Credit Cards That Offer Mobile Device Insurance

Check out these credit cards offering mobile device insurance as an added perk so you can spend conveniently, earn rewards and protect your device.

WRITTEN BY
Lisa Rennie
Updated November 11, 2020

It happens to the best of us, and when it does, it can be very frustrating. Whether you let your mobile device slip out of your hands and onto the floor, drop it into the toilet, or even leave it behind on the subway, damage or loss of your cell phone can leave you feeling helpless. 

After all, these little portable pieces of technology are super expensive and not to mention often hold our entire lives. The good news is that you can take advantage of mobile device insurance to help cover the cost of damage or loss of a device. Even better news, many credit card providers are offering mobile device insurance as an added perk so you can spend conveniently, earn rewards, build credit, and protect your device. 

How Does Mobile Device Insurance Work?

If the credit card you take out has mobile device insurance, coverage will typically start around 30 days after you buy your mobile device, with some credit card coverage starting as long as 90 days after the purchase. So, if something happens to your cell phone before the start date of the policy, you will not be covered.

If your phone is damaged, lost, or stolen, the amount that you will be reimbursed for will depend on a few factors, such as the following:

  • How much you paid for your mobile device. The cost of the mobile device when you first buy will be factored into what you will be compensated for.
  • The device’s depreciated value. As you would imagine, the value of your device decreases over time, which is referred to as depreciation. You will need to figure out what the device’s depreciated value is to calculate the maximum reimbursement, which can be done by subtracting the depreciated value from the initial purchase price, minus the deductible.
  • Your deductible. Before coverage kicks in after filing a claim, you will first have to pay a deductible, much like any other type of insurance. 
  • Your coverage. Every credit card may offer a slightly different type of coverage, though most cards that offer this type of policy cover the items listed below.

What is Commonly Covered and Not Covered Under Mobile Device Insurance?

CoveredNot Covered
Accidental damageBatteries
LossAccessories
TheftUsed mobile devices
Modified devices (such as jailbreaking your phone)
Cosmetic damage that does not impact how the phone works
Wear and tear

Best Credit Cards With Mobile Device Insurance 

The following are the top credit cards offered to Canadians that also come with mobile device insurance:

  • BMO eclipse Visa Infinite Privilege* Card
  • BMO eclipse Visa Infinite* Card
  • Scotiabank Momentum Visa Infinite
  • Tangerine World Mastercard
  • CIBC Aventura Visa Infinite

We’ll get into more detail about each card below.

BMO eclipse Visa Infinite Privilege* Card

The BMO eclipse Visa Infinite Privilege* Card is one of two new credit cards being offered by BMO and is the first Visa that the bank has ever offered. Prior to this offering, BMO has been exclusively a MasterCard provider, so this is something new and exciting for BMO and its clients. 

This credit card is perfect for those who earn a little more than the average Canadian and appreciate the finer things in life. Cardholders will be able to gain access to some of life’s luxuries, like VIP airport lounge access, valet discounts at airports, and an on-call personal assistant service. 

Users can earn 5x the BMO Rewards points for every dollar spent on dining, gas, travel, groceries, and drugstore purchases, and 1 point for every dollar spent anywhere else. If you sign up before October 31, 2021, you can earn as much as 50,000 points as a welcome bonus. 

To be eligible for this credit card, you’ll need a minimum income of  $150,000 (or a household income of $200,000). The annual fee for the BMO eclipse Visa Infinite Privilege* Card is $499 with a purchase APR of 20.99% and a cash-back APR of 23.99%. 

Once you have your card in your hands, you’ll be eligible for up to $1,000 in coverage for your cell phone if it’s ever lost, stolen, or damaged. 

BMO eclipse Visa Infinite* Card

BMO infinite

The BMO eclipse Visa Infinite* Card is the bank’s second Visa card offering and is suitable for the digitally-savvy millennial demographic who appreciate treating themselves daily. 

Unlike most reward credit cards that require users to accumulate a certain number of points before they can be redeemed, the BMO eclipse Visa Infinite* Card allows cardholders to redeem as little as $1 to pay for life’s small pleasures, like a cup of coffee or an online newspaper subscription.

Users can earn 5x the BMO Rewards points for every dollar spent on dining, groceries, gas, and public transit. When you sign up before October 31, 2020, you can earn as much as 40,000 points as a welcome bonus and get the annual fee waived over the first year. 

To be eligible for this credit card, you’ll need a minimum income of $60,000 (or a household income of $100,000). The annual fee for the BMO eclipse Visa Infinite* Card is $120 with a purchase APR of 20.99% and a cash-back APR of 23.99%. 

With this credit card, your mobile device will be insured up to $1,000.

Scotiabank Momentum Visa Infinite

The Scotiabank Momentum Visa Infinite offers competitive cash back rewards, comprehensive travel insurance, and mobile device coverage. New Scotiabank Momentum Visa Infinite cardholders will be rewarded with the ability to earn 10% cash back on all purchases for the first 3 months. Plus, the $120 annual fee will be waived over the first year. 

After the first 3 months, you can earn 4% cash back on every dollar spent on groceries and subscription purchases, 2% for every dollar spent on gas and transit, and 1% cash back on all other purchases. 

To be eligible for the Scotiabank Momentum Visa Infinite credit card, you’ll need a minimum income of $60,000 (or a  household income of $100,000). The annual fee for the card is $120 with a purchase APR of 20.99% and a cash-back APR of 22.99%. 

Your credit card will be insured up to $1,000 with the Scotiabank Momentum Visa Infinite. Coverage begins 30 days after the card is approved. 

Tangerine World Mastercard

The new Tangerine World Mastercard has all the same features of the Money-Back Credit Card, like no annual fee, unlimited rewards deposited into your account, and exclusive benefits. Cardholders can take advantage of exclusive retail, dining, and spa offerings in more than 400 airports worldwide, plus rental car collision coverage when travelling. Users can earn up to 2% cash back on purchases made using the Tangerine World Mastercard.

A unique feature of this credit card is its mobile device insurance, which covers up to $1,000 for lost, stolen, or damaged phones or tablets. Protection starts 30 days from the date of purchase of the mobile device. 

A minimum income of  $60,000 (or a household income of $100,000) is required to be eligible for the Scotiabank Momentum Visa Infinite credit card. Both the purchase and cash-back APR are 19.95%.

CIBC Aventura Visa Infinite

Those who are avid travellers may want to take a closer look at the CIBC Aventura Visa Infinite credit card, which offers cardholders the ability to earn points with every purchase and redeem them toward travel, merchandise, and other purchases. Plus, the points don’t expire. Points can be redeemed for hotel stays and car rentals, plus an Aventura Travel Assistant is available to help book your next trip without booking fees. 

Cardholders can earn 2 Aventura Points for every dollar spent on travel purchased through the CIBC Rewards Centre, 1.5 points for every dollar spent at eligible grocery stores, gas stations, and pharmacies, and 1 point for every dollar spent on all other purchases. 

In addition to all that, users can have their mobile device insured up to $1,000 if it is ever lost, stolen, or damaged. Coverage takes effect 90 days after the purchase date. 

To be eligible for the CIBC Aventura Visa Infinite credit card, a minimum income of $60,000 is required (or a household income of $100,000). The annual fees are $120, and the APR for purchases and cash back are 19.99% and 22.99%, respectively. 

Best Credit Cards with Mobile Device Insurance Overview

Annual FeesAPRCash AdvanceMobile Device Coverage AmountWelcome Bonus
BMO eclipse Visa Infinite Privilege* Card$49920.99%23.99%Up to $1,000Up to 50,000 BMO Rewards points
BMO eclipse Visa Infinite* Card$12020.99%23.99%Up to $1,000Up to 40,000 BMO Rewards points
Scotiabank Momentum Visa Infinite$12020.99%22.99%$1,000– 10% cash back earned on all purchases for the first 3 months (up to $2,000)
– Annual fee waived in the first year
Tangerine World Mastercard$019.95%19.95%$1,0001.95% promotional balance transfer interest rate for the first 6 months
CIBC Aventura Visa Infinite$12019.99%22.99%$1,000Up to 20,000 points and first-year annual fee rebate

How Do You Make a Mobile Insurance Claim? 

To make a claim and receive compensation for a lost, stolen, or damaged phone, you will need to obtain approval from your credit card issuer first to make sure that you are eligible. It’s also important to note that you should not try to fix or replace your mobile device before making a claim. 

You should file a claim as soon as possible after the incident, as you typically are given just 48 to be eligible. Before filing a claim, however, you may want to gather all necessary documentation that your credit card issuer may want to see. This may include the following:

  • Original sales receipt from the purchase of your device
  • Date and time that notification was made to your provider of damage, loss, or theft
  • Manufacturer’s warranty
  • Repair estimate in the event of malfunction or accidental damage
  • A police or insurance claim in the event of theft

Once you have all the required documentation, you are ready to file a claim.

Final Thoughts

Having a credit card that not only offers rewards points that can be applied to the redemption of merchandise and services is convenient enough. But having one that also offers coverage for your mobile device is even better. Mobile device insurance is certainly a unique feature that the above-mentioned credit cards offer, and with a growing number of cards offering this type of insurance, you have plenty to choose from.

* BMO, Scotiabank, CIBC, and Tangerine are not responsible for the accuracy of this information or for maintaining the content on this page. Please visit the website of the credit card provider to the most up to date information.