Probably the best perk of the new Chase Ink Preferred credit card is the cell phone insurance that comes along with it. This is a card that could be worth keeping year to year solely for this one benefit!
As long as you pay your monthly cell phone bill with the card, you plus any other employee that is on the bill will automatically be protected against cell phone damage or theft. Up to 3 times in a given 12-month period, you can receive up to $1,000 reimbursement if anything happens to your phone! The only catch is that you’ll have to pay a $100 deductible.
Remember though, the coverage is only extended to “employees” on your monthly bill. Personally, I am not sure how they differentiate employees of your business vs. family members. If you have any experience with this, please feel free to comment below!
Things to know…
- You DO NOT have to purchase your cell phone with this card, just pay your monthly bill with the card
- You are not covered if you lose your phone, only if it is damage or stolen
- Only new phones are covered, not those purchased used or refurbished
- You must file a claim within 60 days of the incident, if your phone was stolen you’ll need to file a police report within 48 hours
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Does this include payments made with the now extinct Ink Bold card?
No. The cell phone benefit is only for the new card not the Ink Bold. I just called them and like reading from a script they tried to sell me on the “benefits” of the new card which includes 3% on shipping services, social media adverts and travel purchases plus a 25% travel redemption bonus instead of the current 20%. No thank you.
@Mark – unfortunately not.
Does it cover Ipads that are purchased/leased through the carrier with data plans as well?
@Sanjay – I am not 100% sure.
I have a couple clients with HUGE cell bills ($4K per month with a couple hundred users)… If I had this card and could convince them to let me put their bill on my card, would I basically be able to provide them insurance on all those phones? Maybe not if the account is not in my name?
@Lanny – I am not sure. This card is fairly new so there aren’t as many reports just yet as what works and what does not.
Would this work for family members who are on the same cell phone bill as the account holder?
@Agoldsc1 – Technically, it is supposed to be for employees. But if your family member is an employee, I don’t see why not 🙂