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 |
|
$139 (Rebated year 1) |
| 2. TD® Aeroplan® Visa Infinite* Card |
Up to $1,000 |
|
$139 (Rebated year 1) |
| 3. BMO eclipse Visa Infinite* Card |
Up to $1,000 |
|
$120 (Waived year 1) |
| 4. Scotia Momentum® Visa Infinite* Card |
Up to $1,000 |
|
$120 (Waived year 1) |
| 5. Tangerine World Mastercard® |
Up to $1,000 |
|
$0 |
1. CIBC Aventura® Visa Infinite* Card
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.
Compare the best credit cards on RATESDOTCA
Find the best credit card for your lifestyle today!
2. TD® Aeroplan® Visa Infinite* Card
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
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
