I always have this moment of indecision when buying a new cell phone, computer, or tablet, and it comes when they ask me whether or not I want to buy the insurance.
On the one hand, we all know there’s a decent chance the phone will be dropped, get wet, get lost, or otherwise ruined and need to be replaced (maybe even before it’s totally paid for), but in that moment, we really don’t want to pony up the dough.
If you could choose the insurance but not have to pay, well…I think we would all be down.
And it turns out that, if you have one of a few different credit cards, you might be able to do just that.
Many credit card companies offer this as a perk, and not just the top tier one, either. The option will help you pay for certain repairs (though broken screens could be excluded) or to replace a stolen device.
You’ll need to pay your monthly bill using the credit card, and most are limited to two claims over a 12-month period. There might be a deductible, and like with any insurance policy, there are hoops to jump through like claims and police reports (when applicable).
If you’re prone to breaking screens or simply misplacing your phone, a more comprehensive insurance policy might be in order.
Some great cards that offer this option are:
- Capital One Venture X
- Platinum Card from American Express
- Chase Ink Business Preferred
- Wells Fargo Active Cash
The bottom line here is that if you think insurance would be a good option for you or your family, don’t pay for it out of pocket without checking with your credit cards first.
I mean, you’re already paying for that so you might as well get your money’s worth!