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Your credit card may give you free cell phone insurance
When this post was first written the Chase Ink Business Preferred was one of the only cards to offer cell phone insurance as a perk of the card. Now…there are so many that you need a chart to keep track! Luckily…Miles is a whiz at chart making and whipped up this bad boy to make things a little simpler for you.
This is an overview of the various cards on the market that offer free cell phone insurance as a perk of card membership. While most are affiliated with banks specifically…many Mastercards that are branded World and World Elite offer some kind of cell phone insurance. That’s amazing!
Whether you have a Capital One Venture X, Amex Platinum, a Chase Freedom Flex, or a Chase Ink Business Preferred, make sure you’re making use of the perks that a free to you with your cards!
*note…there are exclusions to any coverage and make sure you understand the terms and conditions
Our Favorite Credit Cards – updated monthly!
Credit Cards that offer Free Cell Phone Insurance
| Bank | Card Name | Coverage | Earn Rate | Annual Fee |
|---|---|---|---|---|
| American Express | Platinum and Black Card both personal and business | $800 per claim, $50 deductible and max of 2 per year | 1x | Personal Plat = $695 Business Plat = $695 Black = $5k |
| Barclay | Bilt Mastercard World Elite | $800 per claim, $50 deductible, $1k max/ 2 claims per year | 1x | No annual fee |
| Barclay | American Airlines Aviator Red | $800 per claim, $50 deductible, $1k max/ 2 claims per year | 1x | $99 annual fee |
| Capital One | Capital One Venture X | $800 per claim, $50 deductible, 2 claims per year, | 2x | $395 |
| Capital One | Capital One Spark Cash Plus | $800 per claim, $50 deductible, 2 claims per year, $1k max per year | 1x | $0 |
| Chase | Freedom Flex | $800 per claim, $50 deductible, 2 claims per year, $1000 max | 1x | No Annual Fee |
| Chase | Ink Business Preferred | $600 per claim, $100 deductible, $1800 per year | 3x | $95 |
| Citi | Prestige | $1000 per claim, $50 deductible, $1500 max per year | 1x | $495 |
| Mastercard World | Some of them | $600 per claim, $50 deductible, and $1200 max per year | varies | varies |
| Mastercard World Elite | Some of them | Roughly...$1000 per claim, $50 deductible, $1500 max | varies | varies ( Freedom Flex is no Annual Fee and has coverage ) |
| Sofi | Money Debit | $200 per claim, $25 deductible, and 2 claims per year | $0 | |
| US Bank | Platinum Card | $600 per claim, $25 deductible, and $1200 per year | no annual fee | |
| Wells Fargo | Coverage on all of their consumer cards | $600 per claim, $25 deductible, and $1200 per year | varies | varies |
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Amex Bus Platinum’s coverage is “secondary,” which I learned only after filing a claim and jumping through many hoops. They wanted me to file a claim first with my Allstate Homeowners Insurance, which made no sense at all for filing a claim for a stolen phone because my policy premium would have jumped $500 a year starting with my renewal. Ridiculous.
How is the coverage free when the Amex Plat charges a $695 fee? You pay for the coverage as part of the fee!
This is deceptive as any practice that states something is free but you have to pay money in some way to get it.
That’s not the definition of free.
I’m pretty sure chase doesn’t back Capital One cards. Also , the Venture X has a 2x earning rate. I’m not sure any of that chart is accurate. Make sure you check your own cards terms.
How to get the coverage? Buy the phone with the credit card that offers it?
I am on my 4th smartphone. The battery has been the problem in the past in all the smartphones though a loose charging port was also a problem in one. I have gotten 3-4 years out of them. The phone with 4 years, it was limping the last year.
My son broke an iPhone 6s. Apple Store charged 300 to replace it. Insurance through Chase reimbursed 200 of it.
Ha! I got a Samsung S5 a few years ago during Best Buy’s Thanksgiving Friday sale. It cost 1 cent plus $35 activation fee. And I had to re-up my 2-year ATT plan, which I was going to do anyway.
My phone broke, Chase Ink reps said I was covered, the check was going to be for $35.01 b/c that was the charge on the card. I thanked them but told them not to bother.