The Chase Ink Preferred® offers up to $1,000 in cell phone protection—here’s how it works and how to file a claim.
To maximize my cell phone protection, I product changed my Ink Business Cash® Credit Card to a Ink Business Preferred® Credit Card. Even though the Chase Ink Preferred has a $95 annual fee, it's a no-brainer card because of the cell phone insurance.
There are a few other card that have cell phone protection, but they're either cards I don't have, ones that I don't want, or ones that I can't get. To me, it doesn't make sense to apply for a card solely for cell phone protection.
Other cards that have cell phone protection are the Wells Fargo personal cards, US Bank Platinum Visa, and the FNBO Absolute Rewards card. The cards I can't get are the ones for the Navy Federal Credit Union.
Cell phone protection will reimburse the eligible cardholder for:
With the Ink Business Preferred® Credit Card, you're covered for damage and theft, but only for phones that are purchased brand new. This means that refurbished or used phones do not qualify. You're covered up to $1,000 per claim, with up to 3 claims per 12 months; this comes out to $3,000 (maximum) for 3 claims in 12 months. There's a $100 deductible for each claim.
Depending on the type of phone you purchase, it might make sense to go through the manufacturer's insurance. For example, if you purchase an iPhone, AppleCare is a great option.
On the other hand, if you purchase a cheaper Android phone that's less than $1,000, then credit card protection might be the optimal route.
One thing to consider is the cell phone insurance is supplemental, so if you have homeowners insurance, renter's insurance, or employer's insurance, those have to be used first.
Once the primary insurance is exhausted, the Chase Ink Preferred's cell phone protection will cover the damage to, theft of, or involuntary accidentally parting with the cell phone up to $1,000 per claim. You'll be responsible for the $100 deductible.
The Benefits Administrator will choose to repair or replace the cell phone for the lesser amount up to $1,000.
Under normal circumstances, you'll be reimbursed within 10 business days of receipt and approval of the claim form and all required documents.
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