Chase Ink Business Preferred Increases Cell Phone Insurance Coverage

by joeheg

I’ve been paying our T-Mobile bill with the Chase Ink Business Preferred card for a while. Besides earning 3x Ultimate Rewards points per dollar for phone expenses, the card provides cell phone insurance if you use it to pay your monthly bill.

While I could earn 5x Ultimate Rewards points by paying the bill with my Ink Cash, that card doesn’t provide any insurance coverage. I’d rather earn fewer points and get coverage.

While several cards provide cell phone coverage, not all coverages are created equal.  Some cards offer $600 worth of protection, while others provide up to $1000 in coverage for loss or damage of your phone.

Until now, the Chase Ink Preferred only provided $600 of coverage. With many smartphones costing over $1000, that’s barely half of what you paid for the phone. That’s better than nothing but not enough for you to buy a new phone.

I recently changed our T-Mobile bill to the Capital One Venture X since I’m working on meeting the $10K spending requirement. I wasn’t concerned about shifting the expense because the Venture X card provides up to $800 in cell phone coverage with a $50 deductible (instead of the $600 cap and $100 deductible with the Ink Preferred.)

I’m not sure if Venture X entering the market had anything to do with it or if Chase noticed people were moving cellphone charges away from the Ink Preferred, but I just received this message.

The Chase Ink Business Preferred card now offers $1,000 per claim in coverage with a $100 deductible per claim. That’s better than Venture X and up there with the best coverages offered by credit cards. The Ink Business Preferred also provides three claims per 12-month period, while Venture X has a two claim max.

I protect my iPhone with an Otterbox and Anker screen protector. I’d hope not to have to make one claim per year. However, I’ve had my share of cracked screens and I could see someone putting in three claims a year if all they do is shove their phone into their back pocket. It’s also helpful if you pay for multiple phones for your business.

If this proves anything, it shows that competition is a good thing. You can either give up like IHG did with their co-brand cards, which are losing cell phone insurance coverage at the beginning of 2022, or rise to the occasion like the Chase Ink Preferred card. When I’m done meeting the spending requirement on our Venture X, I’m going to move our T-Mobile bill charges back to the Ink Preferred.

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