Almost 72% of American have a credit card in their wallets which is about the same percentage (77%) as those who own a smartphone. Credit cards offer convenience, less paperwork, as well as other perks like purchase protection, airline miles and cash back on purchases. One credit card that I use primarily offers a cool benefit that offers insurance on my smartphone. The Wells Fargo Cash Wise Visa credit card is my go to form of payment, mainly because I’m a Wells Fargo customer and so are many millions of you. It also offers 1.5% cash back on purchases and 1.8% cash back when I use Android Pay (also works with Apple Pay) to buy goods or services.
This is a cool benefit that I didn’t know about until recently and now saves me $10 a month on insurance payments I used to pay to AT&T. Of course there are rules and limitations, but they’re pretty basic:
- Up to $600 in protection for damage or stolen cell phones (does not apply to lost devices)
- $25 deductible (much less than most deductibles on insurance plans)
- No annual fee
- Must pay for cell phone bill with Cash Wise credit card
- Covers primary line on account and up to three additional lines
- Two incidents per year, up to $1200 covered
- Does not require automatic billing
The credit card also comes with all other standard protections, but this article is to inform you of the free cell phone insurance. I highly recommend checking out your own credit card benefits to see if anything similar is offered. It might end up saving you several hundred dollars on insurance premiums you currently pay.
For complete coverage benefits and exclusions regarding this protection call 1-800-642-4720, 24 hours a day, seven days a week.
There are other cards that offer the smartphone insurance too, similar to what Wells Fargo offers.