10 Best Credit Cards for Mobile Phone Insurance in Canada 2022

Mobile device insurance provides coverage in the unfortunate event that your cell phone or electronic device gets lost, stolen, accidentally damaged, or stops working. 

Some credit cards in Canada include mobile phone insurance as part of their benefits. But which are the best, and how much coverage do they provide?

This article covers the top 10 best credit cards with mobile phone insurance in Canada, including Amex, CIBC, Tangerine, and more. 

Credit Cards With Mobile Device Insurance in Canada 

If your phone accidentally breaks or stops working, you’ve lost your central connection to the world. And, if you don’t have mobile device insurance, you’ll be paying out of pocket for repairs or a new phone. 

Thankfully, some credit cards in Canada provide free mobile phone insurance, so you’re covered if anything happens. 

These are the top 10 best credit cards with mobile device insurance in Canada. 

Tangerine World Mastercard

The Tangerine World Mastercard has no annual fee and a 19.95% interest rate on purchases and funds advances. 

You can earn 2% cash back on all purchases in up to 3 categories and 0.50% cash back on everything else. 

The included Tangerine mobile device insurance provides coverage for new cell phones, smartphones, or tablets charged to the card or when you charge your bill payments to your card. 

It covers you for up to $1,000 if your mobile device is accidentally damaged, experiences mechanical failure, gets lost, or is stolen. 

Other benefits of the Tangerine World Mastercard include Boingo Wi-Fi for Mastercard, Mastercard Travel Rewards, a DragonPass Travel Pass, and more. 

Rental Car Collision/Loss Damage insurance is also included. 

To apply, you must make a minimum of $60,000 per year, have a gross household income of at least $100,000, or have $250,000 in savings. You should also be a permanent Canadian resident, the age of majority, and be clear of bankruptcies over the past 7 years. 

Scotia Momentum Visa Infinite Card

The Scotia Momentum Visa Infinite Card is a top cash back credit card. It has a $120 annual fee, with each supplementary card costing $50. 

The interest rate is 20.99% on purchases and 22.99% on cash advances. 

When you charge the full cost of your new mobile device to your card or charge all wireless bill payments to the card, you’re covered for up to $1,000 if your mobile device is lost, stolen, accidentally damaged, or experiences mechanical failure. 

Other benefits of this card include earning cash back as follows:

  • Earn 4% cash back on groceries and recurring payments 
  • Earn 2% cash back on gas and daily transit 
  • Earn 1% cash back on everything else 

This Scotiabank credit card also includes Visa Infinite benefits, savings on car rentals, and a few travel insurance benefits. 

To be eligible, you must have a minimum annual income of $60,000 or household income of $100,000, or minimum $250,000 assets under management. 

American Express Cobalt Card

The American Express Cobalt Card has a $12.99 monthly fee with a 20.99% interest rate on purchases and a 21.99% interest rate on cash advances. 

With the included Amex Cobalt mobile device insurance, each insured person will be covered for up to $1,000 in the event of loss, theft, or accidental damage, anywhere in the world. 

You must have charged the full cost of the mobile device to your Amex Cobalt Card. Coverage lasts for up to 2 years after the purchase date.  

The Amex Cobalt Card allows you to earn points on all your purchases, as per the following:

  • 5x the points on eats and drinks
  • 3x the points on streaming subscriptions 
  • 2x the points on travel and transit 
  • 1x the points on all other purchases 
  • 1 additional point on Amex Travel Online 

You can redeem your points for a statement credit, eats and drinks, movies, subscriptions, and more. 

This card also includes travel insurance, including flight and baggage delay, hotel burglary, travel accident, and lost or stolen baggage insurance. 

To apply, you must be a Canadian resident with a credit file and be the age of majority in your province or territory. 

BMO Eclipse Visa Infinite Card

The BMO Eclipse Visa Infinite Card has a $120 annual fee with a 20.99% purchase interest rate and 23.99% cash advance interest rate. 

To be eligible, you must have a minimum $60,000 annual income or $100,000 household income or a minimum of $15,000 declared current annual spend.

The BMO mobile device insurance provides coverage of up to $1,000 if your mobile device is accidentally damaged, stolen, or lost. 

This card also includes Purchase Security and Extended Warranty Insurance, as well as a few types of travel insurance. 

You earn 5 points for every dollar spent on groceries, dining out, gas, and transit, and 1 point for every $1 spent on everything else. 

CIBC Aventura Visa Infinite Card

The CIBC Aventura Visa Infinite Card is a top travel rewards credit card with a $139 annual fee and a $50 annual fee for each supplementary card. 

The purchase interest rate is 20.99%, and the cash interest rate is 22.99%. You must have a $60,000 individual or $100,000 household minimum annual income to apply. 

The included CIBC credit card mobile device insurance covers you for up to $1,500 per occurrence per insured person if you charge the full cost of your mobile device to the CIBC credit card. 

You also get a plethora of other travel insurance and benefits, like out-of-province emergency travel medical insurance, trip cancellation/interruption insurance, and more. Visa Infinite benefits and travel perks are also included. 

This card earns you Aventura Points that you can redeem for travel rewards. You’ll earn:

  • 2 points for every $1 spent on travel through the CIBC Rewards Centre
  • 1.5 points for every $1 spent on gas, grocery, and drugstore purchases 
  • 1 point for every $1 spent on everything else 

National Bank MyCredit Mastercard

The National Bank MyCredit Mastercard has a $0 annual fee but comes with a 20.99% purchase interest rate and 22.49% interest rate for balance transfers and cash advances. 

With the included mobile device insurance, you’ll be protected against theft or damage for up to 2 years after purchasing your device.

The cash back earn rate is on the lower side, with just 1% cash back on restaurant purchases and recurring pre-authorized payments and 0.5% cash back on all other purchases. 

The National Bank MyCredit Mastercard also includes purchase protection and extended warranty insurance. 

There is no annual income requirement to apply for this card. 

TD Aeroplan Visa Infinite Card

The TD Aeroplan Visa Infinite Card is a top airline credit card with a $139 annual fee and a $75 fee for each additional cardholder. 

The interest rate on purchases is 19.99% and 22.99% on cash advances. To apply, you must make a minimum of $60,000 annually or $100,000 combined household income. 

The included TD mobile device insurance covers you for up to $1,000 in the event of theft, loss, accidental damage, or mechanical breakdown for eligible mobile devices. 

With this card, you earn 1.5 Aeroplan points for every $1 spent on eligible gas, grocery, and Air Canada purchases and 1 Aeroplan point for every $1 spent on everything else. 

The TD Aeroplan Visa Infinite Card is packed with travel benefits and insurance, Visa Infinite privileges, Air Canada travel benefits, and security features. 

Meridian Visa Infinite Cash Back Card

The Meridian Visa Infinite Cash Back Card has a $99 annual fee (waived in the first year) with each additional card costing $30. 

The interest rate is 19.50% on purchases and 21.99% on cash advances. 

When you purchase a new wireless device or make all monthly bill payments through the credit card, you’ll be covered for up to $1,000 if the mobile device is stolen, lost, or accidentally damaged. 

This cash back credit card has a high earn rate, as per the following:

  • Earn 4% cash back on grocery and gas purchases
  • Earn 2% cash back on utility bill payments and pharmacy purchases
  • Earn 1% cash back on all other purchases 

The Meridian Visa Infinite Cash Back Card also includes Visa Infinite benefits and comprehensive travel insurance, including emergency health care coverage, trip cancellation and interruption insurance, and common carrier accident protection. 

To be eligible, you must make at least $60,000 annually or have a $100,000 annual household income. 

RBC Avion Visa Infinite Card

The RBC Avion Visa Infinite Card comes with a $120 annual fee, with supplementary cards costing $50. The interest rate on purchases is 19.99% and 22.99% on cash advances. 

If you purchase a mobile device with the RBC Avion Visa Infinite Card or with your RBC Rewards points, you’ll be covered for 2 years for up to $1,500 if the mobile device is lost, stolen, experiences mechanical failure, or suffers accidental damage. 

This card earns you 1 RBC Rewards point for every $1 you spend, plus 25% more on eligible travel purchases. 

This credit card comes with many travel benefits, including no blackouts or seat restrictions when you purchase flight tickets, book travel rewards with the RBC online tool, and enjoy exclusive offers and benefits with the Avion Collection.

Trip cancellation, trip interruption, and emergency medical insurance are included, along with all Visa Infinite benefits. 

You must make a minimum of $60,000 annually or have a $100,000 household income to apply. 

HSBC Cash Rewards Mastercard

The HSBC Cash Rewards Mastercard is a no-fee cash back credit card. It has an interest rate of 20.99% on purchases and 22.99% on cash advances and balance transfers. 

With the HSBC mobile device insurance, you’re covered for up to $1,000 in the event your mobile device is stolen, lost, accidentally damaged, or experiences mechanical failure. 

The HSBC Cash Rewards Program looks like this:

  • Earn 1.5% cash back for every $1 spent on eligible online purchases
  • Earn 1% cash back for every $1 spent on groceries, drugstore, and gas purchases
  • Earn 0.5% cash back for every $1 spent on everything else 

Extended warranty insurance and purchase assurance are included. You can add optional travel and medical insurance for $69/year. 

There is no minimum income requirement; you just need to be a Canadian resident and the age of majority in your province or territory. 

Our Top 5 Picks – Which Cards Are the Best For Mobile Device Insurance?

The following 5 credit cards have the best cell phone insurance in Canada with cash back rewards, insurance coverage, and other benefits. 

Mobile Device Insurance CoverageAnnual FeeInterest RateBenefitsEligibility Requirements
Amex Cobalt CardUp to $1,000 for 2 years N/A, $12.99/month20.99% on purchases, 21.99% on cash advances Earn Amex points, get travel insurance, & other benefitsN/A
Scotia Momentum Visa Infinite CardUp to $1,000$120, supplementary cards $50 20.99% on purchases, 22.99% on cash advancesEarn up to 4% cash back, get Visa Infinite benefits, savings on car rentals, and a few travel insurance benefitsMinimum annual income of $60,000 or household income of $100,000, or minimum $250,000 assets under management
Tangerine World MastercardUp to $1,000$019.95% on purchases and cash advancesEarn 2% cash back in up to 3 categories and 0.50% cash back on everything else, Boingo Wi-Fi for Mastercard, Mastercard Travel Rewards, DragonPass Travel PassMinimum annual income of $60,000 per year or household income of $100,000, or have $250,000 in savings
Meridian Visa Infinite Cash Back CardUp to $1,000$99, supplementary cards $3019.50% on purchases, 21.99% on cash advancesEarn up to 4% cash back, Visa Infinite benefit, comprehensive travel insuranceMinimum annual income of $60,000 or household income of $100,000
BMO Eclipse Visa Infinite CardUp to $1,000$12020.99% on purchases, 23.99% on cash advancesEarn up to 5 points for every $1 spent, Purchase Security and Extended Warranty Insurance, a few types of travel insurance
Minimum $60,000 annual income or $100,000 household income or a minimum $15,000 declared current annual spend

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