Edited by: Jessica Merritt
& Juan Ruiz
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We all know how expensive smartphones can be, so when yours is lost, damaged, or stolen, chances are you’ll face both inconvenience and cost to fix or replace it. Fortunately, some credit card companies offer cell phone protection as a card benefit.
While several credit cards offer cell phone protection, we’re focusing today on the coverage offered by one of the most popular Chase business credit cards, the Ink Business Preferred® Credit Card.
We’ll cover everything you need to know about the coverage, including how it works, what’s covered and not covered, and how to submit a claim. You’ll find value in knowing more about the Ink Business Preferred card’s cell phone protection.
The Ink Business Preferred card is hard to beat, with a huge welcome bonus offer and 3x points per $1 on the first $150,000 in so many business categories.
The Ink Business Preferred® Credit Card is a powerhouse for earning lots of points from your business purchases, especially for business owners that spend regularly on ads.
Plus the card offers flexible redemption options, including access to Chase airline and hotel transfer partners where you can achieve outsized value.
Business owners will also love the protections the card provides like excellent cell phone insurance, rental car insurance, purchase protection, and more.
In addition to elevated earnings on business purchases, your accumulated Ultimate Rewards points can be redeemed for travel via the Chase travel portal, used as statement credits, or transferred to the Chase transfer partners for potentially greater value.
Note that you’ll receive 3x points when paying for your cell phone bill with your Ink Business Preferred card. This is a huge positive as paying your cell phone bill with your card is one of the requirements that activates the card’s cell phone protection coverage.
Let’s look closer at how this complimentary protection works.
Coverage begins the day following the date you pay for your monthly cell phone bill with your eligible card. There is no requirement that the phone has to be purchased with an eligible card.
You can expect to receive coverage for these types of losses:
Involuntary and accidental parting of your cell phone means that an unintended event caused separation from your cell phone. The location is known but retrieving it is not practical. An example would be accidentally dropping your phone in a large body of water.
When your monthly cell phone bill is paid for in its entirety with your card, your phone and all employee phones listed on the monthly bill will be covered. Family members’ phones are not covered unless the family member is an employee.
There is no limit to how many cell phones can be covered as long as each line is listed on the bill that is paid for with the eligible card.
After paying a $100 deductible, you will receive up to $1,000 or the actual current retail price of your phone (whichever is less) for each claim. There is a maximum of 3 claims allowed each 12-month period.
You’ll find a complete list of exclusions in your card’s guide to benefits, but here are some examples of when Chase cell phone protection does not apply:
These benefits are provided complimentary with the card:
Eligible new purchases made with your Ink Business Preferred card will receive 120 days of protection from the date of purchase. Items are covered for damage, theft, or loss for up to $10,000 per claim, with a maximum of $50,000 per account.
The manufacturer’s warranty of 3 years or less will be extended on eligible items for 1 additional year. Coverage limits are $10,000 per item and $50,000 maximum per account.
Hot Tip: If your cell phone has been damaged and you purchased your phone recently, check the credit card you used for the purchase for purchase protection benefits that may apply.
As with any insurance claim, time is of the essence. You’ll need to report the initial claim and subsequently submit the supporting documentation within the required timeframes.
You can report a claim by calling the number on the back of your card or for faster service, submit an online claim form. You’ll need to have the following information handy:
Here are some of the requirements and documents the claims administrator may request when you have a claim:
If your cell phone is damaged, do not discard the phone until your claim has been processed and closed. The phone may be repaired, replaced, or reimbursed, dependent on the decision of the claims administrator.
The cell phone protection that comes with the card is secondary, which means all other insurance that would apply to the loss would need to be exhausted before coverage would apply.
While submitting documents and waiting for a decision seems logical, it’s always worth following up to make sure your documents were received, and that the claims administrator has everything they need to start processing your claim.
Hot Tip: You can register your cell phone in advance by submitting product information with the purchase date, and billing date, and uploading any receipts. While not required, if you do have a claim, having this information already in your account will expedite the claims process.
While the cell phone protection on the Ink Business Preferred card may not cover the entire cost of a new smartphone, it still offers major savings should your phone become damaged or stolen.
In addition, you’ll receive 3x Ultimate Rewards points for each dollar spent on your monthly cell phone bill when paying with the card. If you own a business that uses several phones, this could be a huge benefit.
The coverage could also save you money if you’re currently paying for third-party cell phone insurance with your cell phone provider.
The Ink Business Preferred card has a lot going for it aside from cell phone protection. This added benefit just delivers additional bottom-line value to your business.
For more information on selecting a business credit card, we have a few helpful suggestions in our article on the topic.
Yes, the Ink Business Preferred card comes with $1,000 in cell phone protection for each occurrence. There is a $100 deductible per claim and a limit of 3 occurrences that are covered within a 12-month period.
For coverage to be valid, the cell phone bill must be paid for with the card.
Misplacing your phone or its mysterious disappearance is not covered by the Ink Business Preferred card cell phone protection.
There is limited cell phone protection available with the purchase protection benefit that comes with your credit card. For the Ink Business Preferred card, damage, loss, or theft is covered for 120 days from the purchase date.
There is a limit of $10,000 per item, and $50,000 per account.
Normally, like with the Ink Business Preferred card, you’ll receive coverage for damage or theft. Additionally, you’ll receive coverage on the card for “involuntary and accidental parting.”
Involuntary and accidental parting covers incidents that cause you to become separated from your phone. You may “know where the phone is located, but retrieving it is impractical.” An example would be dropping a phone in the ocean or over a cliff while hiking. Some cards do not offer this extended coverage.
Mysterious disappearance is not normally covered under credit card cell phone insurance.
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