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10 Best Credit Cards With Mobile Device Insurance in Canada 2024

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Fact Checked

Read on to learn about the best credit cards offering mobile device insurance in Canada and how this coverage works.

Cell phones are a part of our everyday life, and they have become increasingly expensive in recent years.

When you get a new phone on contract from your cell phone provider, they will offer you optional cell phone insurance coverage to protect your purchase in the event it becomes damaged, lost, or stolen.

Alternatively, you can get cell phone insurance coverage by making your purchase using a credit card with mobile device insurance.

What is Mobile Device Insurance?

Mobile device insurance is often also referred to as cell phone insurance.

This insurance coverage usually protects your mobile devices, i.e. smartphones or tablets, against damage, theft, or loss.

You can buy cell phone insurance from your cellular provider or directly from the manufacturer, such as AppleCare+ in the case of iPhones.

You can also get this benefit for ‘free’ using a credit card that has mobile device insurance as one of its benefits.

Top Credit Cards With Mobile Device Insurance

Here are the best credit cards that offer mobile phone insurance in Canada:

Credit CardMobile device coverageCoverage startsCoverage duration
Tangerine World Mastercard$1,00030 days from the purchase of the mobile device2 years
American Express Cobalt Card$1,000Following purchase with your credit card2 years
Scotia Momentum Visa Infinite Card$1,00030 days from the date of purchase of your mobile device2 years
RBC Avion Visa Infinite Card$1,50091 days from the date of purchase of your mobile device2 years
National Bank mycredit Mastercard$1,00060 days following the purchase of your mobile device2 years
CIBC Aventura Visa Infinite Card$1,000The 91st day following the date of purchase of your mobile device2 years
BMO eclipse Visa Infinite Card$1,00091 days following the purchase of your mobile device2 years

Tangerine World Mastercard

The Tangerine World Mastercard is a no-annual-fee credit card with mobile device insurance and other perks.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: 30 days from the purchase of the mobile device
  • Coverage duration: 2 years
  • Depreciation: 2% rate

For a no-fee card, the Tangerine World Mastercard stands out with unlimited 2% cash back on up to three categories of spending and 0.50% cash back on all other purchases.

It also provides rental car insurance, free Boingo Wi-Fi, and complimentary Mastercard Airport Experiences provided by Loungekey membership.

Tangerine World Mastercard

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

American Express Cobalt Card

The American Express Cobalt Card is one of the best travel credit cards in Canada with mobile device insurance.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: Upon purchase with your credit card
  • Coverage duration: 2 years
  • Depreciation: 2% rate

This card offers comprehensive travel benefits, including emergency medical insurance, flight delay, baggage delay, hotel burglary, travel accident, car rental, and other insurance coverage (7 types).

Cardholders earn 5 points per dollar spent on food and drinks, 3 points per $1 spent on streaming subscriptions, 2 points per $1 spent on travel and gas purchases, and 1 point/$1 spent on everywhere else.

It also has a welcome bonus of up to 15,000 points.

American Express Cobalt Card

Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.

Welcome offer: Get up to 15,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $155.88

Scotia Momentum Visa Infinite Card

Get mobile device insurance along with a suite of comprehensive travel insurance coverage benefits when you sign up for the Scotia Momentum Visa Infinite Card.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: 30 days from the date of purchase of your mobile device
  • Coverage duration: 2 years
  • Depreciation: 2% rate

This credit card is one of the best cash back credit cards in Canada.

For a $120 annual fee, cardholders earn 4% cash back on groceries and recurring payments, 2% cash back on gas and daily transit, and 1% on everything else. Learn more in this detailed review.

Scotiabank Momentum Visa Infinite Card

Rewards: Earn 4% cashback on groceries & recurring bills; 2% cashback on gas & daily transit; 1% cashback on everything else.

Welcome offer: Earn 10% cashback in the first 3 months on up to $2,000 spent ($200 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $120

RBC Avion Visa Infinite Card

The RBC Avion Visa Infinite has mobile device insurance and is also a great way to earn RBC Rewards points. It has a $120 annual fee.

  • Mobile device insurance benefit: Up to $1,500
  • Coverage starts: 91 days from the date of purchase of your mobile device
  • Coverage duration: 2 years
  • Depreciation: 2% rate

This card pays 1 point for every $1 spent (plus an extra 25% when spending on travel purchases).

Cardholders also enjoy Avioner benefits and save on gas purchases at Petro-Canada.

National Bank mycredit Mastercard

National Bank’s mycredit Mastercard is one of a few no-fee credit cards with mobile device insurance in Canada.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: 60 days following the purchase of your mobile device
  • Coverage duration: 2 years
  • Depreciation: 3% rate

Cardholders earn 1% cash back on restaurant purchases and recurring pre-authorized payments; and 0.50% cash back on all other purchases.

It also offers purchase protection and extended warranty benefits.

CIBC Aventura Visa Infinite Card

This travel rewards credit card has a $139 annual fee and provides mobile phone insurance along with several other perks.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: on the 91st day following the date of purchase of your mobile device
  • Coverage duration: 2 years
  • Depreciation: 2% rate

The CIBC Aventura Visa Infinite Card has a comprehensive list of travel insurance benefits (10 types), and you earn 2 points for every $1 spent on travel purchased via the CIBC Rewards Centre; 1.5 points per $1 spent on gas, grocery, and drugstore purchases, and 1 point per $1 spent everywhere else.

Meridian Visa Infinite Cash Back Card

The Meridian Visa Infinite Cash Back card is one of the best grocery and gas credit cards in Canada.

It also offers mobile device insurance along with several other travel insurance benefits.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: 90 days after the date of purchase of your mobile phone
  • Coverage duration:2 years
  • Depreciation: 2%

This card pays 4% cash back on gas and grocery purchases, 2% cash back on pharmacy purchases, and 1% back on everything else.

BMO eclipse Visa Infinite Card

The BMO eclipse Visa Infinite Card has mobile device insurance along with out-of-province/country emergency medical insurance, common carrier insurance, and car rental insurance.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: 91 days following the purchase of your mobile device
  • Coverage duration: 2 years
  • Depreciation: 2% rate

This card has a $120 annual fee and 5 points per $1 spent on dining, food, delivery, groceries, gas, and public transit. All other purchases earn at a rate of 1 point per $1.

TD Aeroplan Visa Infinite Card

The TD Aeroplan Visa Infinite Card offers mobile device insurance along with a long list of travel benefits you would expect to find in a premium credit card.

  • Mobile device insurance benefit: Up to $1,000
  • Coverage starts: 30 days after purchasing a mobile phone
  • Coverage duration: 2 years
  • Depreciation: 2% rate

Cardholders earn 1.5 points per $1 spent on gas, grocery, and Air Canada purchases; 1 point per $1 spent on all other purchases. It has a $139 annual fee.

This TD Aeroplan Visa Infinite Card review provides more details.

Odyssey World Elite Mastercard

The Odyssey World Elite Mastercard comes with mobile device insurance and other travel perks such as 8 free passes to the Desjardins Odyssey Lounge at the Montreal-Trudeau airport.

  • Mastercard device insurance benefit: Up to $1,500
  • Coverage starts: 60 days after the purchase of your mobile device
  • Coverage duration: 2 years
  • Depreciation: 2% rate

This card has a $130 annual fee.

Credit Cards With Cell Phone Insurance

In addition to the credit cards listed above, you can also enjoy mobile phone insurance and protection with these credit cards:

  • Desjardins Cash Back Visa
  • Desjardins Cash Back Mastercard
  • BMO eclipse Visa Infinite Privilege Card
  • Brim Mastercard
  • Brim World Mastercard
  • Brim World Elite Mastercard
  • CIBC Aeroplan Visa Infinite Card
  • TD Aeroplan Visa Infinite Privilege Card
  • TD Aeroplan Visa Platinum Card

How Does Credit Card Mobile Device Insurance Work?

Read the fine print of your credit card mobile device insurance certificate to get the full detail of your coverage.

In general, you must charge the full purchase price of the mobile device to your card for the coverage to apply.

If you are financing a cellular device, you must pay the full monthly bills to your card for the entire duration of your phone contract.

You will also need to consider when coverage starts. This can be on the date of purchase or 30-90 days after. In the first 60 to 90 days, the standard purchase protection coverage could cover loss, theft, and accidental damage to your phone.

While many credit card cell phone insurance plans cover $1,000 to $1,500, you will generally pay a deductible and account for depreciation in the value of your cell phone, smartphone, or tablet.

Deductibles vary with the purchase price, such as:

Purchase Price (Less Taxes)Applicable Deductible
$0 – $200$25
$200.01 – $400$50
$400.01 – $600$75
$600.01+$100

Example: Assuming you purchase a new phone for $1,000 before taxes and you have owned it for 5 months before it was stolen.

The depreciated value of your phone at the time of your claim is $1,000 less than the rate of depreciation (typically 2%) for 5 months.

I.e., $1,000 – (2% x 5 months x $1,000) = $900

Using the deductible amount from the table above, you will get a maximum reimbursement of $800 (i.e. $900 – $100 deductible).

How To File a Mobile Device Insurance Claim

To file a claim, contact your credit card company as soon as possible, but no later than 14 days after a loss.

You should also contact your wireless provider to suspend wireless services within 48 hours in the event of a loss or theft.

Note that mobile device insurance does not cover:

  • Cosmetic damages that do not affect your phone’s functionality
  • Damage resulting from power surges
  • Laptops
  • Batteries
  • Refurbished mobile devices or those that have been previously owned or used
  • Accessories

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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