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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

CIBC Aventura® Visa InfiniteTM

card image
Welcome bonus
$805
CIBC Aventura Rewards points
Annual rewards
$731
CIBC Aventura Rewards points
Annual fee
$139
First Fee Rebate

Winner – Best Overall Travel Credit Card
Earn points on all purchases and redeem on travel or statement credits
Details at a glance Collapse details
Welcome bonus
$805
Annual rewards
$731
Winner – Best Overall Travel 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

TD® Aeroplan® Visa Infinite* Card

card image
Welcome bonus
$500
Aeroplan Points
Annual rewards
$712
Aeroplan Points
Annual fee
$139
First Year Rebate

Best Aeroplan Credit Card in Canada
VIP benefits when travelling on Aeroplan flights, plus great travel insurance
Details at a glance Collapse details
Welcome bonus
$500
Annual rewards
$712
Best Aeroplan Credit Card in Canada
VIP benefits when travelling on Aeroplan 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

BMO eclipse Visa Infinite* Card

card image
Welcome bonus
$284
BMO Rewards points
Annual rewards
$578
BMO Rewards points
Annual fee
$120
First Year Waived

Designed for the lifestyle of the urban digital millennial
Redeem points for travel or cashback, including "pay with points" on any purchase
Details at a glance Collapse details
Welcome bonus
$284
Annual rewards
$578
Designed for the lifestyle of the urban digital millennial
Redeem points for travel or cashback, including "pay with points" on any purchase
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

Scotia Momentum® Visa Infinite* Card

card image
Welcome bonus
$153
Scotia Cash Back Rewards
Annual rewards
$564
Scotia Cash Back Rewards
Annual fee
$120
First Year Waived

Bonus: $150 Amazon e-Gift card upon approval
Winner – Best Overall Cash Back Credit Card
Includes comprehensive travel insurance and rare mobile device insurance
Details at a glance Collapse details
Welcome bonus
$153
Annual rewards
$564
Bonus: $150 Amazon e-Gift card upon approval
Winner – Best Overall Cash Back Credit Card
Includes comprehensive travel insurance and rare mobile device insurance
Details at a glance Collapse details

Credit card summary

For a limited time, the Scotia Momentum® Visa Infinite* Card offers cardholders 10% cash back on all purchases for the first three months, up to $2,000 in total purchases. Scotiabank will also waive the annual fee for the primary and additional cardholders for the first year.

Regular features and benefits of this card include:

  • Annual fee: $120
  • Annual fee for additional cards: $50
  • Get 4% back for every $1 you spend on grocery and subscription purchases, as well as recurring bill payments.
  • Get 2% back for every $1 you spend on gas and daily transit purchases, including buses, taxis and rideshare services.
  • Get 1% back on all other purchases, with no limit to how much you can earn.

This card features a full suite of travel insurance and shopping coverage. Cardholders can also access 24/7 concierge services and other Visa Infinite benefits.

Offer expiry date: February 28, 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 by cost of device)

The Scotia Momentum® Visa Infinite* Card provides up to $1,000 in insurance for mobile devices lost, stolen, or suffered a mechanical breakdown.

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

Cardholder’s coverage begins 30 days 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 (varies by price of the device).

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

For example, you buy a smartphone on November 8, 2021, and you lose it 10 months later, 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 the cost of the device)
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 for $350, you might be eligible for a $350 reimbursement.

Repair cost: $350
Reimbursement: $350

*Conditions apply.

5. Tangerine World Mastercard®

Tangerine World Mastercard®

card image
Welcome bonus
$0
Money-Back Rewards
Annual rewards
$309
Money-Back Rewards
Annual fee
$0

Flexible no fee card that gives you the ability to choose what categories earn you the most cash back
Includes rare mobile device insurance
Details at a glance Collapse details
Welcome bonus
$0
Annual rewards
$309
Flexible no fee card that gives you the ability to choose what categories earn you the most cash back
Includes rare mobile device insurance
Details at a glance Collapse details

Credit card summary

New cardholders of the Tangerine World Mastercard® can take advantage of a 1.95% introductory interest rate on balance transfers made within the first 30 days for six months. A 1% balance transfer fee does apply.

Regular features and benefits of this card include:

  • Annual fee: $0
  • Annual fee for additional cards: $0
  • Start earning 2% Money-Back Rewards on purchases in two categories of your choice (10 options available). Plus, get another category when you choose to deposit your rewards into a Tangerine Savings Account.

Get rental car insurance and shopping coverage on this card. Plus, enjoy several other benefits like Mastercard® Travel Rewards* and Boingo Wi-Fi for Mastercard®*.

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

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 by cost of device)

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

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

Cardholder’s coverage begins 30 days 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 when the first monthly bill is charged to the account 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 May 4, 2021, and lose it 10 months later, 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 the cost of the device)
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 for $330, you might be eligible for a $330 reimbursement.

Repair cost: $330
Reimbursement: $330

*Conditions apply.

How does mobile device insurance work?

Cardholders with mobile device insurance may qualify for coverage when they charge the full or part of the purchase price to their card. Those who finance may also be eligible when they charge all or a portion of the payments to the credit card.

When are you covered?

Generally, mobile device insurance starts within a month or two of owning the device or making the first few payments through financing and lasts for upwards of two years.

Some coverage may even extend to mobile devices given as gifts. Though, the cardholder would be responsible for filing any claims.

However, the coverage may only apply to new mobile devices. That excludes resale, refurbished, or used devices.

Does the value depreciate?

Most items, especially technology, deprecate in value as people use them. Usually, the condition of an item will factor into the depreciation value. But for mobile device insurance, the provider usually determines the value using a percentage of the purchase price over time. Technology typically has a life expectancy of a few years, so it is understandable.

You can find the depreciation calculation in the insurance certificate that comes with your credit card. Mobile devices usually depreciate at a value of 2% to 3% per month.

What is the deductible?

A deductible is the amount the policyholder, in this case, the cardholder, needs to pay before the insurance provider pays for any expense. Or, if the cardholder pays out of pocket, the reimbursement will usually be less this amount.

In terms of mobile device insurance, the deductible may be a set amount or a percentage of the original purchase price.

What does the coverage include?

While each credit card will have slightly different conditions, mobile device insurance usually covers the cost of replacing or repairing the device itself.

The following items don’t usually qualify for coverage under mobile device insurance:

  • Accessories (phone cases, etc.)
  • Laptop computers
  • Batteries
  • Mobile devices lost in the mail
  • Mobile devices that are stolen from luggage
  • Cosmetic damage (doesn’t affect functionality)

Some parts or services that don’t qualify for mobile device insurance may fall under the original manufacturer’s warranty.

How to file a claim

Always read your insurance coverage carefully to ensure you are prepared in the event you need to make a claim.

You will need to contact your credit card company to report the mobile device and start the claims process within a specific period (usually no longer than 14 days after the event).

If your mobile device is lost or stolen, you typically need to suspend your wireless services within 48 hours. In the event of theft, you must also notify the police within seven days.

If your device requires repairs, you will need to contact the insurance provider before fixing it and provide a written estimate of the costs from an authorized facility or the original manufacturer.

Lastly, you may also have to provide your mobile device’s original sales receipt and other formal documentation, like a police report or any warranties.

Giving the insurance provider reasonable notice and the correct details can save you time and money if your mobile device is lost, stolen or damaged.

Rates, product information, and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. The views and opinions expressed in this review are purely those of RATESDOTCA. Information in this article is accurate as of the date of this posting, February 2, 2021. Read our full disclaimer.

This article has been updated.

Hayley Vesh

Hayley Vesh is a creative, resourceful, and knowledgeable content producer who is passionate about financial literacy, storytelling, and generating ideas. She writes about credit cards, savings, debt management, and personal finance. In her spare time, Hayley can be found wandering in the woods, hunting for second-hand treasures, or curled up with a steeped tea and a good podcast.

Find Hayley Vesh on LinkedIn.

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