About two years ago Chase came out with a new business credit card called the Chase Ink Preferred. Since its appearance, this card has been one of my favorite cards not only due to its incredibly high sign up bonus of 80,000 points (worth at least $1,000), but also because of the valuable benefits that have saved me a ton of cash over the past years.
My absolute favorite benefit is their cell phone protection reimbursement. In just this past year, this has saved me exactly $507! Not many credit cards will actually reimburse you the cost for fixing or replacing your phone, but this one will! This is actually the only Chase card that carries this benefit. With this benefit, you are able to get reimbursed up to 3 times within a 12 month period, up to $600 per incident. Not only does this cover you, but it also covers everyone else on your cell phone bill (with no limit to the number of people). All you have to do is pay for your phone bill with your Chase Ink Preferred card and you are covered.
I am still on the same family plan I’ve been on since college which includes me, my mom, my dad, my sister, and my brother. When this card came out, we started paying for the bill with my Chase Ink Card. My sister is careless and I have two kids who enjoy throwing my phone around, so having cell phone protection is definitely needed in my household! In just the past 10 months actually, we’ve filed 3 claims and have been reimbursed $507. Paying the $99 annual fee for the card has definitely paid off and is significantly cheaper then purchasing the AppleCare per phone – where we still would have had to pay $99 per incident on top of the fee.
One thing to know is that even though you can be reimbursed up to $600, you will have to pay a $100 deductible. So the amount they reimburse you is the total cost of a new phone or repair, minus $100 – which is still pretty great in my opinion. Of course there are other credit cards that have a lower deductible, such as all of the Wells Fargo personal credit cards, but those cards are limited to just 2 claims per 12 months. Due to my family having three claims, we actually saved more money by paying our bill with the Chase Ink Preferred card then if we had used a card with a less deducible but only allowed two claims.
Submitting a claim is pretty painless and I recommend doing it online. You’ll need to upload a receipt of the cost of the repair/new phone, your cell phone bill, and your credit card statement and within a few weeks you’ll receive a reimbursement check. I am personally still a little confused on which months bills and statements you need to send it, so I’ve always sent in more then what is probably needed, including the month prior to the incident happening, the month that the incident happened, and the month after – it makes the process smoother and only takes an extra minute to send a few more PDFs. I’ve also only experienced a damaged phone, so I included a work order form I received from the Apple store showing the phone issue and how much the new phone was going to cost to be replaced. If your phone is stolen, you are supposed to include a police report, but I do not have any personal experience with that.
Having this credit card has definitely saved us a good amount of cash over the past year and I am very happy that we’ve had this benefit. I was also pleasantly surprised on how easily the process was of submitting the claim and getting my check sent to me.
In my opinion, this is a must have card in your wallet. The sign up offer is top notch, you’ll earn 3x points on travel which is awesome, you can actually MAKE money when you use the bill pay service Plastiq (more about that here), and applying for this card does not count against Chase’s “5/24” rule (although if you are above your 5 card maximum you will not be approved). And most importantly, you’ll have the piece of mind with cell phone insurance!
- Chase Ink Preferred: Earn 80,000 Chase Ultimate Reward points after you spend $5,000 on the card within the first three months. $95 annual fee.
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