Does the OakStone Gold Card offer cell phone insurance?

No, the OakStone Secured Mastercard® Gold Credit Card does not have return protection coverage. Return protection is a benefit that offers reimbursement for undamaged, working items purchased with a credit card that cannot be returned to the merchant within a certain number of days of purchase. This benefit is becoming rarer as time goes on, however, as many issuers have dropped it to cut costs.... read full answer

If return protection is important to you, there are still a few good cards that offer it. They include the Bank of America® Premium Rewards® credit card, Blue Cash Preferred® Card from American Express and Chase Sapphire Reserve®.

You can use a secured credit card to make purchases in the same way you would use a regular credit card. The only major difference is the security deposit that you need to put down when you open an account. The minimum deposit required is usually $200-$300, which serves as your credit limit. You may also be able to add more money to the deposit later on, to increase your credit line.... read full answer

Here’s how secured credit cards work:

Secured cards look just like any other credit card. Swiping or dipping your card in a merchant’s payment terminal is exactly the same. And secured credit cards are accepted anywhere that takes Mastercard, Visa, Discover or American Express, depending on which network your card is on.

The keys to using a secured credit card, as with any credit card, are to spend within your means and to pay your bill by the due date every month. That will help you build or rebuild your credit as safely and inexpensively as possible. Using only a portion of your credit limit and always paying your monthly bill in full are good habits, too.

Steps to get and use a secured credit card:

1. Compare secured credit card offers to find a card with a low annual fee, and confirm you meet the approval requirements.
2. Open a checking account, if you don’t already have one. Many secured credit cards require applicants to have a bank account.
3. Submit your application and your $200 to $300+ refundable security deposit. Typically, you won’t have to place the deposit until after you’re approved. But sometimes, you will have to do it when you apply (they won’t take the money if you’re denied).
4. Set up automatic payments from your bank account, so you never miss a due date.
5. Make purchases with your secured credit card anywhere that accepts your card’s network. But you don’t even have to use it for purchases to build your credit. Just having the account open and in good standing helps your credit score.
6. Try to make sure the balance reported on your monthly statements is less than 30% of your credit limit.
7. Pay at least the minimum amount required by the due date every month. That will keep improving your credit score. And you can avoid interest by paying your full balance.
8. Keep track of your credit card statements and your credit reports to make sure there are no errors. Report any mistakes that you find.

Learning how to use a secured credit card is easy. Learning how to use a secured credit card responsibly is a bit harder. But as long as you pay your bills by the due date, you should see your credit score improve before long.

Some good credit cards with cell phone protection include the Citi Prestige® Card, the IHG® Rewards Premier Credit Card, the U.S. Bank Visa® Platinum Card, all Wells Fargo consumer credit cards, the Ink Business Preferred® Credit Card, and the First Citizens Rewards Visa® Card.

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.... read full answer

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.
• All Wells Fargo consumer credit cards: Cell phone protection up to $600 per claim or $1,200 per year; limit of 2 claims per year; $25 deductible.
• U.S. Bank Platinum: Cell phone protection up to $600 per claim or $1,200 per year; limit of 2 claims per year; $25 deductible.
• Chase Ink Preferred: Cell phone protection up to $600 per claim; limit of 3 claims per year; $100 deductible.
• First Citizens Rewards Visa® Card: Cell phone protection up to $500 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.