Cell Phones and Credit Cards Are Actually Pretty Closely Related, Here’s How

Pennygem

Phone insurance options were limited up until recently, when credit card companies started to get in on the action. Here are a few things to keep in mind about this. PennyGem’s Johana Restrepo has more.

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00:00Our cell phones might as well be a part of our bodies these days.

00:07Almost everyone has broken their screen or phone entirely at least once and felt that

00:12moment of panic because mobile phones, especially smartphones, are not cheap.

00:18As a result, a lot of people wait more than three years to replace their phones according

00:22to NerdWallet.

00:24Phone insurance options were limited up until recently when credit card companies started

00:28to get in on the action.

00:30Companies like MasterCard, American Express, and even retail cards are offering these perks,

00:36you just have to get the right card.

00:38Most of the time, you'll have to do things like pay your bill with the credit card, pay

00:43a deductible of anywhere between $25 and $50, and file paperwork.

00:49Keep in mind that some cards don't cover lost phones, just damaged or stolen phones according

00:55to Business Insider.

00:56Phone damage, like a cracked screen, isn't always covered either.

01:00Before opening a credit card account that offers smartphone coverage, read the terms

01:05and conditions and make sure their policy works for you.

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