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Top 5 Credit Cards with Mobile Device Insurance in Canada for 2021

Feb. 2, 2021
14 mins
A young woman laughs as she holds her phone while sitting on steps

Your cellphone is usually the first thing you reach for in the morning and the last thing you check before bed — it’s practically stuck to you like glue. Dusk until dawn, your mobile device connects you to family and friends, organizes your day, and provides a constant source of entertainment, which is why it’s so easy to feel lost without it.

Your heart may even skip a beat when you just think you’ve misplaced it. But if you actually do lose or damage your phone, you’ll want to replace it as soon as possible, and that can be costly.

However, if you have the right credit card, it may come to your wallet’s rescue. A handful of credit cards in Canada offer mobile device coverage for your smartphone and, in some cases, your tablet.

Credit cards with mobile device insurance

Here are five excellent credit cards that offer mobile device insurance:

Our top picks

Credit card

Mobile device coverage

Welcome offer

Annual fee

1. CIBC Aventura® Visa Infinite* Card

Up to $1,000

  • Get up to 35,000 Aventura Points

$139 (Rebated year 1)

2. TD® Aeroplan® Visa Infinite* Card

Up to $1,000

  • Earn up to 20,000 Aeroplan points and a bonus Buddy Pass

  • Offer ends August 16, 2021

$139 (Rebated year 1)

3. BMO eclipse Visa Infinite* Card

Up to $1,000

  • Earn up to 40,000 bonus BMO Rewards points

  • Offer ends October 31, 2021

$120 (Waived year 1)

4. Scotia Momentum® Visa Infinite* Card

Up to $1,000

  • Earn 10% cash back for the first three months (up to $2,000 in purchases)

  • Offer ends February 28, 2021

$120 (Waived year 1)

5. Tangerine World Mastercard®

Up to $1,000

  • Get a 1.95% introductory interest rate on balance transfers

$0

1. CIBC Aventura® Visa Infinite* Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$900
+ Annual rewards
$636
- Annual fee (First Year Rebated)
$0
Total first year value
$1536
CIBC Aventura® Visa Infinite*

card image
Welcome bonus
$900
CIBC Aventura Rewards points
Annual rewards
$636
CIBC Aventura Rewards points
Annual fees:
$139 (First Year Rebated)
Interest rates:
20.99% on purchases • 22.99% on cash advances
This offer is not available for residents of Quebec.
2024 Winner – Best Overall Travel Credit Card and Best Overall Visa Credit Card
Earn points on all purchases and redeem on travel or statement credits
Details at a glance Collapse details
Welcome bonus
$900
Annual rewards
$636
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$900
+ Annual rewards
$636
- Annual fee (First Year Rebated)
$0
Total first year value
$1536
Annual fees:
$139 (First Year Rebated)
Interest rates:
20.99% on purchases
22.99 on cash advances
This offer is not available for residents of Quebec.
2024 Winner – Best Overall Travel Credit Card and Best Overall Visa Credit Card
Earn points on all purchases and redeem on travel or statement credits
Details at a glance Collapse details

Credit card summary

Apply for the CIBC Aventura® Visa Infinite* Card and earn up to 35,000 bonus Aventura Points. Earn 20,000 points when you make your first purchase using the card. Get another 1,250 points each statement period you spend at least $1,000 for the first year —that’s 15,000 points. Plus, get a first-year annual fee rebate.

Regular features and benefits of this card include:

  • Annual fee: $139
  • Annual fee for additional cards (up to three): $50
  • Earn two points per dollar you spend on travel purchases made through the CIBC Rewards Centre.
  • Earn 1.5 points per dollar you spend on gas, grocery, and drug store purchases.
  • Earn one point per dollar you spend everywhere else.

Travel in comfort with access to over 1,300 airport lounges worldwide and get four complimentary lounge visits annually. Plus, receive a NEXUS application fee rebate — a $50 value — and skip the long lines at the border. This card also features a full suite of travel insurance coverage.

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

Mobile device insurance

Overview
Coverage: Up to $1,000
Start date: 91 days after the purchase of the mobile device
Coverage duration: 2 years
Depreciation: 2%
Deductible: 10%

The CIBC Aventura® Visa Infinite* Card provides up to $1,000 in insurance per insured person for mobile devices that are lost, stolen, or damaged.

Cardholders must pay for the device’s full purchase price or any portion of the purchase price financed through a service provider on the card to be eligible.

Cardholder’s coverage begins on the 91st day following the device’s purchase and lasts for two years if the user charges the full purchase price to the card.

If the cardholder finances the device through a mobile carrier in Canada, the coverage begins on the date of the first transaction for the mobile device and lasts for two years.

How it works

If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (10%).

For example, if you buy a smartphone on January 1, 2021, and you lose it on October 8, 2021, you may be eligible for a $720 reimbursement for your mobile device.

Purchase price: $1,000
Less depreciation cost: - $200 ($1,000 x 2% x 10 months)
Depreciated value: $800
Less deductible: -$80 ($800 x 10%)
Reimbursement: $720

If your device is accidentally damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost after the 10% deductible.

If you repair accidental damage to your phone for $300, you might be eligible for a $270 reimbursement.

Repair cost: $300
Less deductible: -$30 ($300 x 10%)
Reimbursement: $270

*Conditions apply.

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2. TD® Aeroplan® Visa Infinite* Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$800
+ Annual rewards
$570
- Annual fee (First Year Rebated)
$0
Total first year value
$1370
TD® Aeroplan® Visa Infinite* Card

card image
Welcome bonus
$800
In Aeroplan Points
Annual rewards
$570
In Aeroplan Points
Annual fees:
$139 (First Year Rebate)
Interest rates:
20.99% on purchases • 22.99% on cash advances
2024 Winner – Best Aeroplan Credit Card
VIP benefits when travelling on Air Canada flights, plus great travel insurance
Details at a glance Collapse details
Welcome bonus
$800
Annual rewards
$570
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$800
+ Annual rewards
$570
- Annual fee (First Year Rebated)
$0
Total first year value
$1370
Annual fees:
$139 (First Year Rebate)
Interest rates:
20.99% on purchases
22.99 on cash advances
2024 Winner – Best Aeroplan Credit Card
VIP benefits when travelling on Air Canada flights, plus great travel insurance
Details at a glance Collapse details

Credit card summary

New cardholders of the TD® Aeroplan® Visa Infinite* Card can earn up to 20,000 Aeroplan points and a bonus Buddy Pass. Plus, TD will rebate the annual fee for the primary and up to three additional cardholders for the first year. Conditions apply.

Regular features and benefits of this card include:

  • Annual fee: $139
  • Annual fee for additional cards: $75
  • Earn 1.5 points for every $1 you spend on eligible gas, grocery and direct through Air Canada purchases.
  • Earn one point for every dollar you spend on all the other purchases.

Enjoy Air Canada travel benefits, including your first checked bag free (up to 23kg/50lbs) and various travel insurance coverage. Also, take advantage of exclusive entertainment access and the hotel and dining series available through the card.

This offer is not available for residents of Quebec. For Quebec residents, please click here.

Offer expiry date: August 16th, 2021

Mobile device insurance

Overview
Coverage: Up to $1,000
Start date: 30 days after the purchase of the mobile device
Coverage duration: 2 years
Depreciation: 2%
Deductible: $25 - $100 (varies on purchase price)

The TD® Aeroplan® Visa Infinite* Card provides up to $1,000 in insurance for mobile devices lost, stolen, or suffer from a mechanical breakdown.

Cardholders must charge at least 75% of the device’s full purchase price and activate it with a service provider to be eligible. Or fund the mobile device through a plan and pay all monthly wireless bill payments on the card.

Cardholder’s coverage begins 30 days following the device’s purchase and lasts for two years.

How it works

If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (varies by the device’s price).

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 buy a smartphone on June 1, 2021, and you lose it on February 10, 2021, you may be eligible for a $700 reimbursement for your mobile device.

Purchase price: $1,000
Less depreciation cost: - $200 ($1,000 x 2% x 10 months)
Depreciated value: $800
Less deductible: -$100 (based on device cost)
Reimbursement: $700

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

If you have a valid repair claim for accidental damage to your phone costing $300, you might be eligible for a $300 reimbursement.

Repair cost: $300
Reimbursement: $300

*Conditions apply.

3. BMO eclipse Visa Infinite* Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$50
+ Welcome bonus
$450
+ Annual rewards
$546
- Annual fee (First Year Waived)
$0
Total first year value
$1046
BMO eclipse Visa Infinite* Card

card image
Welcome bonus
$450
BMO Rewards points
Annual rewards
$546
BMO Rewards points
Annual fees:
$120 (First Year Waived)
Interest rates:
20.99% on purchases • 23.99% on cash advances
Get a $50 CashSurge from RATESDOTCA
Designed for the lifestyle of the urban digital millennial
Details at a glance Collapse details
Welcome bonus
$450
Annual rewards
$546
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$50
+ Welcome bonus
$450
+ Annual rewards
$546
- Annual fee (First Year Waived)
$0
Total first year value
$1046
Annual fees:
$120 (First Year Waived)
Interest rates:
20.99% on purchases
23.99 on cash advances
Get a $50 CashSurge from RATESDOTCA
Designed for the lifestyle of the urban digital millennial
Details at a glance Collapse details

Credit card summary

Apply for the BMO eclipse Visa Infinite* Card and get up to 40,000 BMO Rewards points. Get 25,000 points when you spend at least $3,000 in the first three months and another 15,000 points on your 12-month account anniversary. Plus, BMO will waive the annual fee for the first year.

Regular features and benefits of this card include:

  • Annual fee: $120
  • Annual fee for additional cards: $50
  • Get five points for every $1 you spend on grocery, gas, restaurant, take out, and daily transit purchases (public transit and rideshare).
  • Get one point for every $1 you spend everywhere else.

Cardholders can enjoy 10% more rewards when they add an authorized user to the account. Not only, that but members also get a $50 annual lifestyle credit and access to exclusive Visa Infinite benefits.

Offer expiry date: October 31, 2021

Mobile device insurance

Overview
Coverage: Up to $1,000
Start date: 91 days after the purchase of the mobile device
Coverage duration: 2 years
Depreciation: 2%
Deductible: 10%

The BMO eclipse Visa Infinite* Card provides up to $1,000 in insurance per 12-month period, up to two claims in any 48-month period.

Cardholders must pay for the device’s full purchase price or any portion of the purchase price financed through a service provider on the card to be eligible.

Cardholder’s coverage begins on the 91st day following the device’s purchase and lasts for two years.

If the cardholder finances the device through a mobile carrier in Canada, the coverage begins on the date of the first transaction for the mobile device and lasts for two years.

How it works

If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (10%).

For example, you buy a smartphone on August 1, 2021, and lose it 10 months later, you may be eligible for a $720 reimbursement for your mobile device.

Purchase price: $1,000
Less depreciation cost: - $200 ($1,000 x 2% x 10 months)
Depreciated value: $800
Less deductible: -$80 ($800 x 10%)
Reimbursement: $720

If your device is accidentally damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost after the 10% deductible.

If you repair accidental damage to your phone for $500, you might be eligible for a $450 reimbursement.

Repair cost: $500
Less deductible: -$50 ($500 x 10%)
Reimbursement: $450

*Conditions apply.

4. Scotia Momentum® Visa Infinite* Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$153
+ Annual rewards
$564
- Annual fee (First Year Waived)
$0
Total first year value
$717
Scotia Momentum® Visa Infinite* Card

card image
Welcome bonus
$153
Scotia Cash Back Rewards
Annual rewards
$564
Scotia Cash Back Rewards
Annual fees:
$120 (First Year Waived)
Interest rates:
20.99% on purchases • 22.99% on cash advances
A top card that earns you generous cash back in a variety of key purchase categories
Details at a glance Collapse details
Welcome bonus
$153
Annual rewards
$564
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$153
+ Annual rewards
$564
- Annual fee (First Year Waived)
$0
Total first year value
$717
Annual fees:
$120 (First Year Waived)
Interest rates:
20.99% on purchases
22.99 on cash advances
A top card that earns you generous cash back in a variety of key purchase categories