Amex expands cellphone protection to Platinum, other cards

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A dozen high-end American Express cards are adding cellphone protection on April 1. The perk will even include protection against screen damage, which is often excluded from damage coverage.

Beginning April 1, if a card member’s cellphone is stolen or damaged, they can be reimbursed for the repair or replacement costs for up to two approved claims per year, for a maximum of $800 per claim or $1,600 per 12-month period. For a cellphone to be eligible, it needs to be listed on a wireless bill, and the prior month’s wireless bill needs to be paid by an eligible card account. A $50 deductible applies to each approved claim.

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Amex cards with cellphone protection

• The Platinum Card® from American Express
• The Platinum Card from American Express for Charles Schwab
• The Platinum Card from American Express for Goldman Sachs
• The Platinum Card from American Express for Morgan Stanley
• The Business Platinum Card® from American Express
• The Centurion Card from American Express
• The Centurion Card from American Express Exclusively for Goldman Sachs
• The Business Centurion Card from American Express
• Delta SkyMiles® Platinum American Express Card
• Delta SkyMiles® Platinum Business American Express Card
• Delta SkyMiles® Reserve American Express Card
• Delta SkyMiles® Reserve Business American Express Card

Amex adds everyday value to premium cards

This continues the trend of American Express adding more everyday value on its cards, especially cards like these with pricey annual fees that rely heavily on travel benefits, which haven’t been as attractive during the COVID-19 pandemic. For example, the Platinum Card’s $550 annual fee is a lot easier to justify when you’re able to take advantage of their free airport lounge benefits, Marriott and Hilton elite status, the $200 airline fee credit and more.

To reflect the current times, Amex recently added a $30 monthly PayPal credit to the Platinum card. This is potentially worth up to $180 if card members maximize the January-to-June timeframe. Platinum card members also get $15 in Uber Cash every month (plus a bonus $20 in December, for an annual total of $200) and a free Eats Pass membership valued at $119 per year. Even if you’re not traveling, you can use these benefits to offset routine purchases such as online shopping and food delivery.

Delta SkyMiles Platinum card members can get up to $15 in monthly dining statement credits from February through December 2021 (for a total of up to $165). The SkyMiles Reserve card also has this benefit, but the cap is a bit higher (up to $20 monthly and $220 in total).

On the business side, the SkyMiles Platinum Business card is offering up to $15 monthly statement credits from February through December ($165 total) for U.S. wireless telephone services. SkyMiles Reserve Business card members can get up to $20 monthly ($220 total) in eligible cell phone credits.

Cellphone insurance grows as other perks fade

Cellphone insurance is another potentially lucrative benefit that could last beyond the pandemic. An American Express-Morning Consult survey revealed half of current smartphone owners have cracked their phone screen at some point. More than a quarter of millennials (27%) reported more damage to their cell phones since the start of the pandemic. And 36% of millennials said they would rather give up showering for a month than spend a day without their cell phone (um, eww?). I guess the point is that people really like their phones.

While many credit cards have eliminated ancillary perks in recent years – such as price protection, purchase protection and extended warranty coverage – some cards still offer these benefits. But cell phone insurance is one that’s actually growing. The aforementioned statistics help explain why. People love their cell phones, and because you generally have to pay your cell phone bill with the card offering coverage, it’s a win for issuers too. They benefit from the loyalty, the interchange and perhaps other fees and interest.

If you don’t have any of these American Express cards, check out our list of the best cards for cell phone insurance to see if you have one that qualifies. 

Have a question about credit cards? E-mail me at ted.rossman@creditcards.com and I’d be happy to help.