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INSIDER SECRET: Along with great cell phone coverage, the Ink Business Preferred℠ Credit Card has the biggest welcome bonus of any of the Chase Ultimate Rewards points earning cards (80,000 points).
The coverage from this best rewards credit card includes up to $600 of protection against damage or theft. The coverage can be used three times per 12-month period, after you pay a $100 deductible. That’s up to $500 back toward repairs or a replacement each time. Plus, you earn 3X Chase Ultimate Rewards points when paying your cell phone bill with this card.
I’ll explain why the cell phone insurance and bonus earning makes paying your cell phone bill with the Ink Business Preferred a good idea.
How Chase Ink Business Preferred cell phone protection works
To be eligible for the $600 cell phone protection, you don’t 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. You can make three claims in a 12-month period, as long as you keep paying your bill with the card.
But there are some exclusions:
- Lost phones are not covered
- Covered phones must be purchased new. Refurbished or resold phones are not included
- The insurance only covers you and any employees listed on your monthly cell phone bill
The cell phone coverage with the Ink Business Preferred card is supplemental. It only covers you after your other insurance plans (like third-party insurance, renter’s, or homeowner’s plans). The coverage also will not apply to family members, unless they are employees of your business.
How to file a claim
There are four steps to filing a claim:
- Log in to your card benefit services account
- Enter claim details and information
- Upload relevant documents
- Wait seven to 10 business days for a claim decision
It’s important to keep receipts for your cell phone purchase and monthly bill in case you need to file a claim.
Another option is to call the Chase Benefits Administrator at 888-320-9956.
It’s recommended to make a claim within 60 days of an incident, if you wait, your claim may be denied. If your phone was stolen, you’ll need a police report that was filed 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.
If 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.
Should you pay your cell phone bill with the Ink Business Preferred card?
If you have an expensive phone, paying your monthly bill with the Ink Business Preferred makes a lot of sense. The automatic cell phone insurance will save you money if your phone is damaged or stolen, and you’ll also save money because you won’t have to pay for third-party cell phone insurance.
Plus, cell phone bill payments are part of the 3X bonus category with the Ink Business Preferred card. So you’ll earn extra points that you can transfer to fantastic airline and hotel partners.
Keep in mind, there are other cards that earn more points on cell phone bill payments. But I think having the $600 cell phone protection is worth earning fewer points, especially since reimbursement could nearly offset the card’s entire annual fee.
As an example, an MMS team member paid $185 to replace his Apple iPhone 7 Plus screen at a local repair shop and he expects to receive an $85 reimbursement ($185 repair cost – $100 deductible). This would just about offset the card’s $95 annual fee and it doesn’t take into account the card’s other fantastic 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 three months from account opening. That’s worth $800 in cash back or $1,000 in travel if you book through the Chase travel portal.
When you pay your monthly cell phone bill with the Ink Business Preferred, you’ll get $600 of automatic cell phone insurance.
The insurance covers you against damage or theft. You can file three claims per 12-month period and you’ll have to pay a $100 deductible with each claim. This coverage only applies to you and employees on your monthly cell phone bill.
For complete details of the terms and exclusions of coverage, I recommend reading the Ink Business Preferred Guide to Benefits. And for an in-depth look at this card, read our Ink Business Preferred review here.
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