Your credit card can spare you more expenses than you probably realize. As we reported earlier this year: “Many cardholders aren’t even aware of the extra benefits they get with their cards. … Consumers who ignore or overlook credit card benefits may be missing out on thousands of dollars worth of perks and services.” Many perks are travel-related — free rental car insurance, for example. Free cellphone protection is one credit card perk that can benefit most consumers — and save them as much as $600. Clark.com reports that multiple credit cards issued by a few different companies now come with cellphone protection. It’s essentially a form of phone insurance. For example, the following cards offer protection against phone damage and theft: Such cellphone protection is generally free, although cardholders are required to pay their phone bill with the credit card that bestows the benefit. Getting cardholders to pay for that recurring monthly expense with their credit card is the point, consumer advocate Clark Howard explains: “Credit card companies are offering a variety of unusual benefits to stand out from one another, including protection for electronics like your cell phone. They want you to pay your cell phone bill with their card. And if you do so, the cell phone may be covered if you break it or it breaks on you.” Like most any other credit card perk, cellphone protection policies have terms and conditions. So if your credit card offers the benefit or you’re considering switching to a new credit card that does, be sure to read the card’s guide to the benefit. Look at the details of the benefit itself, such as how many phones would be eligible to receive protection. Also look at what you would have to do to successfully file a claim. For example, some companies require you to provide receipts or copies of your credit card statements that reflect your phone bill payments. You may also want to check whether cellphones are covered under an existing insurance policy, such as homeowners insurance. There’s little point in switching to a card with cellphone protection if your phone is already covered. Have you ever taken advantage of a credit card perk like cellphone protection? Tell us about your experience below or over on our Facebook page. Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.
A number of US credit card companies are beginning to offer mobile phone insurance as part of their products . The inclusion of such a benefit may depend on customers using the credit card for payment of their mobile phone bills . Companies offering this product include Wells Fargo , First Citizens Insurance and US Bank .