A top cash back credit card is removing a perk that protects cardholders from cellphone theft and serious damage. That perk, cellphone protection, will no longer be available on the Chase Freedom Flex® as of Sept. 20.
[SEE: Best Chase Credit Cards]
What Does Cellphone Protection Cover?
The expiration date for Chase Freedom Flex®’s cellphone protection is visible in the card’s online Guide to Benefits. The Guide to Benefits also details coverage terms. Currently, cardholders can draw up to $1,000 in annual value from the perk.
That $1,000 comes in the form of up to $800 in coverage per claim across up to two claims per year, with a $50 deductible. That money can repair or replace an eligible cellphone.
In order to qualify for coverage, cardholders must pay their monthly cellphone bills with the credit card. Coverage renews on a monthly basis, as long as you make your cellphone bill payment.
Even under the existing perk, not all phones or forms of damage or loss qualify for coverage. For example, “cosmetic damage” doesn’t qualify, so Chase probably wouldn’t pay to repair a shattered phone screen, as long as the phone still functions.
[Read: Rewards Credit Cards]
Should You Still Consider the Chase Freedom Flex®?
Cellphone coverage is a nice perk, but not a decisive one. The removal of this benefit likely won’t make or break your decision to apply for the Chase Freedom Flex® or keep the card in your wallet.
The card still comes with rotating 5% cash back categories on up to $1,500 spent per quarter, which can help you earn more on dining, gas, eligible streaming services and more. It also offers a 0% introductory annual percentage rate for 15 months on purchases and balance transfers; after that, an 18.24% to 27.74% variable APR applies.
If you’re committed to the Chase Ultimate Rewards ecosystem, whether for its points transfer potential or other reasons, rest assured that Chase Freedom Flex® can remain a piece of your Chase Trifecta.
[Read: Best Credit Cards]
Alternative Cards to Consider
If you’ve benefited from credit card cellphone coverage and want to maintain it, the cards below are among the options that still offer the perk. Remember to consider a credit card’s full profile, not just its cellphone benefit, before applying.
— Wells Fargo Active Cash® Card: This no-annual-fee card’s cellphone protection is worth up to $600 per claim on up to two claims per year with a $25 deductible.
— Capital One Venture X Rewards Credit Card: If you’re already considering premium credit cards, the $395 annual fee Venture X is a solid option that also offers cellphone protection. The perk is worth up to $800 per claim on up to two claims per year with a $50 deductible.
More from U.S. News
Chase Adds Wyndham Rewards as a Transfer Partner
How to Maximize Points With the Chase Trifecta
Chase Taking Over Apple Card, but Cardholders Can Chill
Chase Freedom Flex to Drop Cellphone Coverage originally appeared on usnews.com
