5 Top Credit Cards With Cellphone Insurance

For many folks, cellphones are a lifeline. So it can be a big problem if your phone winds up stolen or damaged. On top of that, the cost of repairing or replacing your phone can be astronomical.

If you use the right credit card to pay your cellphone bill, though, you can at least avoid that cost, if not the hassle. That's because many great rewards cards offer cellphone insurance.

Here are just a few popular options.

1. Chase Ink Business Preferred

I'm starting with a small business credit card because it simply has the best coverage. With the Ink Business Preferred® Credit Card, you get up to $1,000 per claim against covered theft or damage, with a $100 deductible. Additionally, you can file up to three claims per 12-month period, the most generous offer of any card on the list. And the icing on the cake is the bonus rewards you can get on payments for cellphone services.

2. Amex Platinum Card

Of course the card known for all of its perks is on this list! While it surprisingly doesn't have the highest coverage cap, The Platinum Card® from American Express cardholders still get a decent deal when they pay their cellphone bill with their card. Coverage is up to $800 per claim with a $50 deductible. You can have two claims per 12-month period. Terms apply.

3. Wells Fargo Autograph Card

Technically, the two cards after this on the list have better coverage limits. But the Wells Fargo Autograph℠ Card (see rates and fees) has something else in its favor: It earns bonus rewards on your phone bills. So, not only do you get up to $600 per claim (with only a $25 deductible) when you pay your bill with your card, but you'll also get bonus rewards on those purchases while you're at it. Oh, and there's no annual fee. Triple threat.

4. Chase Freedom Flex

This is another option for cellphone protection on a no annual fee card, though you won't earn bonus rewards unless it happens to be the quarterly category (and you activate it). However, pay your cellphone bill with your Chase Freedom Flex® card and you'll be eligible for coverage up to $800 per claim (and $1,000 per year), on up to two claims per 12 months, with a $50 deductible each time.

5. Capital One Venture X Card

If you want a one-card travel rewards wallet with cellphone protection, the Capital One Venture X Rewards Credit Card could be your pick. This travel rewards card earns the same 2X miles on cellphone bills as well as other purchases, and when you pay your bill, you qualify for cellphone insurance. Coverage is capped at $800 per claim, with a $50 deductible per claim, and up to two claims per 12-month period.

How to file a cellphone insurance claim

The specific process for filing a claim will vary by issuer, but in general, you'll need to do the following:

• Notify your credit card's benefit administrator, either by phone or online.
• Fill out the appropriate claims form.
• Include required documents, such as a cellphone provider billing statement that shows your eligible card was used to pay the bill. You may also need to show proof that the specific phone is tied to your wireless account. The issuer will likely request the damaged phone and/or estimate for repair or replacement.
• Once you submit all the required paperwork, your claim will be evaluated. If your claim is approved, you will be issued a check for the amount determined by the issuer.

Terms and conditions to note

There are a few important factors to keep in mind regarding cellphone insurance from your credit card:

• You must pay your entire cellphone bill with your eligible card.
• You are usually limited to two claims per year. There may also be a cap on the total amount you can receive.
• Each claim will require paying a deductible of $25 to $100 per claim.
• The issuer can choose to repair or replace your phone, depending on the circumstances.
• You may receive less than the coverage cap if the cost to repair or replace your phone is less than that amount.
• You usually have 60 days from the time your phone is damaged or stolen to file a claim.

Sure, using credit card cellphone insurance can require jumping through a few hoops. But it can offer a lot of peace of mind, as well as save your wallet from a big hit should the worst happen to your phone.