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Best No-Fee Credit Cards With Mobile Device Insurance in Canada for 2022

Jan. 12, 2022
10 mins
A man looks through his smartphone while resting his hand on his chin

Many shoppers forgo the mobile protection plan when buying their devices, leaving their pricy smartphones — and wallets — vulnerable. Sometimes, a screen protector and heavy-duty case aren’t enough. Suppose your cellphone or tablet is lost, stolen, or in need of repair. In this case, the bill can be costly.

Fortunately, some credit cards offer mobile device insurance for these perils. While the coverage won’t ensure you get all your money back, it won’t leave you empty-handed, either. Most credit cards with mobile device insurance offer up to $1,000 in coverage, accounting for the device’s depreciating value and a deductible.

Here are three no-fee credit cards that offer mobile device insurance at no additional cost, and everything you need to know about how to make a claim.

Our top picks

Credit card

Mobile device coverage

Welcome offer

Annual fee

1. MBNA Rewards Platinum Plus® Mastercard®

$1,000

  • Earn four points for every $1 spent on grocery, restaurant, digital media, membership, and household utility purchases for 90 days. Conditions apply.
  • Plus, earn up to 10,000 bonus points.

$0

2. Tangerine World Mastercard®

$1,000

  • Earn up to 15% cash back for the first two months. This offer expires on January 31, 2022.
  • Plus, earn a $125 Amazon e-Gift Card from RATESDOTCA upon approval until February 4, 2022.

$0

3. mycredit Mastercard® from National Bank

$1,000

  • There is no welcome bonus currently.

$0

1. MBNA Rewards Platinum Plus® Mastercard®

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$205
+ Annual rewards
$340
- Annual fee
$0
Total first year value
$545
MBNA Rewards Platinum Plus® Mastercard®

card image
Welcome bonus
$205
MBNA Rewards points
Annual rewards
$340
MBNA Rewards points
Annual fees:
$0
Interest rates:
19.99% on purchases • 24.99% on cash advances
2022 Winner - Best No-Fee Travel Credit Card
Flexible rewards redeemable for travel or cash back
Details at a glance Collapse details
Welcome bonus
$205
Annual rewards
$340
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$205
+ Annual rewards
$340
- Annual fee
$0
Total first year value
$545
Annual fees:
$0
Interest rates:
19.99% on purchases
24.99% on cash advances
2022 Winner - Best No-Fee Travel Credit Card
Flexible rewards redeemable for travel or cash back
Details at a glance Collapse details

Credit card summary

The MBNA Rewards Platinum Plus® Mastercard® offers four points for every $1 spent on eligible grocery, restaurant, digital media, membership, and household utility purchases during the first 90 days (until $10,000 is spent annually in the category).

Plus, earn up to an additional 10,000 bonus points. Get 5,000 bonus points after you spend at least $500 on the card within the first 90 days and another 5,000 points after enrolling in paperless e-statements during that same period.

Regular features and benefits of this card include:

  • Annual fee: $0
  • Earn two points for every $1 spent on eligible grocery, restaurant, digital media, membership, and household utility purchases (until $10,000 is spent annually in the applicable category).
  • Earn one point for every $1 spent on all other eligible purchases.

In addition to having mobile device insurance, this card features extended warranty benefits and purchase assurance. Members will also receive a birthday bonus of up to 10,000 points annually.

Offer expiry date: N/A subject to change without notice

Mobile device insurance details

Overview of coverage*

Coverage:

Up to $1,000

Start date:

30 days from the device’s purchase date

Coverage duration:

Up to two years

Depreciation:

2% a month

Deductible:

$25 - $100 (varies by cost of the device)

Eligible cardholders of the MBNA Rewards Platinum Plus® Mastercard® can get up to $1,000 in mobile device insurance.

Cardholders must pay for at least 75% of the device’s purchase price or fund the cost through a plan and charge all monthly wireless bill payments to the card for the plan’s duration.

Coverage begins on the 30th day from the device’s purchase date. Or, if the cardholder finances the device through a mobile carrier, coverage begins on the date of the first wireless bill payment. In both cases, coverage lasts for up to two years.

How it works

Mobile device insurance usually covers the replacement cost, less the phone’s depreciation value and deductible if your eligible cellphone, smartphone, or tablet is lost or stolen.

Total cost of mobile device Deductible
$0-$200 $25
$200.01-$400 $50
$400.01-$600 $50
$600.01 or more $100

For example, if you bought a smartphone for $1,000 on January 1, 2022, and lost it six months later, you may be eligible for a $780 reimbursement for your mobile device.

Purchase price: $1,000
Less depreciation cost: -$120 ($1,000 x 2% x 6 months)
Depreciated value: $880
Less deductible: $100 (depending on the device’s value)
Reimbursement: $780

If your device is damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement, less the deductible.

*Conditions apply.

2. Tangerine World Mastercard®

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$150
+ Annual rewards
$309
- Annual fee
$0
Total first year value
$459
Tangerine World Mastercard®

card image
Welcome bonus
$150
Money-Back Rewards
Annual rewards
$309
Money-Back Rewards
Annual fees:
$0
Interest rates:
19.95% on purchases • 19.95% on cash advances
Flexible ability to choose what categories earn you the most cash back
Includes exceptional perks and benefits for a no annual fee card
Details at a glance Collapse details
Welcome bonus
$150
Annual rewards
$309
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$150
+ Annual rewards
$309
- Annual fee
$0
Total first year value
$459
Annual fees:
$0
Interest rates:
19.95% on purchases
19.95% on cash advances
Flexible ability to choose what categories earn you the most cash back
Includes exceptional perks and benefits for a no annual fee card
Details at a glance Collapse details

Credit card summary

Apply for the Tangerine World Mastercard® by January 31, 2022, to earn 15% cash back on up to $1,000 in total purchases during the first two months. That is up to $150 cash back.

Plus, for a limited time, get a $125 Amazon e-Gift Card from RATESDOTCA upon approval until February 4, 2022.

Regular features and benefits of this card include:

  • Annual fee: $0
  • Earn 2% cash back in up to three Money-Back Categories of your choice. Start with two categories and earn the third when depositing your rewards into a Tangerine Savings Account. Money-Back Categories include grocery, furniture, restaurant, hotel-motel, gas, public transportation and parking, recurring bill payments, drugstore, home improvement, and entertainment.
  • Earn 0.50% cash back on all other purchases.

This card features Boingo Wi-Fi for Mastercard®*, a network of more than one million free Wi-Fi hotspots and Mastercard® Airport Experiences Provided by LoungeKey for exclusive offers at more than 400 airports worldwide. On top of mobile device insurance, this card also features rental car collision insurance.

Offer expiry date: January 31, 2022

Mobile device insurance details

Overview of coverage*

Coverage:

Up to $1,000

Start date:

30 days from the device’s purchase date

Coverage duration:

Up to two years

Depreciation:

2% a month

Deductible:

Up to $100 (depending on the device’s value)

The Tangerine World Mastercard® offers up to $1,000 in mobile device insurance.

To be eligible for coverage, cardholders must pay for the device’s full purchase price, or any part of the purchase price financed through a wireless service provider and charge all monthly wireless bill payments to the card for the plan’s duration.

The cardholder’s coverage begins on the 30th day following the device’s purchase date and lasts for up to two years if the user charges the full purchase price to the card. However, if the cardholder finances the device through a mobile carrier in Canada, the coverage begins on the date the first monthly wireless bill payment is charged to the card and lasts for up to two years.

How it works

If your eligible cellular phone or tablet is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value and a deductible.

Total cost of mobile device Deductible
$0-$200 $25
$200.01-$400 $50
$400.01-$600 $75
$600.01 or more $100

For example, if you bought a smartphone for $800 on January 5, 2022, and lost it nine months later, you may be eligible for a $556 reimbursement for your mobile device.

Purchase price: $800
Less depreciation cost: -$144 ($800 x 2% x 9 months)
Depreciated value: $656
Less deductible: $100
Reimbursement: $556

If your device is damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost, less the deductible.

*Conditions apply.

3. mycredit Mastercard® from National Bank

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$138
- Annual fee
$0
Total first year value
$138
mycredit Mastercard®

card image
Welcome bonus
$0
National Bank Cash Back Rewards
Annual rewards
$138
National Bank Cash Back Rewards
Annual fees:
$0
Interest rates:
20.99% on purchases • 22.49% on cash advances
A no annual fee card that earns you money back on all of your purchases
Includes rare Mobile Device insurance!
Details at a glance Collapse details
Welcome bonus
$0
Annual rewards
$138
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$138
- Annual fee
$0
Total first year value
$138
Annual fees:
$0
Interest rates:
20.99% on purchases
22.49% on cash advances
A no annual fee card that earns you money back on all of your purchases
Includes rare Mobile Device insurance!
Details at a glance Collapse details

Credit card summary

Earn up to 1% cash back on purchases with the mycredit Mastercard® and make secure online payments.

Regular features and benefits of this card include:

  • Annual fee: $0
  • Earn 1% cash back for every $1 spent on restaurant purchases and recurring bill payments.
  • Earn 0.50% cash back for every $1 spent on all other purchases.

Get extended warranty benefits and purchase protection for eligible purchases made to the card in the event they are stolen or damaged. Also, access mobile device insurance.

Offer expiry date: N/A subject to change without notice

Mobile device insurance details

Overview of coverage*

Coverage:

Up to $1,000

Start date:

60 days from the device’s purchase date

Coverage duration:

Up to two years

Depreciation:

3% a month

Deductible:

Up to $100 (depending on the device’s value)

The mycredit Mastercard® provides up to $1,000 in insurance for mobile devices that are lost, stolen, or damaged.

To be eligible for coverage, cardholders must pay for the device’s full purchase price on the card or finance the device with a plan and charge all the monthly payments to the card.

Coverage begins 60 days following the device’s purchase date and lasts for up to two years.

If the cardholder financed the device using a plan, the coverage begins when the second consecutive monthly payment is charged to the card and lasts for up to two years.

There are exceptions, of course. Typically, cardholders whose accounts are not in good standing lose access to the benefits and perks provided by their cards.

How it works

If your eligible cellphone or tablet is lost or stolen, the mobile device insurance covers the replacement cost, less the phone’s depreciation value (3% a month), and a deductible (up to $100).

Total cost of mobile device Deductible
$0-$200 $25
$201-$400 $50
$401-$600 $75
$601 or more $100

For example, if you bought a smartphone for $900 on January 13, 2022, and lost it 11 months later, you may be eligible for a $503 reimbursement for your mobile device.

Less depreciation cost: -$297 ($900 x 3% x 11 months)
Depreciated value: $603
Less deductible: $100
Reimbursement: $503

If your device is damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost, less the deductible.

*Conditions apply.

How to use mobile device insurance

Generally, cardholders with mobile device insurance are eligible for coverage once they charge all or part of a device’s purchase price to their card. In most cases, the device must be activated with a wireless service provider to qualify.

If financing the device by a plan, cardholders may have to charge some or all the device’s price and all the wireless bill payments to the card.

When does coverage start?

Depending on the policy, coverage may begin within a number of days following the device’s purchase date or after receiving a series of wireless bill payments.

Coverage usually lasts for up to two years; however, it ceases if the cardholder closes their account, or the account is no longer in good standing. Another caveat: refurbished or used devices may not qualify for coverage.

While not common, some coverage may extend to gifts. If a gifted device is lost, stolen, or damaged, the cardholder would be responsible for filing a claim rather than the gift recipient.

Read the insurance certificate to understand any terms and conditions that may apply.

What devices are included under the coverage?

Usually, mobile device insurance covers cellphones, smartphones, and tablets purchased on the credit card for personal use, not for commercial or business purposes. The insurance generally covers the cost of the device’s replacement or repair.

Here are some items that are typically excluded from mobile device insurance:

  • Cellphone accessories
  • Computers
  • Batteries
  • Refurbished or used devices
  • Mobile devices lost in the mail
  • Mobile devices that are stolen from luggage
  • Cosmetic damage (doesn’t affect functionality)
  • Purposeful/non-accidental damage

Why does the device’s value depreciate?

Like cars, technology will depreciate with use, and as the item ages or its condition worsens, the monetary value drops. To determine the current value of your device at the time of claim, the insurance provider will usually use a formula of 2% to 3% of the device’s value, multiplied by the number of months you’ve owned it.

For example, if a device is worth $750 on the purchase date and lost in five months, the calculation would look something like this:

$750 x 2% x 5 months = $75

The device would be worth $75 less after five months. However, you must also account for the deductible if the policy has one.

What is a deductible?

A deductible is an amount the policyholder must pay before the insurance provider pays the claim. If the policyholder pays upfront, the reimbursement will usually be less this amount.

Find the deductible in your credit card’s insurance certificate or call the number on the back of your card for more information.

How to file a mobile device insurance claim

Contact the insurance provider and start a claim before seeking the device’s repair or replacement. If you do not, you may be responsible for covering any of the costs.

Typically, you must contact the insurance provider no longer than 14 days from the event, whether the device was lost, stolen, or damaged. You may also be required to suspend your wireless service within a certain period (usually 48 hours). If theft is suspected, notify the police within seven days, and fill out a police report.

Before authorizing services, your insurance provider will likely request any supporting documentation, including written estimates, receipts, and warranties. That’s why it’s important to understand the claims process to avoid problems.

Rates, product information and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. RATESDOTCA may receive a referral fee from our partners or affiliate links featured on the site; however, our editorial choices are objective and free from bias. The opinions expressed in this article are purely those of RATESDOTCA; thus, the credit card issuers and partners are not responsible for any editorials or reviews that may appear. Please visit the associated brand’s website for complete and current terms and conditions on any product or service mentioned. The information in this article is accurate as of the date of this posting, January 12, 2022. Read our full disclaimer.

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Hayley Vesh

Hayley Vesh is an editor and writer in the personal finance space, where she uses her eight years of media and marketing experience to bring content to life. She specializes in money products, including mortgages, home and auto insurance, and credit cards. Hayley holds a Broadcast Journalism diploma from Sheridan College and was awarded the Shaw Media Journalism and Media Award for graduating at the top of her class. Her work has appeared in Global News and diverse digital corporate training materials behind the scenes.

Hayley is passionate about making complex subjects, such as home buying and financial literacy, concise and intriguing. Her work has garnered media coverage from The Globe and Mail, blogTO, Yahoo! News, and CityNews 680 and has been syndicated across other publications.

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