A relatively new feature for credit cards is free cell phone insurance (or it’s called cell phone protection). Several cards currently have it, mostly World Elite Mastercards. Enrollment is easy: just pay your eligible monthly cell phone bill with an eligible credit card.
Most types of major damage, or theft, are covered by this insurance. Phones which become lost or “mysteriously disappear” are not covered. Other exceptions may apply, such as limits to how many phones are covered. Plan details vary, so you’ll have to read the terms and conditions of your card of choice. Some secured cards or student cards may also offer this benefit. Shop around to see which card might be best for you.
Cell phone manufacturers, retailers, and telecommunications providers may offer their own protection plans or warranties. However, they usually come with fees. Google for example offers “protection plans” ranging from $3 to $15 per month, with fees and deductibles ranging from $39 to $199 on top of that. (Plus, some devices aren’t eligible for their plan, and services aren’t available in every state.) If insurance/protection is included in your credit card benefits instead, it’s 100% free and coverage is automatic. You’ll save money while earning cash back from paying your phone bill.
The top 5 personal credit or charge cards, as of 2022, are currently:
1. SoFi Mastercard
The SoFi card earns 2% cash back on everything, without annual fees or foreign transaction fees. It has a $100 sign-up bonus and requires a SoFi investment/money/loan account for redeeming points. This is one of the best “everyday” cards for general spending.
Cell phone insurance is included among its Mastercard World Elite perks. There’s a $50 deductible and $800 claim limit. There can be a maximum of 2 claims per 12 months with a maximum $1,000 payout from those claims..
If your bill is $50 per month, you’ll get $12 in annual cash back. Not much, but you’re basically being paid to have insurance, which is a good deal either way.
2. Chase Freedom Flex Mastercard
Freedom Flex (CFF) earns 5% cash back on rotating categories, 3% back at restaurants and drugstores, then 1% on other purchases. It has a $200 sign-up bonus and other benefits. There isn’t an annual fee, although CFF carries a 3% foreign transaction fee.
Cell phone insurance is included among its Mastercard World Elite perks. There’s a $50 deductible and $800 claim limit.
Although cell phone bills appear to earn 1% cash back instead of SoFi’s 2%, the CFF sometimes has phone bills as a quarterly 5% category. If that happens, and your bill is $50 per month, you still get $12 in annual cash back. Exactly the same as the SoFi card. Plus, CFF cash back is worth more as part of the Chase Trifecta.
3. Capital One Venture X Visa Infinite
Capital One Venture X earns at least 2% cash back on everything. The $395 annual fee is effectively $-5 when considering the $100+ anniversary bonus and $300 annual travel credit. Read our full review for more information. If you can handle the annual fee, and enjoy traveling, this is probably a better option than the SoFi card above.
Cell phone insurance is included among its Visa Infinite perks. There’s a $50 deductible and $800 claim limit, which is standard among cards that offer cellular protection.
4. Wells Fargo Visa Signature
Wells Fargo Active Cash earns 2% cash back on everything without annual fees. It has a $200 sign-up bonus, 0% intro APR for 15 months, and 3% foreign transaction fee. This is one of the best “everyday” cards for general spending (for people who don’t travel overseas). You can also check out the Wells Fargo Autograph, which earns up to 3% cash back (with even fewer fees).
Wells Fargo includes cell phone protection with all of its credit cards. It doesn’t matter if the card is Visa, American Express, etc. There’s a $25 deductible and $600 claim limit. There can be a maximum of 2 claims per 12 months with a maximum $1,200 payout from those claims.
Currently-unavailable Wells Fargo cards (such as the Propel) should retain cell phone protection. Check the terms and conditions to be sure, if you have one of these cards.
5. American Express Platinum
American Express Platinum has a wide variety of benefits and credits alongside a hefty $695 annual fee. Although it’s considered a travel-centric card, it has other perks as well. Read our full review for more information. The Centurion cards also have cell phone protection, as well as certain Delta cards.
The cell phone protection has a $50 deductible and $800 claim limit, alongside the standard limit of 2 claims per 12 months. There seems to be a maximum $1,600 payout from those claims.
Honorable mentions:
- Affinity Credit Union Cash Rewards ($50 deductible, $250 maximum per claim with a $500 annual limit)
- Barclaycard Black ($50 deductible, $800 maximum per claim)
- First Citizens Bank Travel Rewards, Cash Rewards, or Rewards card ($50 deductible, $500 maximum per claim with a $1,000 annual limit)
- Navy Federal Credit Union Flagship Rewards ($50 deductible, $250 maximum per claim)
- Purdue Federal Credit Union Visa Signature ($50 deductible, $250 maximum per claim)
- Sallie Mae Evolve Mastercard ($50 deductible, $600 maximum per claim)
- Signature Federal Credit Union Visa Signature ($50 deductible, $100 maximum per claim)
- Synchrony Premier ($50 deductible, $600 maximum per claim with a $1,000 annual limit)
- U.S. Bank Altitude Connect ($100 deductible, $600 maximum per claim with a $600 annual limit)
- USAlliance Visa Signature ($50 deductible, $250 maximum per claim)
Unconfirmed options:
- TD Bank cards should all have cell phone insurance ($50 deductible, $500 maximum per claim)
- UNFCU Azure ($50 deductible, unknown claim limit)