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Send Imagine the screen of your new phone shattering into pieces after you accidentally dropped it. Ouch! A credit card with mobile device insurance could help you save hundreds of dollars when replacing a stolen, lost or damaged mobile device. In this article, we present a list of the best credit cards with mobile device insurance available in Canada. To help you in your search, you can also use our credit card comparison tool.
Tangerine World Mastercard – No-Fee Credit Card
What better way to start this list than with a no-fee card? Tangerine’s World Mastercard offers a decent insurance for mobile devices. Its rewards program is also very popular, since it’s customizable! In fact, you earn 2% cash back on up to three purchase categories of your choice among the following: groceries, home furnishings, restaurants, hotels and motels, gas, recurring payments, pharmacy, renovations, entertainment and public transport and parking.
To get mobile device insurance, you have to use your card to pay in full for your new phone or tablet, or make all monthly wireless bill payments when you finance the purchase with a package. You’re covered for up to $1,000 in the event of loss, theft, accidental damage or mechanical failure.
| Tangerine World Mastercard | Description |
| Estimated credit score | 680 |
| Minimum annual income | $50,000 per person or $80,000 per household |
BMO CashBack World Elite Mastercard – Purchase Protection
The BMO CashBack World Elite Mastercard is one of the most popular credit cards for… cash back! Less well known is the fact that, unlike many other cards, its Purchase Protection insurance does not exclude cell phones (according to the cardholder agreement). This insurance covers theft or damage to items for the first 90 days from the date of purchase, provided the full price has been paid with the credit card.
Cardholders earn 5% cash back on groceries, 4% on transit, 3% on gas, 2% on recurring bill payments and 1% on all other purchases. This card is also great if you need to rent a car. You can save up to 25% off rentals at participating National Car Rental and Alamo Rent A Car, plus you get a complimentary membership to BMO’s Roadside Assistance Program.
| BMO CashBack World Elite Mastercard | Description |
| Estimated credit score | 725 |
| Minimum annual income | $80,000 per person or $150,000 per household |
Scotia Momentum Visa Infinite – High Cash Back Rate
2% : Gas, Daily transit and Food delivery;
1% : Other purchases
If there’s one thing you can be sure of with Scotiabank’s Momentum Visa Infinite credit card, it’s that you get what you pay for! In fact, cardholders get 4% cash back on groceries and recurring payments. This means your pre-authorized monthly phone plan could earn 4%. For gas and transportation costs, the cash back rate is 2%. Finally, for all other purchases, it is 1%.
The card comes with a number of protections, including emergency travel medical insurance, flight delay insurance, delayed or lost baggage insurance, and extended protection and purchase insurance.
Of course, there’s also mobile device insurance that covers brand-new tablets and smartphones, provided the full price of the device is paid with your card, or that you financed the purchase with a plan paid for with your card. You can be covered for up to $1,000 in the event of theft, loss, accidental damage or mechanical failure.
| Scotia Momentum Visa Infinite | Description |
| Estimated credit score | 700 |
| Minimum annual income | $60,000 per person or $100,000 per household |
Neo Credit – Add Perks to Protect your Phone
Neo Credit takes first place in our list of the best credit cards for 2024, and there’s a good reason. To make the most of it, download the app and search for the highest cash back. It’s not uncommon to find cash back offers of over 5%, which is rare for a free card.
For $9.99 a month, you can add Perks to Keep your digital world secure. This protection includes mobile device insurance (damage, failure and theft). You’re entitled to 2 claims per year, with a $49 deductible and a $500 limit. The limit is lower than the other credit cards mentioned in this article, but you get other benefits. Neo offers a subscription to Dashlane Premium for secure password management, fraud insurance, a 24/7 support line and credit monitoring services.
| Neo Credit | Description |
| Estimated credit score | 600 |
| Minimum annual income | None |
American Express Cobalt – Coverage for Up to 2 Years
($15.99/month)
When you pay for or finance the full purchase price of a mobile device with your American Express Cobalt card, you’re covered for $1,000 in the event of theft, loss or accidental damage to the device, anywhere in the world. Coverage continues for up to 2 years from the date of purchase.
This card gives you 5 points per dollar on eligible purchases of restaurant meals or food delivery services in Canada. You also earn 3 points for streaming, 2 points on travel and transportation purchases, and 1 point for everything else. Its eligibility criteria are more flexible in terms of required income (none specified) compared to most other cards.
| American Express Cobalt | Description |
| Estimated credit score | 660 |
| Minimum annual income | None |
How does mobile insurance work?
Among the countless rewards and insurance programs for travelers, mobile device protection is a little-known benefit of credit cards. In fact, it’s rarely the main reason why we choose one card over another, but let’s just say it’s a little extra that comes in handy.
To qualify for mobile device insurance, all you need is a credit card that offers it! It’s usually a no-fee option, but take the time to read the conditions carefully, as they may vary from one card to another. Here are those that apply to most offers.
Firstly, the new device must be purchased with your credit card. Note that used, remanufactured or modified appliances are not covered. Accessories are never covered. Maximum reimbursement is generally limited to $1,000.
Secondly, coverage generally lasts for a maximum of 24 months after purchase, and you cannot make more than one claim in any period of 12 consecutive months. In addition, the value of your device at the time of a claim may take into account depreciation, generally estimated at a loss of 2% per month.
