Like many of you, I am eagerly awaiting the launch of the new iPhone X at 12:01am Pacific Time on October 27. I am long overdue for a phone upgrade and am a sucker for being an early adopter of new tech products.

Also like many of you, I am a bit concerned about carrying a $999+ device in my pocket day in and day out. Particularly when I am on the go or traveling to locations that would cause even the most seasoned tourists to consider wearing one of those absurd money belts.

Money belts = perfect for holding anything except a conversation

Which is why I plan on carrying a backup solution in my pocket. Literally.

I’m talking about automatic cell phone protection, a free perk offered by select credit cards that can help you save a ton of money should your phone decide to stop working, break, or walk off with a new friend.

More importantly, this perk will prevent you from wearing a money belt and help put your mind at ease.

Let’s take a look at some of the best options:

Chase Ink Business Preferred

Chase Ink Business Preferred is already one of our favorite credit cards and the cell phone insurance offered by this card only solidifies that choice.

Here’s how it works.

Chase Ink Business Preferred covers up to $600 per claim to cover damage or theft to an eligible phone. All you have to do to make sure your phone is eligible is use your Chase Ink Business Preferred to pay for your phone bill and not purchase insurance with your phone provider or your property insurance.

(Hint: Chase Ink offers 3x points on your phone bill anyway so it’s already a good choice for that monthly expense)

Claims must be filed within 60 days of the incident and all requested documentation provided within 90 days of the incident to qualify for coverage. I don’t know about you, but when I lose the use of my phone I try to get that fixed in a matter of hours not days. So the 60 and 90 day requirements seem pretty reasonable to me.

There is a $100 deductible per claim and a maximum benefit of 3 claims and $1,800 ($600 per claim) in a 12 month period. So don’t start putting your phones in blenders for the YouTube hits and think that Chase will keep paying for new ones.

This protection applies to any phone that is listed on your most recent phone bill, making it a great option for families with multiple smart phones in the home.

Oh, and did I mention it’s totally free? There is no additional charge for this feature, though the Chase Ink Business Preferred does $95 annual fee.

Note that this benefit does not cover things like cell phone accessories, cosmetic damage that does not impact the phone’s capabilities, or phones that “mysteriously disappear” (no joke, that exact language is in the T&Cs), among other things. You can read all the terms & conditions here.

And yes, in case you didn’t put two and two together the Chase Ink Business Preferred is a business credit card. But you don’t have to own an “official business” to qualify for one. Give this a quick read to see if you may be eligible.

Wells Fargo Cash Wise Visa

The Wells Fargo Cash Wise Visa also provides up to $600 of coverage if you use the card to pay for your monthly phone bill and your phone is lost or stolen. There is a $25 deductible per claim and a maximum benefit of two claims (up to $1,200 total) per 12 months.

This same coverage is also available on a number of other Wells Fargo cards, though the Wells Fargo Cash Wise Visa is generally considered to be the best of the bunch.

Like the Chase Ink, the phone insurance offered by Wells Fargo does not cover phone accessories, “mysterious disappearances”, etc. You can read the full terms and conditions here.

This card is also currently offering a $200 cash bonus after you spend $1,000 in the first 3 months, meaning you could use it to pay for your new iPhone X and immediately earn $200 cash back in addition to the cell phone insurance benefits. Kind of seems like a no-brainer to me.

The Wells Fargo Cash Wise Visa is a personal credit card so just about anyone is eligible to apply.

What about purchase protection?

Note that cell phone protection is different than the purchase protection benefit offered by many other premium rewards credit cards. Purchase protection is usually only good for up to 120 days following the date of purchase but can provide a benefit of $1,000+.

While still a valuable perk to look for when getting a new credit card, purchase protection will not help you protect your phone over the long run.

Bottom Line

Both the Chase Ink Business Preferred and Wells Fargo Cash Wise Visa are excellent credit cards to use when purchasing your new iPhone (or whatever phone technology you prefer). Consider opening one of these credit cards to take advantage of this amazing benefit.

Oh, and good luck getting the new iPhone on launch day!


Happy Travels,



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