Yes, the SoFi Credit Card does offer cell phone insurance. The SoFi Credit Card gives cardholders up to $800 per claim to repair or replace a damaged or stolen phone, if they charge their phone bill to the card every month.
The maximum coverage amount is $1,000 per year, and there is a $50 deductible. SoFi Credit Card cell phone protection does not cover phone accessories; rented, borrowed or prepaid phones; cosmetic damage and lost phones.
How to Use SoFi Credit Card Cell Phone Protection
Check if you have other applicable coverage. SoFi only offers secondary cell phone insurance. You’ll have to exhaust any other coverage you might have before making a cell phone insurance claim with the SoFi Credit Card.
Notify the Benefit Administrator within 90 days of the incident by calling 1-800-Mastercard. You can also open a claim online.
Submit the required documents within 120 days of the incident. These documents include your cell phone bill from the month before the incident showing payment with the eligible card, a copy of your current wireless service provider’s billing statement and any other requested documents.
Wait for a decision. The Benefit Administrator will notify you as soon as your claim has been processed.
The SoFi Credit Card is a Mastercard, not a Visa. You can use your SoFi Credit Card at nearly 11 million merchants that accept Mastercard nationwide, and you can use it abroad in more than 200 countries and territories.
There are a few differences between Visa and Mastercard credit cards, such as the network-level benefits they offer, but those differences are relatively small. The two card networks have a lot in common, including … read full answerextensive worldwide acceptance. As a result, it’s more worthwhile to compare individual credit card offers than to focus on getting a card from a particular network.
No, the SoFi 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
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.
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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.