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When you pay your monthly cell phone bill with the Ink Business Preferred, you get automatic cell phone insurance. The coverage includes up to $600 of protection against damage or theft, 3 times per 12-month period, after you pay a $100 deductible. That’s up to $500 back toward repairs or a replacement!
Due to some clumsiness, I’ve had to use this benefit 2 times over the past year. Last year, I successfully got $85 back toward a repair of my Apple iPhone 7 Plus screen replacement. And more recently, I received a check for $179, which covered a large part of my Apple iPhone X screen replacement. Between the 2 claims, I got $264 back from Chase card benefit services. That’s 264 reasons why I’ll keep the Ink Business Preferred forever!
Having a credit card that provides this type of protection can be a HUGE money saver. Plus, I find the Ink Business Preferred cell phone coverage to be better than other insurance programs like AppleCare.
How Chase Ink Business Preferred Cell Phone Protection Works
Apply Here: Chase Ink Business Preferred
To be eligible for the $600 cell phone protection, you do NOT have to purchase your cell phone with the Ink Business Preferred card. But you DO have to pay your monthly phone bill with the card.
Coverage begins the day following your cell phone bill payment. And remains in effect until the last day of the calendar month following a payment. After that, you can make 3 claims in a 12-month period, as long as you keep paying your bill with the card.
Here are a few rules and exclusions:
- Lost phones are NOT covered
- Coverage only applies to you and your employees listed on your monthly cell phone bill
- Covered phones must be purchased new. Refurbished or resold phones are NOT included
If your phone was stolen, you must file a police report within 48 hours of the occurrence. And if your phone was damaged, they might require an assessment from a qualified phone repair service. Or that you send in your phone to be inspected. In my experience, I’ve just sent in pictures of the damaged phone along with a receipt from the repair shop.
An important aspect of the coverage is that it’s supplemental. So it only covers you after your other insurance plans (like 3rd-party insurance, renter’s, or homeowner’s plans). But if damage occurs outside of your apartment or home, it’s unlikely other insurance policies would cover you, which is why this credit card benefit is useful.
If your claim is approved, you pay Chase a $100 deductible. And they will reimburse you up to $600, or the price you paid for your phone, whichever is less.
To file a claim for cell phone damage or theft, call the Chase Benefits Administrator at 888-320-9956. Or you can file a claim online like I did, which is really easy to do! Here’s a link to our step-by-step guide to filing a claim.
$264 in Reimbursements Is Nearly 3X the Card’s Annual Fee!
The Ink Business Preferred has a $95 annual fee. But from the cell phone insurance perk alone, I’ve received $264 worth of benefits. That’s nearly 3X the annual fee expense. This is why having an annual fee card in your wallet can make a lot of sense.
Plus, this doesn’t take into account the card’s other amazing perks like:
- Earning 3X Chase Ultimate Rewards points for every $1 you spend on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites, and search engines (up to a maximum of $150,000 in combined purchases per account anniversary year)
- 25% bonus when you redeem points through the Chase Ultimate Rewards travel portal
- Primary auto rental insurance (CDW) when renting for business purposes, plus purchase and extended warranty protection
Plus, when you sign-up for the Chase Ink Business Preferred card, you’ll earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months from account opening. That’s worth $800 in cash back or $1,000 in travel if you book through the Chase travel portal!
Check out our full Ink Business Preferred review to read about all of the benefits!
I’m a loyal Chase Ink Business Preferred cardholder because it’s really come in handy for me over the past year when I’ve damaged my cell phones. I’ve filed 2 claims and received $264 back because the card offers automatic cell phone insurance.
When you pay your cell phone bill with the Ink Business Preferred, you get up to $600 of protection against damage or theft, 3 times per 12-month period, after you pay a $100 deductible. You can check out our step-by-step guide to filing a claim.
The cell phone insurance is just one of the many amazing perks for Ink Business Preferred cardholders. You can also earn 3X points on select purchases. And you get a 25% bonus when you redeem points through the Chase Ultimate Rewards travel portal.
Have you ever used the cell phone insurance coverage with this card? Let me know in the comments below!