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  1. #1

    Get Paid for Cell Phone Accident Protection with the Wells Fargo Cash Wise Card

    I'm not sure how I've missed this previously, but you can now "get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® Credit Card".

    Since you can also earn cash back by using this card, you are in effect get paid to insure your phone against accidents and theft:



    • $150 cash rewards bonus after spending $1,000 in net purchases in the first 3 months
    • Earn unlimited 1.5% cash rewards on everyday net purchases
    • Enjoy 1.8% cash rewards on Android Pay™ or Apple Pay™ mobile wallet net purchases during the first 12 months from account opening

    Sounds a lot better than paying for Apple Care (which was $69, then raised to $99, and is now $129 for the newest iPhones).

    The Wells Fargo Cash Wise Visa card also comes with these additional benefits:
    • 0% Intro APR for 12 months on purchases and balance transfers, after that the variable APR will be 13.24%-25.24%
    • No annual fee

  2. Get Paid for Cell Phone Accident Protection with the Wells Fargo Cash Wise Card
  3. #2
    Registered User Semi Pro Member
    Posts
    327
    Any exceptions to the phone coverage? because by my wife and I have cracked screens.

  4. #3
    I should have done more diligence before I posted.

    Two clarifications.

    First, the phone indemnity applies to all Wells Fargo cards - as long as you pay your wireless bill with your Wells Fargo card. Coverage starts immediately.

    Second, there are some exclusions. Most importantly, Wells Fargo excludes:
    • Cosmetic damage that does not "impact the Cellular Wireless Telephone’s ability to make or receive phone calls".
    • Lost phones.

    So it looks like merely a cracked screen will be excluded. And stolen phones are covered, but not lost phones.

  5. #4
    Registered User Enthusiast
    Posts
    62
    The welcome offer is just okay. There are plenty of cash rewards cards giving you $100 to $150 back for spending $500.

    But the cell phone protection is intriguing. Maybe just get the card for the purpose of running cell phone bills through it. Save on AppleCare.

    Too bad the #1 reason to have AppleCare is a cracked screen. But AppleCare is $129. And to replace a cracked screen w/o it is $129. Plus, even with AppleCare, I think they charge you $25 or so for a cracked screen.

  6. #5
    Registered User Junior Member
    Posts
    21
    If WF does not covered cracked screens, it's not worth my time to switch. But I understand why they would not want to cover cracked screens.

  7. #6
    Registered User Senior Member
    Posts
    133
    I think I like the Wells Fargo Rewards card better for this.

    It has the 50% bonus when you redeem for travel. And some nice bonus points that you can earn in the first 6 months. Works out to be a nice deal.

    Of course, you still get the same accident protection for your phone.

    What you get with the Rewards Card:

    • Earn 15,000 bonus points if you spend $1,000 in net purchases during the first 3 months
    • Earn 5X rewards points for every $1 spent on gas, grocery, and drugstore net purchases for the first 6 months
    • Earn 1X rewards points per dollar on virtually all other net purchases every day
    • Redeem points for travel, gift cards, cash redemption options or merchandise through Go Far™ Rewards
    • 50% extra value when redeemed for airfare through Go Far™ Rewards (for instance, 30,000 points is a $450 value toward airfare redemption or a $300 value toward cash redemption)
    • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Rewards Visa® Credit Card
    • 0% Intro APR for 12 months on purchases and balance transfers, after that the variable APR will be 12.40%-26.24%
    • $0 Annual Fee

  8. #7
    Registered User Junior Member
    Posts
    32
    This is a great tip. Saving me $130 just adds to the signup offer.

    I want to buy the iPhone 7. I don't want add AppleCare. And I'm not too worried about cracked screens. Lots of people around town can fix those for $50 or less.

  9. #8
    Registered User New Member
    Posts
    3
    Just how is it the credit card companies can give you all these rewards and perks? What if you never run up an unpaid balance? Or only take out the "loan" when there is no interest? How will they make money off you?

    Or is it a numbers game? Like for every 2 who always pay in full, there are 3 who makes lots of interest payments?

  10. #9
    Melissa,

    Credit card companies make money in several ways.

    1. Transaction fees. Every time you buy something with a credit card, the retailer pays a fee to the credit card companies. This usually slit among the retailers processor, Visa or Mastercard, and the bank that issued your card.

    I think banks cover at least a majority (if not all) the cost of their rewards program from the transaction fees/

    2. Annual Fees. A lot of really good rewards cards charge an annual fee to help pay for the higher level of rewards and other benefits. If you spend enough month on the card, you can earn back the difference.

    For example, if a 1.5% cash back card has no annual fee, but a 2% back version of the card comes with a $50 annual fee, you will need to spend at least $10,000 per year on your card. ($50/0.5% = $10,000)

    3. Interest Charges. The big bucks for the banks come when you carry a balance. With APRs running to more than 20% even for people with good credit, these interest charges start adding up fast.

    4. Other Fees. Banks also make money on late fees, balance transfer fees, and cash advance fees. There is no reason ever to incur these fees.

    What the card issuers try to do is lure you in with a nice welcome offer, and then hope you just continue to use the card forever so the can collect all the fees and charges list above. In the long term, you should provide them with more cash than they provide you with rewards.

    However, responsible use of credit cards does benefit you too. It allows you to buy something today and pay for it at the end of your billing cycle (approx 25 days later).

    It also allows you to enjoy some consumer benefits like extended warranties, accident protection, free credit scores and more.

  11. #10
    Registered User Senior Member
    Posts
    170
    I've use this service. And I highly recommend.

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