CIBC offers credit card with mobile device insurance

CIBC Mobile Banking app icon on iOS

There is no shortage of choices when it comes to credit cards in Canada. Every major bank and retail outlet offers various perks to entice you to sign up.

I’m currently a fan of the Cineplex credit card as it offers the chance to see a potentially see a flick for free. That said, if you’re prone to dropping your phone, or even worse, losing it, CIBC has revealed that it is now offering mobile device insurance.

Of course, carriers and third-party sellers offer device insurance. Now, however, it looks like CIBC is jumping into the game.

The CIBC Aventura card now offers up to $1,000 CAD for lost, stolen or accidentally damaged mobile devices — which includes a smartphone, tablet or smartwatch — that is connected to a Canadian wireless service provider. This works at home or while traveling abroad.

There is fine print, however, as you may have already expected.

First, the CIBC Aventura card costs $120 per year, though the first year is rebated. Also, the device must be purchased with a CIBC credit card by the primary cardholder, and the cardholder can make one claim every 12 months and two claims every 48 months.

To claim, you’ll have to pay your monthly wireless bill with your CIBC Aventura Card.

Most Canadian carriers’ device protection plans range between $6 and $11 per month.

Source: CIBC