Some Credit Cards Protect Your Cell Phone From Damage
If you pay your monthly mobile phone bill with a credit card, the issuer can indeed offer protection for your device. Many people know this, but Magnify Money has gone further by listing issuers that offer this feature.
The site reviewed the policies of over 25 banks and credit unions offering cell phone protection. In a nutshell, how the policies work: You pay for your monthly mobile data plan with an appropriate bank or credit card, and for every month you do, your phone is covered.
Probably the two most popular institutions on their list are Wells Fargo and First Citizen’s Bank, but these include credit unions from across the country. And I was surprised at how lenient Wells Fargo’s policies are. According to their website:
Pay your monthly cell phone bill with a Wells Fargo credit card and get free protection up to $ 600 (with a $ 25 deductible) against covered damage or theft.
The fine print clarifies that you have to pay a $ 25 deductible and you can only file two claims a year. It also explicitly states: “Cell phones that have been stolen or damaged are protected.”
If you are a credit card user of any of the listed institutions, this information may come in handy. And if you are looking for a new bank or credit union, you may find their mobile phone insurance policy helpful in making your decision.
Anyway, check out the full list of Magnify Money.
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