- Card reward categories are weak outside the travel category and some perks are difficult to use.
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The Capital One Venture X may offer the best overall value of any premium card. Well-rounded benefits, including cellphone insurance, easily offset its annual fee. Compared to other premium cards, the Venture X is easy to understand and straightforward to maximize: simply make all your purchases with this card, including your cellphone bill, to earn flat-rate rewards and unlock your coverage.
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Pros
- This card is a great standalone option for regular travelers thanks to its combination of boosted travel rewards and solid flat rewards on all other purchases.
- The card’s cellphone insurance coverage is among the highest available.
Cons
- There aren’t many opportunities to earn bonus points on this card outside of the boosted travel rates.
- The annual fee is tough to offset if you don’t use the card’s travel credits.
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The Wells Fargo Active Cash card offers exceptional cellphone insurance for a no-annual-fee card. It has the lowest deductible per claim on any card and consistently ranks near the top of our list of best cash back cards. You’ll get a simple flat-rate reward structure, solid benefits and affordable protection when your cell phone gets lost or damaged.
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Pros
- The $25 deductible per cellphone claim is the lowest available on a credit card.
- This card is a top choice for a simple standalone card thanks to its powerful cash back rate on all purchases.
Cons
- The card lacks travel benefits and protections compared to other cards on our list.
- The annual coverage limit and maximum per claim are lower than some of its competitors.
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The Ink Business Preferred card offers elevated rewards on telecommunications, making it a smart choice for paying your phone bill and having exceptional cellphone coverage. Your business will get higher maximums per claim, annual coverage limits, and the ability to file up to three claims annually, which can help cover any employee phones.
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Pros
- This card offers top reward rates for paying your cellphone bill, giving your business more incentive to use this card for those expenses.
- You can combine points with other Chase Ultimate Rewards-earning cards to boost point value further.
Cons
- The elevated bonus rates are capped at $150,000 annually in combined purchases for shipping, travel, advertising with social media sites and search engines, internet, cable and phone services.
- The spending requirement for the welcome offer is high for the short timeframe.
How to choose the best credit cards with cellphone insurance
While many cards offer cellphone insurance, there are differences in each issuer’s offering. Consider these factors when choosing which credit card with cellphone insurance is right for you:
Take some time to understand the details.
- Read the fine print. Like with any form of insurance, you’ll want to read the fine print to spot potential “gotcha” scenarios. Having your claim denied due to a technicality can be highly frustrating.
- Make sure you’re comfortable with your deductible. Your deductible is the amount you’ll be responsible for paying out-of-pocket, so you’ll want to make sure you can pay your deductible when considering a card with cellphone insurance.
- Know your coverage limits. There are three limits to pay attention to: your maximum amount per claim, the annual coverage limit, and the number of claims you can make in a calendar year. The math doesn’t always add up on some cards, meaning you could have a card with two claims per year at an $800 maximum per claim but an annual limit lower than $1,600.
- Pay your bill with your card. Cellphone insurance coverage on your credit card is only activated when you pay your entire cellphone bill with your credit card. While coverage on some cards takes effect the day after paying your bill, some cards may only become active at the start of the following month.
What’s covered with cellphone insurance
Having a good understanding of your coverage can prevent headaches when issues arise.
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- Costs to repair or replace your cell phone when damaged
- Costs to replace your cell phone when stolen (police report usually required)
- Costs to replace your cell phone when it is unrecoverable due to involuntary or accidental parting (think dropping it into a river or similar situations)
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- Anything on a cell phone not paid fully with the eligible card
- Cosmetic damage that doesn’t impact the phone’s capabilities or functionality
- Cellphones that are leased (not including phones purchased on installment plans) or purchased for resale
- Accessories other than the standard battery
- Mysterious disappearances without evidence of a wrongful act or intentional damage
- Employee phones that aren’t listed on the monthly bill
- Theft from checked baggage
- Losses covered by phone warranty
Frequently asked questions
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Cell phone insurance generally covers a range of incidents for different cell phones, but specifics can vary based on the provider and policy. However, coverage may be limited by the phone’s age, make, model, and condition, and certain modifications or repairs could void the policy. Always check the details of your insurance plan for exact coverage limitations.
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Your need for additional cellphone insurance depends on your credit card’s coverage scope and limitations. If it sufficiently protects against theft and damage, using your card to pay the bill may be enough. However, consider extra coverage if your card’s policy has restrictions, such as coverage exclusions, reimbursement limits, or high deductibles. Always review your card’s insurance details, as credit card coverage is often secondary.
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Secondary cellphone insurance kicks in after other insurance policies, like your phone carrier’s protection plan or your homeowner’s/renter’s insurance, are exhausted. Coverage typically has limitations on amounts, number of claims, and types of covered incidents, and deductibles may apply.
What’s next?
Enter some basic information into CardMatch™, Bankrate’s prequalification tool, to find a card that best suits your needs. For more insight, our Spender Type Tool can point you in the right direction.
The bottom line
While cellphone insurance shouldn’t be the sole reason for choosing a credit card, it can help you recoup some cash on your phone in the event of a covered event.
*Although not stated explicitly in the public benefit terms, this maximum annual coverage limit is implied by the maximum coverage per claim plus the maximum number of yearly claims. Check with your issuer to be certain of your potential annual coverage.
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