6 Best Credit Cards With Mobile Device Insurance In Canada (Dec 2022)

October 31, 2022
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There are a few good credit cards that offer mobile device insurance, but some stand out above the rest for their extended coverage and additional benefits. I constantly keep up with the latest promo rates and policy changes and make my recommendations below based on years of experience.

I recommend the Tangerine World Mastercard as the #1 credit card with mobile device insurance in Canada. It's one of the most flexible cards, it doesn't charge an annual fee, plus it comes with a very generous $150 welcome bonus and an excellent promotional cash back rate for the first two months.

What Is A Credit Card With Mobile Device Insurance?

Credit cards that offer mobile device insurance are a very select type of credit card that covers your mobile devices in case of damage, loss, or theft. Credit cards that include this service will fully cover the cost of repairing or replacing your device or offer a reimbursement of up to $1,500.

Credit card mobile device insurance coverage activates whenever you use your eligible credit card to purchase a mobile device. Credit cards that offer this service have annual fees ranging from $120-$150, and also include comprehensive travel and medical insurance. Alternatively, you can go for a no-fee credit card with mobile device insurance; just keep in mind those are more limited in terms of insured categories.

Without further ado, here are the best credit cards with free mobile device insurance Canada has to offer:

The Best Credit Cards With Mobile Device Insurance

  1. Tangerine World Mastercard: Best for cash back rewards with no annual fees
  2. American Express Cobalt Card: Best for travel insurance coverage
  3. BMO Eclipse Visa Infinite Card: Best for lifestyle (gas, groceries, and dining out) purchases and bonus points
  4. National Bank mycredit Mastercard: Best for no annual fees with no minimum income requirement
  5. Scotia Momentum Visa Infinite Card: Best for cash back rewards and access to Visa infinite card benefits
  6. RBC Avion Visa Infinite: Best for mobile device insurance maximum coverage value

Tangerine World Mastercard

Great for promotional cash back rate and customizable cash back categories
  • Annual Fee
    $0
  • Interest Rate
    19.95% on purchases, 19.95% on cash advanes
  • Welcome Bonus
    $150
  • Rec. Credit Score
    725+
  • Features & Benefits

    • Earn $100 cash back welcome bonus after spending $1,000 within your first 2 months
    • Earn bonus cash back on 2 categories plus an additional category when you link your Tangerine Savings Account
    • No limit on how much cash back you can earn
  • Pros & Cons

    Why we like it

    Great for promotional cash back rate and customizable cash back categories

    Pros

    • $150 bonus
    • Earn 10% cash back on all purchases for the first 2 months (2% cash back on 2 categories afterwards)
    • Unlock a third category and earn 2% cash back by creating a Tangerine Savings Account
    • There's no annual limit to how much cash back you can earn
    • Mobile device & rental car insurance
    • Customizable cash back spending categories

    Cons

    • No free passes included with the Mastercard Travel Pass (DragonPass)
    • Requires a minimum yearly income of $60,000
  • More Details

    Bonuses and fees

    The Tangerine World Mastercard is a no-fee customizable cash back card that allows you to choose how to earn additional cash back. You can choose from 10 categories and earn bonus cash back with no annual limits. New cardholders will get promotional cash back of 15% for the first two months on all purchases up to $1,000 spent ($150 cash back).

    Rewards

    With Tangerine, you can select which categories you will earn extra cash back on. Keep in mind you can change them at any time, but it will take up to 90 days before it takes effect.

    • 2% cash back in two categories (choose from gas, groceries, hotels, home improvement, and more)
    • 0.5% cash back on all other purchases

    Perks and benefits

    • Unlock an additional 2% bonus cash back category by linking your Tangerine Savings Account with your credit card
    • Access to the Mastercard Travel Rewards program when purchasing abroad
    • Access to the Boingo Wi-Fi network worldwide
    • Complimentary DragonPass Mastercard Travel Pass
    • Choose from 10 cash back categories to earn bonus cash back

    Insurance

    Up to $60,000 in coverage for all purchases plus:

    • Loss, theft, and damage insurance
    • Extended warranty (up to 1 additional year)

American Express Cobalt Card

Great for exchanging MR points with other rewards program and high MR earn rate
  • Annual Fee
    $156
  • Interest Rate
    20.99% on purchases, 21.99% on cash advances
  • Welcome Bonus
    30,000 MR points
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 2,500 Membership Rewards points as a welcome bonus after you spend $6,000 within a year ($500/month)
    • $300 in statement credits towards purchases charged to your card
    • $225 credit in American Express Prepaid Cards
    • Access to American Express Experiences
    • Access to American Express Front Of The Line presales
  • Pros & Cons

    Why we like it

    Great for exchanging MR points with other rewards program and high MR earn rate

    Pros

    • 30,000 MR bonus points
    • Earn 5 points per $1 spent on eligible eats & drinks purchases
    • Transfer points 1:1 to other loyalty programs (Aeroplan, Marriot Bonvoy, and more)
    • Access to presale tickets and VIP seating in select events through American Express' Front Of The Line program
    • $100 Travel Credit and 4 complimentary visits to Plaza Premium Lounges
    • Comprehensive travel and medical insurance
    • Relatively low annual fee ($156)

    Cons

    • Needs a fairly good credit score (660+)
  • More Details

    Bonuses and fees

    The American Express Cobalt Card is a premium credit card with an annual fee of $156. This card is unique because its Membership Reward points can be exchanged 1:1 with some of the best rewards programs, including the Aeroplan and the Marriot Bonvoy program.

    Rewards

    You can earn MR points at a rate of:

    • 5 MR points per $1 spent on eats & drinks
    • 3 MR points per $1 spent on streaming subscriptions
    • 2 MR points per $1 spent on travel & transit
    • 1 MR point per $1 spent on everything else

    Redeeming your points

    The American Express Cobalt Card offers plenty of options to exchange your points. You can spend them directly on categories like streaming subscriptions, various eats & drinks, movie tickets, or statements of credit.

    Additionally, you can Exchange your MR points for Aeroplan, Avianca LifeMiles, Hilton Honors, Choice Privileges, or Marriott Bonvoy points.

    Insurance

    This card offers very complete coverage, including categories like:

    • Emergency Medical Insurance
    • Flight Delay Insurance
    • Lost or Stolen Baggage Insurance
    • Mobile Device Coverage
    • $250,000 Travel Accident Insurance

BMO Eclipse Visa Infinite Card

Great for high earn rate on groceries, gas, and transit
  • Annual Fee
    $120 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    70,000 pts
  • Rec. Credit Score
    725+
  • Features & Benefits

    • Earn 70,000 bonus points as a welcome bonus for your first year
    • Earn a $50 lifestyle credit as a welcome bonus
    • Add an authorized user and earn 10% bonus points
    • Redeem your points to pay for purchases
  • Pros & Cons

    Why we like it

    Great for high earn rate on groceries, gas, and transit

    Pros

    • 70,000 bonus welcome points
    • Earn 5 BMO Rewards points per $1 spent on groceries, gas, and transit
    • Earn 10% more BMO Reward points when you add an authorized user
    • Car rental & mobile device insurance (for up to $1,000)
    • Complimentary Concierge service through the Visa Infinite Concierge program
    • Comprehensive travel and medical insurance

    Cons

    • Requires a minimum yearly income of $60,000
    • Needs an excellent credit score (725+)
  • More Details

    Bonuses and fees 

    The BMO Eclipse World Elite Mastercard has an annual fee of $120, and, like all BMO cards, it is completely waived for new cardholders for the first year. To apply for this card, you will need an income of $60,000 and a credit score of 725 or more. It offers attractive travel benefits and includes access to the Visa Infinite Troon Golf Benefit at over 95 resorts.

    Rewards

    With this card, you can earn points on every purchase. Here are the rates:

    • 5 points per $1 spent on dining, eats & drinks, gas, and transit
    • 1 point per $1 spent everywhere else

    Perks and benefits

    • 10% more points on all purchases when you add an authorized user
    • $50 annual Lifestyle Credit
    • Access to the Visa Infinite Luxury Hotel Collection and Visa Infinite Concierge

    Insurance 

    The BMO Eclipse Visa Infinite offers insurance in several categories:

    • Mobile device insurance
    • Travel insurance
    • Emergency medical insurance
    • Car rental collission
    • Extended warranty

Scotia Momentum Visa Infinite Card

Great for promotional cash back rate and high earn rates on groceries and online subscriptions
  • Annual Fee
    $120 (1st year free)
  • Interest Rate
    20.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    $200
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn $200 cash back as a welcome bonus after spending $2,000 within 3 months
    • Annual fee waived in the first year
  • Pros & Cons

    Why we like it

    Great for promotional cash back rate and high earn rates on groceries and online subscriptions

    Pros

    • $200 bonus
    • Earn 10% cash back on all purchases for the first 3 months
    • Comprehensive travel and medical insurance
    • 4% cash back on groceries and subscription purchases
    • Extended warranty and protection on all purchases
    • No fees when requesting additional cards

    Cons

    • Requires a minimum yearly income of $60,000
    • Rewards can only be redeemed yearly
  • More Details

    Bonuses and fees

    The Scotia Momentum Visa Infinite Card is one of the best promotional cash back cards. It has an annual fee of $120, which is completely waived for the first year. For the first three month, you will have a 10% cash back rate on all purchases, up to a maximum of $2,000 spent ($200 cash back).

    Rewards

    After the promotional period, the cash back rates are still very generous, and you will earn:

    • 4% cash back on groceries, subscriptions, and recurring bills
    • 2% cash back on all gas and transit spending
    • 1% cash back on all other purchases

    There are no limits on how much cash back you can earn every year.

    Perks and Benefits 

    Some additional benefits of this card include:

    • Complimentary Visa Concierge services
    • Access to the Visa Infinite Hotel Collection and the Visa Infinite Dining and Wine program
    • 25% off car rentals at Budget and Avis stores worldwide

    Insurance

    This card comes with comprehensive insurance; some of the insured categories include:

    • Auto rental collision insurance
    • Trip delay or cancellation insurance
    • Flight delay and lost or stolen baggage insurance
    • New Mobile Device Insurance
    • Travel Emergency Medical Insurance
    • Travel accident protection

RBC Avion Visa Infinite

Great for high earn rates on travel-related purchases, rentals, and flights
  • Annual Fee
    $120
  • Interest Rate
    19.99% on purchases, 21.99% on cash advances
  • Welcome Bonus
    55,000 pts
  • Rec. Credit Score
    760+
  • Features & Benefits

    • 15,000 RBC Rewards points as a welcome bonus
    • Earn bonus RBC Rewards points when you shopping at RBC Rewards eMall
    • Earn bonus RBC Rewards points when you use Carlson Wagonlit Travel to book your travel or rent a car at Thrifty Car Rental
  • Pros & Cons

    Why we like it

    Great for high earn rates on travel-related purchases, rentals, and flights

    Pros

    • 55,000 bonus welcome points
    • Earn 1 RBC point per $1 on all purchases
    • Earn 25% more points (1.25 RBC points per dollar) on travel related purchases like travel, rentals, and bookings
    • Book flights and don't worry about blackout periods or seat restrictions
    • Comprehensive travel and medical insurance
    • Plan your vacations and purchase flight tickets directly from RBC's travel portal

    Cons

    • Requires a minimum yearly income of $60,000
    • Needs an excellent credit score (760+)
  • More Details

    Bonuses and fees

    The RBC Avion Visa Infinite card has an annual fee of $120 and has one of the best welcome offers of a travel credit card. It requires a minimum income of $60,000+ and an excellent credit score (760+).

    Perks and Benefits

    With this card, you can earn RBC Rewards points on all your purchases and redeem them for travel rewards. Here are the current rates:

    • 35,000 RBC Rewards points after getting your card approved
    • 20,000 bonus RBC Rewards points if you spend $5,000 within the first 6 months of receiving your card
    • 1 RBC Rewards point per $1 spent on all purchases
    • 1.25 RBC Rewards points (25% bonus points) at eligible travel purchases

    Redeeming Your Rewards

    You can redeem your RBC Rewards points through RBC’s Rewards portal and choose from the Air Travel Redemption schedule a destination, an airline, and more. Flights start at 15,000 RBC and can go as high as 100,000 for destinations like New Zealand, the Middle East, and Asia. Here are some other ways you can redeem your points:

    • Choose from over 50,000 tech products and merchandise
    • Gift cards
    • RBC Financial Vouchers
    • Convert your points to other rewards programs like Hudson Bay Rewards points and WestJet Dollars
    • Use your points to pay your credit card balance

    Insurance

    This card comes with comprehensive insurance, and some of the categories include are:

    • Out of province/country emergency medical insurance
    • Travel accident insurance
    • Auto rental collision insurance
    • Trip delay or cancellation insurance
    • Hotel/motel burglary insurance
    • Mobile device insurance

    You can check their page for an extensive breakdown of all the applicable scenarios and exceptions.

How Do Credit Cards With Mobile Device Insurance Work?

Mobile device insurance credit cards automatically qualify holders for mobile device insurance where the purchase of the device is financed using these credit cards. Coverage only applies to new mobile devices and caters for events such as loss, theft, or accidental damage of such devices. If any of the above occurs, the insured party is reimbursed the depreciated value of the mobile device, net any applicable deductibles. Most of these cards offer additional benefits apart from mobile device insurance. 

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What Is Depreciated Value?

The depreciated value is the estimated value of the mobile device when damage, loss, or theft occurs. It is calculated by reducing the phone's purchase price by a specified percentage annually to cater to the mobile device's regular wear and tear. The annual depreciation rate applied by most mobile insurance credit card providers is 2%.

What Is A Deductible?

A deductible is a required amount of money an insured must pay for a claim before the insurance company pays on the claim. Deductibles for mobile insurance coverage could either be a fixed amount (e.g., $100) or a fixed percentage (e.g., 1%) after factoring in the depreciation on the mobile phone.

If you purchase a new mobile device with a purchase price of $800 and file a claim for loss six (6) months after purchase, the maximum reimbursement will be calculated as follows:

Purchase Price$800.00
Less depreciation (2% x 6 months x $800$96.00
Equals depreciated value$704.00
Less deductible (10% X 704)$70.40
Maximum benefit payable$633.60

Pros & Cons Of Credit Cards With Mobile Device  Insurance

Pros

  • They provide reimbursement if your device is damaged accidentally, lost, or stolen
  • Most of them offer other insurance benefits, such as travel insurance coverage, in addition to mobile insurance coverage
  • Annual fees on some of these credit cards could be as low as $0

Cons

  • Most require a monthly or annual fee which could be pretty costly.
  • Eligibility requirements for some cards may be expensive as some may require a minimum yearly total spend of $15,000 

Credit Cards With Mobile Device Insurance FAQs

Why Get Credit Cards With Mobile Device Insurance?

While some phone manufacturers may provide insurance coverage for free when you purchase your cell phone, not all do. Getting a credit card that offers mobile device insurance coverage could save you the additional expense of paying for insurance coverage out-of-pocket.

How Do You Choose A Credit Card With Mobile Device Insurance?

Since coverage details may differ by credit card, it is essential to read through the insurance certificate of these credit cards to ascertain that the terms of mobile device coverage are favorable to you. 

Also, weigh the benefits against the annual fees, where applicable, to ensure the fees are worth paying.  

How Do You File A Mobile Device Insurance Claim?

The procedure for filing a mobile device insurance claim may differ by the credit card provider. Therefore, it is important to read the credit card's insurance certificate to obtain details on claim filing. Here are the steps to file a claim in case of loss, damage, or theft:

  • Notifying the credit card company as soon as possible
  • Filling out the form including supporting documents like:
    • Copy of the original store receipt for the mobile device purchase
    • Statement and/or receipt showing that the mobile device was paid in full using the credit card
    • Copy of the written repair estimate ( if the claim is on a damaged device )
    • Original police report or other reports to local authorities (if the device was stolen)

How Do You Apply For A Credit Card With Mobile Device Insurance?

To obtain a mobile insurance credit card, you must be considered eligible by the credit card provider.

 Eligibility requirements differ by credit card, but they often include the following:

  • You must be a permanent Canadian resident
  • You must have attained majority age in the Canadian province of residence
  •  You must have a minimum individual or annual household income of a certain amount

When Does Coverage On A Credit Card With Mobile Device Insurance become Effective?

The mobile device insurance credit card coverage can kick in as early as the date of purchase or as late as 90 days after the mobile device's purchase, depending on the terms stipulated within the credit card's insurance certificate.

Are Credit Cards With Mobile Device Insurance Worth It?

While getting credit cards simply for mobile device coverage is not advisable because they may have annual fees, mobile device insurance credit cards could be worth it based on the additional rewards and benefits they offer.

What Incidents Do Credit Cards With Mobile Device Insurance Cover?

They usually cover accidental damage, loss, or theft of the mobile device.

What Incidents Do Credit Cards With Mobile Device Insurance Not Cover? 

Mobile device incidents not covered include:

  • Phone Accessories
  • Regular wear and tear of the mobile device

What Is The Best Free Credit Cards With Mobile Device Insurance In Canada?

We recommend the Tangerine World Mastercard as the best free credit card with Mobile Device Insurance in Canada. 

What Are Other Mobile Device Insurance Credit Cards Available In Canada?

  • TD Aeroplan Visa Platinum Card
  • Meridian Visa Infinite Cash Back Card
  • TD Aeroplan Visa Infinite Card
  • Odyssey World Elite Mastercard
  • Scotiabank American Express
  • HSBC Cash Rewards Mastercard
  • BMO eclipse Visa Infinite Privilege Card
  • TD Aeroplan Visa Infinite Privilege Card
  • Brim Mastercard
  • Desjardins Cash Back Visa
  • Desjardins Cash Back Mastercard
  • Brim Mastercard
  • Brim World Mastercard
  • Brim World Elite Mastercard
  • CIBC Aeroplan Visa Infinite Card

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