A while back I compared five credit cards that offer cell phone protection. All of these cards have the same maximum coverage per claim, but differ in other areas such as deductibles and annual maximums. Of these cards, I want to highlight the very best of them and a formula for determining which card is best for your phone and your family situation.

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I should note the only one of these cards with an annual fee is the Chase Ink Business Preferred and it is $95.

The Best: Chase Ink Business Preferred

As you can see, all of these cards will insure up to $600 per claim, but only the Chase Ink card offers up to three claims per year, though at a field-high of a $100 deductible per claim.

I value maximum annual amount the most, especially if you have multiple devices on your plan. For example, if you’re a family of four and three of you shatter your brand new Samsung Note9 ($1000 each), your total loss is only $1,500 once you subtract the $1,800 maximum annual claim plus the $300 in deductibles.

Just remember, you’ll have to pay your phone bill with all of these credit cards to be covered.

Earning rate: 3x URs per $

The Others That Work Just Fine

If you’re a single person and are insuring your iPhone X ($1000), you might elect to go with one of the other three $25/$1,200 plans — Barclays Uber, Wells Fargo, or US Bank. You’ll only be able to claim up to $600 for the device but your deductible will be minimized at $25, thus reducing your loss to only $425 as opposed to the other options ($500 and $450).

Earning rates: nothing special

The Worst: First National Bank Visa Card

This card scores the low and in all three categories at a $50 deductible, $600 per claim maximum, and $1,000 maximum claim per year. If you shatter two iPhone X’s in a year, your total loss will be $1,100 ($2000 phone cost-1,000 max claim+100 in deductibles).

Earning rates: nothing special

Final word

Choose the card that works for you and your family, but in my opinion it’s usually always better to use credit card cell phone protection as opposed to paying your carrier a monthly fee of $10-20 for coverage since these monthly plans often come with higher deductibles than the credit card offers.

What are your thoughts?

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Jeremy
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Jeremy

What about Navy Federal Credit Union?

Barry
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Barry

Can you list the annual fees?

Christopher Pick
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Christopher Pick

Tried to make claim via wellsfargo on phone that no longer works.. because we purchased from google, they wanted us to take it to a service center to tell us it was broken :/ no service centers anywhere near..

Jeremy
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Jeremy

Every time I’ve had to file a claim with any card, they’ve insisted on that I get a quote. I’d call and ask Wells if they’ll take a local place. Chase did.