Cell phone insurance isn’t commonly offered by major credit cards, but it’s certainly a welcome perk. Cell phones don’t come cheap, and some credit cards offer up to $1,000 in reimbursement for a stolen or damaged phone.
Just remember that all credit cards with cell phone protection have the same rule: You must continuously pay your cell phone bill with the credit card, or else your phone won’t get coverage. To make sure your phone is covered, it’s best to set up automatic monthly phone-bill payments with your card as the payment method.
Here are some good credit cards with cell phone protection:
Citi Prestige: Cell phone protection up to $1,000 per claim or $1,500 per year; limit of 2 claims per year; $50 deductible.
IHG Premier: Cell phone protection up to $800 per claim or $1,000 per year; limit of 2 claims per year; $50 deductible.
None of these credit cards cover phones that are lost, as opposed to stolen. Some cards also have specific stipulations for what is and is not covered. So, make sure you’re up to speed on your card’s specific rules.
Wells Fargo cell phone insurance covers cardholders up to $600 for a stolen or damaged cell phone, as long as the cardholder pays the phone’s monthly bill with a Wells Fargo consumer credit card. Coverage applies to the lines listed on Your most recent cellular wireless service provider’s (“cell phone provider”) monthly billing statement for the billing cycle prior to when the incident occurred.. All Wells Fargo consumer credit cards offer cell phone insurance as part of their benefits package.… read full answer
Here’s how Wells Fargo cell phone insurance works:
Coverage: Up to $600 per claim. Wells Fargo will pay for either the value of the phone or a similar replacement, minus a $25 deductible.
Limits: Two claims (up to $1,200 in total coverage) every 12 months.
Requirements: You must pay your monthly cell phone bill with your Wells Fargo consumer credit card. Wells Fargo debit cards and business credit cards do not offer cell phone protection.
Duration: Coverage begins on the first day of the month after you pay your cell phone bill with an eligible Wells Fargo credit card. You need to pay your bill with a Wells Fargo card each month to be covered for the next month.
Exclusions: Wells Fargo cell phone insurance does not apply to rented, borrowed or prepaid phones. It doesn’t cover lost phones, either.
Claims Process: To file a claim, you need to call the benefit administrator at (866) 804-4770 within 60 days of the theft or damage. Claims will be processed within 10 days.
To sum up, Wells Fargo phone insurance protects you against theft or damage and will pay for repairs or reimburse you for the phone’s value up to $600. Just remember to pay your cell phone bill with your Wells Fargo consumer credit card, and your coverage will kick in starting the next month.
Chase credit card purchase protection covers you for up to $50,000 annually for lost, damaged or stolen items purchased with an eligible Chase card. Claims must be filed within 120 days of the incident in order to be eligible. Protection covers the cardholder and the recipient of items purchased as gifts on an eligible Chase credit card.… read full answer
When you file a claim, Chase will either repair or replace the item, at the Benefit Administrator’s discretion. In some cases, you will be reimbursed for the purchase price of your item as reflected on your Chase credit card statement.
Here is how Chase credit card purchase protection works:
Call the Benefit Administrator at the phone number on the back of your Chase credit card, or the number mentioned on your guide to benefits. You can also file a claim online. You must contact the Benefit Administrator within 90 days of any loss, damage, or theft, or you will risk having your claim denied.
You will receive a claim form when you file. Fill out the form completely and provide any requested documentation within 120 days of the occurrence.
Required documents include the signed claim form, a copy of your Chase credit card statement to verify the item was purchased on your card. If applicable, you will also need to provide a fire or police report within 48 hours of the occurrence. If the item can be repaired, send a copy of either a repair estimate or paid receipt for repairs.
Gift recipients must provide all requested documents in order to substantiate the claim.
If the claim is for a damaged item, you may be asked to send it to the Benefit Administrator, at your expense.
You will be notified of the decision to repair or replace your item within 15 days of receipt of the required documentation.
If you’re reimbursed, you’ll be compensated for no more than the purchase price on your credit card statement, or your card’s per item coverage limit, whichever is less. You should receive your reimbursement within five business days of receipt and approval of all required documents.
It is also worth noting that not all items are covered by Chase Purchase Protection. Those include, but are not limited to, unsubstantiated lost items, motorized vehicles, antiques and collectibles, used items, and computer software. Refer to your Chase credit card’s Guide to Benefit for a complete list of non-covered items.
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