Credit card mobile device insurance: How it works and which cards in Canada have it
If someone were to ask you what the most important object you own is, and you replied anything other than “my smart phone” you’d probably be lying. They’re central to the way we live; always on, always within reach, always being scrolled through. They’re how we connect and how we work. So, isn’t it a pain-in-the-you-know-what when they break?
Yeah, it’s a huge pain in your wallet when that happens.
Thankfully, there are insurance options available to help you replace your device when disaster strikes.
What is credit card mobile device insurance
Still a relatively niche option for covering your cell phone against damage or loss, a handful of Canada’s best credit cards now include up to $1,000 in mobile device insurance as a built-in benefit.
What’s particularly great about credit card mobile insurance is it doesn’t require any additional ongoing or upfront payments, which means you won’t owe anything if you don’t end up using it. That’s in sharp contrast to most other cell phone insurance options which require you to pay whether or not you actually take advantage of their coverage.
Enrolling for coverage is also simple: As long as you purchase the device (or pay for the monthly contract) on the credit card, you’re automatically covered in the event your device is lost, stolen, or accidentally damaged.
Of course, there are some terms and conditions that you’ll need to account for:
- Along with the aforementioned caveat that the device (or its monthly contract) must be purchased on the card that offers the insurance, coverage doesn’t apply instantly. It typically kicks in within 30-90 days. Reimbursement amounts are also typically capped up to a maximum of $1,000.
- You’ll have to factor for a deductible when making a cell phone damage claim. The deductible amount does vary depending on the cell phone’s MSRP, but generally, it’ll be around a $75 deductible for phones between $400-$600 and a $100 deductible for phones $600 or more.
- Coverage typically lasts for up to a maximum of two years from when you purchased your phone.
- The phone can’t be used, previously owned, refurbished, or modified.
- Batteries and cell phone accessories aren’t covered.
- Coverage will take into account the depreciation of your device, which is usually estimated at around 2% per month of ownership.
- If your cell phone is stolen from your baggage, mobile device insurance will only kick in if the baggage in question is “hand carried” and was in your possession at the time of the theft.
- You’ll be limited to making a maximum of one claim within a 12 consecutive month period.
- In the case your phone is lost or stolen, you’ll need to notify your phone provider and suspend wireless services to the device within 48 hours.
- When replacing a phone, the make and model must be the same (or the closest equivalent) as your original device.
Even when considering all of the above, credit card mobile device coverage will likely cost you much less than the other phone insurance options out there. Plus, as mentioned before, the real advantage is you won’t have to make any regular monthly payments for the added coverage, and will only need to factor for a deductible when making a claim.
Example: How a mobile device reimbursement is calculated
For a deeper look into how credit card mobile device insurance works, let’s walk through an example using the Tangerine World Mastercard, arguably one of the best cash back credit cards on the market that also comes with $1,000 in mobile device insurance.
Let’s say you:
- Bought an $800 phone on your Tangerine World Mastercard on May 1.
- Then, come eight months later on January 21 of the next year, you submit a claim.
Here’s how your reimbursement amount would be calculated:
The best credit cards with mobile device insurance
There are a handful of cards that offer mobile device insurance, each of which differs in slight ways. Below are some of our top recommendations.
Tangerine World Mastercard
- Mobile device coverage: up to a maximum of $1,000
- Coverage starts: after 30 days from the date of your phone purchase
- Coverage lasts: up to a maximum of 2 years from the date the phone was purchased
- Phone depreciation: 2% per month
- Deductible amount: $100 for devices with an MSRP of $600+ (or a deductible of $75 for devices with an MSRP of $400-$600)
- Welcome offer: earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by October 31, 2024.
Best for Flexible spending
based on spending $2,200/mo after $0 annual fee
- Earn rewards
2% – 10% / dollar spent
- Annual fee
$0
Perks of the Tangerine World Mastercard®
Perks | Details | |
---|---|---|
Lounge access | Included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Not included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Take on the world, get an extra 10% back* on everyday purchases.
- Apply for a Tangerine World Mastercard® by October 31, 2024 and earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
- Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
- No limit on the amount of Money-Back Rewards you can earn.
Change your 2% Money-Back Categories to suit your spending.
Ratehub’s take
The Tangerine World Mastercard is a well-rounded credit card offering thorough insurance coverage, including mobile device coverage, exclusive World Mastercard benefits, and airport lounge access through the Mastercard Travel Pass. This card makes a fantastic travel companion while providing great cash back value.
Pros
- Customizable bonus categories: Pick up to three bonus categories to earn 2% cash back on (out of a total of 10 options), which is in sharp contrast to most other cards, where you have fixed bonus categories that you have no control over. Users are also given the freedom to change the bonus categories at any time (changes will take up to 90 days to come into effect)
- Balance Transfer Option: Take advantage of a 1.95% balance transfer promotion for the first 6 months, providing potential savings on interest charges to help you pay off your credit card debt. (Balance transfer fee of 3%)
- Comprehensive Insurance Coverage: Surprisingly robust insurance coverage, particularly mobile device insurance, which is uncommon for a no-fee card.
- Exclusive World Mastercard Benefits: Access Mastercard Priceless Cities and Mastercard World Experiences for unique global experiences and valuable offers.
- Airport Lounge Access: Enjoy access to over 1,000 airport lounges worldwide through Mastercard Travel Pass, enhancing your travel experience (at a cost of $32 USD per visit)
Cons
- High Income Requirements: The card comes with a high annual income requirement of $60,000. However, if these are not met, the Tangerine Money-Back Credit Card is a viable alternative with few sacrifices.
- Low Earn Rate: You only earn 0.5% on all purchases outside of bonus categories.
Eligibility requirements
Minimum credit score: 725
Minimum income: $50,000/yr
Interest rates
Purchase interest: 20.95%
Cash advance: 22.95%
Balance transfer: 22.95%
The Tangerine World Mastercard is is one of the few no fee credit cards to offer complimentary mobile device insurance.
The flexible rewards card lets you earn a strong 2% cash back on select bonus categories, and unlike most cards, you won’t be locked into particular categories but can choose your own. You can pick up to three bonus categories out of a total of ten options that includes everything from groceries and gas to recurring bills (like your monthly smartphone plan).
National Bank MyCredit Mastercard
- Mobile device coverage: up to a maximum of $1,000
- Coverage starts: after 60 days from the date of your phone purchase
- Coverage lasts: up to a maximum of 2 years from the date the phone was purchased
- Phone depreciation: 3% per month
- Deductible amount: $100 for devices with an MSRP of $600+ (or a deductible of $75 for devices with an MSRP of $400-$600)
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 1% / dollar spent
- Annual fee
$0
Perks of the National Bank Mycredit Mastercard®
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- 1% on restaurant transactions and recurring automatic transfers
- 0,5% on all other eligible purchases
- Protection for your mobile phone: Your new mobile devices, purchased with your card, or phone subscriptions paid for with your card or by automatic transfers from your mycredit account are protected against theft or damages for a period of up to 2 years
Ratehub’s take
This no-fee cash back card has a few notable perks and benefits, including unlimited cash back rates and mobile device protection. However, the cash back earnings are low compared to other cards. Newcomers can qualify for this card under National Bank’s newcomer banking program.
Pros
- Unlimited cash back: The 1% and 0.5% cash back rates don’t have monthly or annual limits
- Cash back redemptions are automatic: Unlike with some other cards, you don’t have to wait until once a month or even once a year to redeem your cash back rewards. They are applied to your card balance automatically
- Newcomers can qualify for the card: You don’t need to have a Canadian credit history to qualify for the newcomer program and sign up for the mycredit card, however there may be other requirements
Cons
- Low regular earn rate: The 0.5% cash back rate on everything other than restaurants and groceries is quite low
- Few perks: Other than credit card mobile device insurance and other standard coverages like purchase assurance, the card is lacking in valuable perks like rental car or trip insurance
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 20.99%
Cash advance: 22.49%
Balance transfer: 22.49%
One of just two no fee credit cards on our list (and the only card with no specific income requirements), the National Bank MyCredit Mastercard is arguably the most accessible card to offer mobile device insurance. That said, it does come with a compromise. This card assumes the value of your device depreciates by 3% monthly not 2% like most credit card mobile device policies, which could end up decreasing your total claim amount by a few dozen dollars.
CIBC Aventura Visa Infinite
- Mobile device coverage: up to a maximum of $1,000
- Coverage starts: after 90 days of phone purchase
- Coverage lasts: up to a maximum of 2 years from the date the phone was purchased
- Phone depreciation: 2% per month
- Deductible amount: 10% of the phone’s depreciated value (phone’s MSRP after the monthly depreciation) or the cost of repair
Best for Travel
based on spending $2,200/mo after the annual fee
- Earn rewards
1pt – 2pts / dollar spent
- Welcome bonus
45,000 points (a $900 value)
- Annual fee
see Details
Perks of the CIBC Aventura® Visa Infinite* Card
Perks | Details | |
---|---|---|
Lounge access | Included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Up to $500,000 | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Up to $5,000,000 for 15 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | MSRP of up to $65,000 for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Up to $5,000 per occurrence | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Up to $2,000 per occurrence | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Up to $500 per occurrence | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Up to $1,000 per occurrence | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Up to $1,000 per occurrence | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Up to $1,000 per occurrence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Up to 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | One additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- This offer is not available for the residents of Quebec.
- Welcome Offer: Join and get up to $1,400 in value including a first year annual fee rebate!† Here’s how you can get up to $1,400 in value
- Get up to 45,000 Aventura Points (up to $ 900 in travel value†):
- 15,000 Aventura Points when you make your first purchase†
- 30,000 Aventura Points when you spend $3,000 or more in the first 4 monthly statement periods†
- Get a one-time annual fee rebate ($139) for you (the primary cardholder) and up to three authorized users ($50 each): up to $189 value.†
- Elevate your airport experience with 4 complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program: up to $261 in value.†
- Plus, get a NEXUS◊ Application Fee rebate†: A $67 value†
- Plus, enjoy extra valuable travel benefits.
- Travel when it’s right for you – your Aventura Points don’t expire†
- Redeem your Aventura Points for more than travel with our Shop With Points/Pay with Points features†
- Travel local – Aventura Points can be redeemed for more than just flights – use your points for hotels and car rentals for a weekend getaway
- 2 points for every $1 spent on travel purchased through the CIBC Rewards Centre†
- 1.5 points for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
- 1 point for every $1 spent on all other purchases†
- Save on gas with CIBC and Journie Rewards Link and use your CIBC Aventura Visa Infinite Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- This is a digital-exclusive offer.†
- To be eligible for this offer, 1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and 2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.† This offer is reserved for you. Please do not forward it to anyone else.
- CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Aventura card within the last 12 months.†
- †Terms and Conditions Apply
Ratehub’s take
The CIBC Aventura Visa Infinite card really ramps up rewards for everyday purchases such as gas and groceries. It also provides extensive insurance coverage, lounge access, and a Nexus rebate, proving to be a great travel companion for travelers.
Pros
- Access to airport lounges: Enjoy four complimentary visits at over 1,200 lounges globally through the Visa Airport Companion Program
- Extensive insurance coverage: Enjoy a comprehensive insurance package from mobile device insurance to emergency travel medical insurance
- Additional rebates and perks: Receive a NEXUS application fee rebate
Cons
- Low point earn rate: Other rewards cards offer higher points per spending category
- Income requirement: A minimum personal income of $60,000 may may be prohibitive to some
- Annual Fee: An annual fee of $139 is high compared to others on the market
- Limited travel redemption options: You’ll have to use the CIBC Rewards Centre to book travel with your points, whereas with other cards you can experiment with other providers and platforms to get the most value
Eligibility requirements
Minimum credit score: 725
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Annual fee
$139
On top of offering mobile device insurance, the CIBC Aventura Visa Infinite is equipped with frills like complimentary access to airport lounges (free Priority Pass membership with four annual passes) and NEXUS application rebates ideal for cardholders who frequently travel south of the border.
In terms of its mobile device insurance, this card’s coverage will only begin 90 days after you purchase the device – not 30 days like on the aforementioned Tangerine World Mastercard.
Scotiabank Momentum Visa Infinite
- Mobile device coverage: up to a maximum of $1,000
- Coverage starts: after 30 days from the date of your phone purchase
- Coverage lasts: up to a maximum of 2 years from the date the phone was purchased
- Phone depreciation: 2% per month
- Deductible amount: $100 for devices with an MSRP of $600+ (or a deductible of $75 for devices with an MSRP of $400-$600)
Best for Groceries & bills
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1% – 4% / dollar spent
- Annual fee
$120 $0 first year waived
Perks of the Scotia Momentum® Visa Infinite* Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Up to $1,000,000 per occurrence | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Up to $1,000,000 for 15 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | MSRP for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Up to $10,000 per trip | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Up to $10,000 per trip | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | $500 per person per occurance | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | $500 per occurrence | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | $500 per occurrence | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Up to $1,000 | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Up to 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | One additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards. Offer ends October 31, 2024.
- Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
- Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
- Earn 1% cash back on all other purchases with no cash back limit.
Ratehub’s take
The Scotiabank Momentum Visa Infinite Card offers impressive rewards on everyday purchases. This card earns great cash back on many categories – however, its stand-out feature is 4% cash back on groceries. This card can help offset rising household expenses and is considered to be one of the best cash back credit cards.
Pros:
- High cash back rate on essentials: Enjoy significantly higher earn rates on groceries and gas than most other cards (4% cash back)
- Comprehensive insurance coverage: Benefit from strong insurance coverage typically is reserved for travel credit cards
- Lucrative welcome offer
Cons:
- Spending cap on bonus categories: Annual total spend limit of $25,000 on the 4% and 2% spending categories; thereafter, the earn rate drops to 1%
- Limited redemption flexibility: Cash back reward is only offered as a statement credit once per year in November and cannot be redeemed in smaller amounts or any other time of year
Eligibility requirements
Minimum credit score: 725
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Along with the card’s great rewards on groceries, gas, and transit, the Scotiabank Momentum Visa Infinite offers 4% cash back on recurring bills. So, if you set up your cell phone plan to automatically charge your card every month, you’ll earn 4% back on your bill in addition to cell phone coverage.
Meridian Visa Infinite Cash Back Card
- Mobile device coverage: up to a maximum of $1,000
- Coverage starts: after 90 days from the date of your phone purchase or the second consecutive bill payment is charged (whichever comes later)
- Coverage lasts: up to a maximum of 2 years from the date the phone was purchased
- Phone depreciation: 2% per month
- Deductible amount: $100 for devices with an MSRP of $600+ (or a deductible of $75 for devices with an MSRP of $400-$600)
Best for Everyday spending
based on spending $2,200/mo after $99 annual fee
- Earn rewards
1% – 4% / dollar spent
- Annual fee
$99 $0 first year waived
Perks of the Meridian Visa Infinite* Cash Back Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Up to $1,000,000 of coverage per person in the event of the accidental death or injury of you, your spouse or eligible children while passengers on a common carrier (air, sea or ground). | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Coverage of up to $5,000,000 per insured person per trip for eligible medical care and services required, including transportation, repatriation, living expenses and dental care. Duration of coverage for each trip is dependent on the insured’s age, up to a maximum age of 75, and for up to 48 days. | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | Coverage for rental periods of up to 48 consecutive days in the event your rental vehicle is damaged or stolen when you charge the full cost of your rental to your card and decline the rental agency’s collision/loss damage waiver. | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Up to $2,000 of coverage per person if the trip is cancelled prior to departure for a covered cause. In the event of trip interruption/delay after departure coverage is for up to $2,000 for missed connections and unlimited coverage if due to illness or accident. | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Up to $2,000 of coverage per person if the trip is cancelled prior to departure for a covered cause. In the event of trip interruption/delay after departure coverage is for up to $2,000 for missed connections and unlimited coverage if due to illness or accident. | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Up to $2,000 of coverage per person if the trip is cancelled prior to departure for a covered cause. In the event of trip interruption/delay after departure coverage is for up to $2,000 for missed connections and unlimited coverage if due to illness or accident. | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Coverage of up to $500 per person per trip for replacement of essential items in the event of delayed baggage and up to $1,000 per person per trip in the event of loss, theft or damage to checked baggage. | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Coverage of up to $500 per person per trip for replacement of essential items in the event of delayed baggage and up to $1,000 per person per trip in the event of loss, theft or damage to checked baggage. | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Coverage of up to $1,000 in the event your cell phone, smartphone or tablet is lost, stolen, accidentally damaged or experiences mechanical breakdown. | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Provides coverage for 90 days from the purchase date in the event of loss, theft or damage when you purchase eligible items with your card. Maximum of $10,000 per item up to a maximum of $50,000 lifetime per account. | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Coverage automatically doubles the original manufacturer’s warranty for up to a maximum of one additional year for eligible items purchased with your card. Maximum of $10,000 per item up to a maximum of $50,000 lifetime per account. | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Reimbursement of the price difference if a new eligible item purchased with your card is found advertised at a lower price in Canada within 60 days of purchase, up to $100 per item and $500 per account per year. | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- $99 annual fee for primary, $30 for additional cardholders. Annual fee is waived for the first year
- Earn 4 reward points for every $1 spent on gas and groceries, pharmacy, and utility bill payments^ (^ Applies to first $25,000 in purchases then 1% for all other purchases.)
- Earn 2 reward points for every $1 spent on pharmacy, and utility bill payments^ (^ Applies to first $25,000 in purchases then 1% for all other purchases.)
- Earn 1 reward point for every $1 spent on all other eligible purchases.
- 19.50% APR on purchases, 21.99% APR on cash advances
- Points earned can be redeemed for account credit, merchandise, gift cards or travel
Eligibility requirements
Minimum income: $60,000/yr
Interest rates
Purchase interest: 19.50%
Cash advance: 21.99%
Balance transfer: N/A
The Meridian Visa Infinite Cash Back is one of the top credit cards for travel insurance in the market. In addition to mobile device insurance, this card comes with travel medical coverage of $5 million for 48 days, which is well above the standard $1 million for 21 days. Plus, its travel benefits extends to seniors up to 75 years old.
The fact it has recurring bills as a bonus category means you can pocket 2% cash back instead of the standard 1% on your monthly cell phone bill provided you set it so the payment automatically charges the card every month.
The one drawback of the card is its mobile device coverage will only start 90 days after the purchase date.
It’s worth noting the credit union’s mid-tier cash back card – the Meridian Visa Platinum Cash Back – also comes with mobile device insurance, though it does offer fewer rewards on everyday spending (2% on gas, groceries, pharmacy purchases, and bill payments, and 1% on everything else for a $50 annual fee).
TD Aeroplan Visa Infinite
- Mobile device coverage: up to a maximum of $1,000
- Coverage starts: after 30 days of phone purchase
- Coverage lasts: up to a maximum of 2 years from the date the phone was purchased
- Phone depreciation: 2% per month
- Deductible amount: $100 for devices with an MSRP of $600+ (or a deductible of $75 for devices with an MSRP of $400-$600)
The most popular Aeroplan credit card – the TD Aeroplan Visa Infinite – provides the standard $1,000 in coverage in the event your mobile device is damaged, stolen, or lost. Additionally, the card offers benefits like free first-checked in bags for you and up to eight travel companions (which can save you around $30 in fees per traveller for flights within North America), along with NEXUS fee membership reimbursements (once every 48 months up to $100) , hotel/motel burglary insurance, and preferred pricing when redeeming Aeroplan points for flights on Air Canada.
Below, we’ve provided a breakdown of mobile coverage amounts for Aeroplan credit cards.
Best for Aeroplan Points
based on spending $2,200/mo after $139 annual fee
- Earn rewards
1pt – 1.5pts / dollar spent
- Welcome bonus
25,000 points (a $360 value)
- Anniversary bonus
25,000 points (a $360 value)
- Annual fee
$139 $0 first year waived
Perks of the TD® Aeroplan® Visa Infinite* Card
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | Included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | Included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to $1,500 in value†, including up to 50,000 Aeroplan points†, no Annual Fee for the first year† and additional travel benefits. Account must be approved by January 6, 2025.
- Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card†
- Earn 15,000 Aeroplan points when you spend $7,500 within 180 days of Account opening†
- Plus, earn a one-time anniversary bonus of 25,000 Aeroplan points when you spend $12,000 within 12 months of Account opening†
- Enroll for NEXUS and once every 48 months get an application fee rebate†
- Plus, share free first checked bags with up to 8 travel companions†
- Get an annual fee rebate for the first year†.
- To receive the first-year annual fee rebate, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening and you must add your Additional Cardholders by January 6, 2025.
- Earn Aeroplan Points on your everyday purchases
- Earn 1.5 points† for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card
- Earn 1 point† for every $1 spent on all other Purchases made with your Card
- Earn points twice when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore (www.aeroplan.com/estore).
- Your Aeroplan Points do not expire as long as you are a TD® Aeroplan® Visa Infinite* Cardholder in good standing.
- Earn big rewards on the little things: Earn 50% more Aeroplan Points and 50% more Stars at participating Starbucks® stores. Simply link your TD Aeroplan Visa Infinite Card to your Starbucks® Rewards account. Conditions apply.
- Travel with confidence with Travel Medical Insurance†
- Complimentary Visa Infinite* Concierge service† available 24/7
- †Terms and conditions apply.
- Financial institutions pay us for connecting them with customers, including by paying for advertisements, clicks, or when someone applies for/is approved for a product. Terms and conditions apply between you and the provider of the product – please be sure to review them. Product information and details vary for Quebec. The content provided on our site is for information only; it is not meant to be relied on or used in lieu of advice from a professional. Partners/Advertisers are not responsible for the accuracy of information on our site. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
Ratehub’s take
For Aeroplan clients and frequent Air Canada fliers, the TD Aeroplan Visa Infinite card offers exceptional benefits for earning more points to redeem on airline travel.
Pros
- Aeroplan redemption: Redeem Aeroplan points for flights on Air Canada or over 27 Star Alliance member airlines, including United Airlines and Lufthansa, to name a few
- Air Canada perks: Access Air Canada perks, including the first bag checked free for the primary cardholder and up to eight travel companions, potentially saving up to $30 per traveller on flights across Canada and the US. Plus, earn credits towards achieving elite airline status
- Nexus Membership reimbursement: Receive up to $100 in Nexus Membership reimbursements every 48 months, making for smoother cross-border travel within Canada or to the US
- Comprehensive travel insurance: Enjoy a strong travel insurance package, including up to 21 days of out-of-province/country medical emergency coverage, flight delay insurance, lost/delayed baggage insurance, and even hotel/motel burglary insurance for stays within the US and Canada
- Double Aeroplan points: Get double the Aeroplan points when using this card along with your Aeroplan card at participating retailers
Cons
- Annual fee: The card’s annual fee is $139, which is slightly higher than the $120 typically found on comparable rewards cards
- Complex points program: The Aeroplan points program isn’t the most straightforward, and it can take some effort to understand how to best maximize points. Note that Aeroplan points can only be redeemed on Air Canada and Star Alliance Members
Eligibility requirements
Minimum credit score: 660
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
RBC Avion Visa Infinite
- Mobile device coverage: up to a maximum of $1,500
- Coverage starts: after 90 days of phone purchase
- Coverage lasts: up to a maximum of 2 years from the date the phone was purchased
- Phone depreciation: 2% per month
- Deductible amount: 10% of the phone’s depreciated value (phone’s MSRP after the monthly depreciation)
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1pt – 1.25pts / dollar spent
- Welcome bonus
55,000 points (a $1,100 value)
- Annual fee
$120
Perks of the RBC Avion Visa Infinite
Perks | Details | |
---|---|---|
Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
Waived foreign transaction fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
Travel accident insurance | $500,000 per person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
Travel emergency medical | Unlimited for first 15 days | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
Trip interruption | Up to $5,000 per person | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
Flight delay insurance | $250 per person; 4 hours or more | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
Baggage loss insurance | Included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
Baggage delay insurance | $500 per person; 4 hours or more | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
Mobile insurance | Up to $1,500 per occurence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Get 35,000 Welcome Points on approval and 20,000 bonus points when you spend $5,000 in your first 6 months*. Apply by November 25, 2024. Apply online and get a response in as little as 60 seconds.
- Earn 1 Avion point for every dollar you spend* and an extra 25% on eligible travel purchases.
- Avioners can book flights with points on any airline, on any flight, at any time, early or last minute, with no blackout periods or restrictions.
- Avioners earn points that never expire so your points will be waiting for your next adventure.
- Redeem your points for travel and more. Use points for anything from paying bills and paying your card balance to redeeming for Gift Cards and Merchandise at top brands like Apple. The Avion Rewards program gives you the freedom of choice to use your points your way, and helps you make the most as an Avioner.
- Eligible Avion rewards members can also convert points to other loyalty programs including WestJet dollars, British Airways Avios points and Hudson’s Bay Rewards points.
- Link your RBC card with a Petro-Points membership to instantly save 3₵ per litre on fuel at Petro-Canada stations and earn 20% more Petro-Points and 20% more Avion points
- Link your RBC card with a Rexall Be Well account and get 50 Be Well points for every $1 spent on eligible products at Rexall. Redeem Be Well points faster for savings in store on eligible purchases where 25,000 Be Well points = $10
- Get $0 delivery fees for 12 months from DoorDash^
- Add your eligible RBC credit card to your DoorDash account to:
- Get a 12-month complimentary DashPass subscription± – a value of almost $120
- Enjoy unlimited deliveries with $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card
Ratehub’s take
The RBC Avion Visa Infinite credit card is a versatile travel credit card that offers flexible rewards for frequent flyers. With a strong emphasis on travel perks and a valuable rewards program, it’s an excellent option for travellers looking to elevate their experience.
Pros
- Flexible travel redemption: This card provides unparalleled choice when it comes to redeeming points as it does not have blackout dates or seat restrictions. You can book flights, hotels, car rentals, and more with your points
- Comprehensive travel insurance: Benefit from extensive travel insurance coverage most notably including trip cancellation and interruption and emergency medical. Travel with peace of mind knowing you are protected
- Exclusive concert access: Enjoy exclusive access to concert tickets, like the highly sought-after Taylor Swift Eras concert. With this perk, you’ll have the opportunity to secure tickets before they are available to the general public.
Cons
- Annual fee: This card comes with an annual fee of $120 which may be high for some. However, for frequent travelers who take full advantage of the card’s perks, the benefits can often outweigh the cost.
- No waived foreign transaction fees: Foreign transaction fees are not waived, so consider this if you plan to use the card for shopping abroad
- Low earn rate: The standard earn rate of 1 point per $1 may not be as competitive as other travel credit cards
Eligibility requirements
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
What are your other cell phone insurance options?
Device protection from cell providers
When you purchase a new phone, your provider will try to up-sell you on everything; from a more expensive plan, to a cell phone case, and, of course, mobile protection plans. These plans are great in theory – drop your phone in the toilet, get a replacement device within days – but they can be costly.
Typically, you’re charged extra fees per month (on top of your mobile plan fees and the built-in fees to pay off the expensive device over the course of a couple years), which can add up. And you may not ever require the protection plan, which means the extra fees become unnecessary monthly costs.
Rogers, for example, charges $6.99- $18.99 per month for its device protection plans, depending on the price of your mobile phone and the associated tier level the purchase price puts you in. That includes repair to your device if there is an out-of-warranty defect and unlimited accidental service requests, as well as one theft or loss request within a 12-month period. They do, however, charge processing fees that are either $39 per screen repair, or $129 per phone repair. Replacement processing fees for loss or theft are higher at $150-$400 depending on your tier.
Telus charges $15 per month. It includes two incidents of accidental liquid damage or manufacturing defects in a 24-month period. Service fees range from $25 to $650 depending on the type of repair.
Bell offers device coverage that ranges from $13 per month to $22 per month for more premium devices, depending on the value of your cell phone. They all cover physical and liquid damage, and offer warranties that extend beyond 12 months.
So, these plans don’t come cheap. That said, if you’re someone who is rough on their cell phones, device protection offered by your cell provider might be worth it. That isn’t your only option, though.
Insurance from phone manufacturers
Insurance from phone manufactures is another option to protect yourself against the costs of having to replace a broken phone.
For example, Apple offers AppleCare+ for its cell phones. AppleCare+ extends your phone warranty for two years and includes screen fixes and accidental damage coverage.
AppleCare+ costs $269.00 up-front or $13.49 per month for the latest iPhone (which, at present time, is the 15 Pro Max. But we know how often new models are released). There are also service fees required for certain repairs, such as $39 for screen replacement and $129 for any other damage.
Samsung offers a similar service called Samsung Care+. It operates much the same as Apple’s service, offering up to two incidents of accidental damage coverage.
It operates on a tiered cost structure, costing $39 up to $349, depending on your device cost and the plan you choose.
Of course, these services don’t come without fine print. So, if you’re considering opting into this sort of coverage, make sure to parse the details to make sure you understand the full costs and coverage.
Mobile device protection from retailers
If you purchased your phone from a retailer such as BestBuy, you can opt into their own device protection plans.
These plans operate in a similar fashion to manufacturer plans, and often offer up-front costs or staggered monthly fees. There are often service fees required as well. The services are also very similar, covering accidental damage and offering extended warranties.
Also read:
- Credit card rental car insurance: You’re covered with these canadian cards
- The best travel credit cards in Canada
- Best credit cards for airport lounge access 2024
*This blog is for educational purposes only and isn’t legal advice. Check your credit card policy and phone provider’s terms for details.