Canadian credit cards don’t have as many features as I’d like. Whether it’s foreign transaction fees, bonus categories, or airline and hotel partners, there are always areas for improvement. In terms of benefits, the American Express Platinum Card is the best for the frequent traveler, with lounge access, elite status benefits, and more. However, I was very surprised when I found a credit card that has cell phone insurance for FREE!

Cell Phone Insurance with a Credit Card

The Desjardins Cash Back Credit Card, along with other cards that Desjardins issues, offer mobile device insurance. I think they are the only financial institution in Canada that offers this, which is really cool.

The maximum amount coverage amount is $1,000. The insurance kicks in when your cellphone, smartphone, or tablet is “lost, stolen, accidentally damaged or experiences mechanical failure.”

To keep your coverage, you have to pay your monthly mobile bill or the full price of the phone with the card. Furthermore, the coverage excludes refurbished or used devices, and requires a $100 deductible for a device $600-1,000. There’s also a depreciation calculation factored in at 2% per month.

For a card with no annual fee, that’s pretty stunning. This will be a card I will get in my next set of applications, in addition to the SPG Personal American Express and SPG Business American Express with the increased bonus. This card also goes onto the great no-annual fee list, with the other being the Home Trust Visa.

View the Mobile Device Certificate of Insurance here.

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