Posted on Sep 25, 2020
We depend on our phones for so much. We use them for business, keeping in touch with friends and family, navigation, managing our finances, checking the news, entertainment, and much more.
A new smartphone is expensive to replace and can easily cost between $400 and $2,000 depending on the model and features.
A cell phone protection plan may be a smart money move
Protecting your budget by protecting your phone in the event of accidental damage or theft is a smart move. We can help.
With our Advantage Rewards Checking account, you can get cell phone protection and theft coverage automatically when you enroll and pay your monthly cell phone bill from that account.
Why choose coverage from your bank?
If cell phone carriers, insurance companies, and even third-party providers offer protection plans, why should you get coverage from your bank? There are few key reasons.
1. You can save money
Advantage Rewards Checking is just $5.95/month and the included cell phone protection covers all the devices on your plan. Service providers like AT&T and T-Mobile charge between $8 and $40/month per device.
That means a family of 4 could save anywhere from $300 to $1,850 a year.
2. No additional bills to pay
Most of us pay our cell phone bill from our checking account, so why not get coverage for something you’re already doing? By switching to an Advantage Rewards Checking account, you’ll get added protection with no additional hassle. No need to add another bill to your budget just for cell phone protection.
3. You gain access to additional benefits
Not only will you have cell phone protection as part of your account, you’ll enjoy roadside assistance, local discounts, health and prescription savings, identity theft protection, and more. Using any of these additional benefits can essentially make the cost of cell phone protection $0.
4. You can get coverage after purchasing your device, after warranties, and for older models
Some cell phone protection plans are only available at the time you purchase your device or during the first few weeks. With Advantage Rewards, your coverage starts when you make your monthly cell phone payments from your account.
That means you can cover older models and phones outside their manufacturer warranty. No need to rush the decision with your carrier.
5. Coverage is competitive and deductibles are low
If your phone is broken or stolen, you can have it repaired or replaced up to $600 per claim with a maximum of $1,200 per year. You’ll pay a $50 copay, which is significantly more affordable than many other providers. See the chart below for a comparison of coverage and deductibles.
6. You can use this as additional coverage
Having cell phone protection from the bank doesn’t mean you can’t have cell phone protection from another service.
Unfortunately, lots of plans won’t cover the full cost of a repair or replacement. With added coverage from Advantage Rewards Checking, you’ll pay less out of pocket if the unexpected happens. This coverage can help make up the difference in what’s not covered by other plans.
7. Getting Started is Fast and Easy
There are only two steps to getting started:
- Open or switch to an Advantage Rewards Checking account
- Pay your monthly cell phone bill from your account
Coverage from the bank vs other providers*
|Advantage Rewards Checking||AT&T
|Cost||$5.95/month||$8.99-$40/month per phone||$7-$18/month per phone||$8.99/month per phone|
|Additional included benefits||Roadside Assistance, Health Savings, Local Discounts, ID Theft Protection, and more||-||-||-|
|Deductible & Service Fees||$50 copay||$0-$49 repair deductible
$25-$299 replacement deductible
|$29-$99 accidental damage deductible, $249 lost/theft deductible||$149 for all claims|
|Types of coverage||Damaged, stolen||Device loss, theft, cracked screen, malfunctions||Hardware service, accidental damage, loss, and theft.||Drops, spills, malfunctions, cracked screen|
|Limits||2 claims per 12 month period. Maximum reimbursement per claim is $600, $1,200 per 12-month period.||2 claims per consecutive 12 months.
Maximum replace or repair is $1,500
|Maximum of two approved claims within a 12-month period for Device Protection and maximum of three approved claims within a 12-month period for Protection<360>||4 claims per individual plan|
|Covers any working phone, old or new||Yes||No||No||No|
Ready to Upgrade Your Account?
Start Your 60-Day Free Trial Today.
Take Advantage Rewards Checking for a 60-day test drive and experience the benefits for yourself.
Monthly fees may be charged after the free trial period. Please see product details page for more information.
*Values are based on comparable products and services available publicly. Values are not guaranteed and are subject to change.
1Benefits are offered and provided by BaZing and are subject to additional terms and conditions available at www.bazing.com. 2 Insurance products are: NOT A DEPOSIT. NOT FDIC-INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE BANK. Participating merchants on BaZing are not sponsors of the program, are subject to change without notice, may not be available in all regions and may choose to limit deals.
Monthly fees will be charged after the free trial period ends. Please see product details page for more information.