New CIBC Premium Aventura Credit Card Perk Covers a Lost, Stolen or Damaged iPhone [u]

CIBC has announced today new benefits coming to their premium Aventura credit cards for new and existing clients.

New benefits include access to over 1,200 global airport lounges with a Priority Pass membership (Includes four free entries per year), a rebate on NEXUS application fee, better trip cancellation insurance, hotel burglary insurance and now—mobile device insurance.

CIBC premium aventura

According to CIBC in an email to iPhone in Canada, the mobile device insurance covers up to $1,000 (that’s half of a top of the line iPhone XS Max)whether your smartphone is lost, stolen or accidentally damaged, whether you’re home or away.

The company gave an example of when your iPhone decides to go swimming while you’re on vacation and gets water damaged—that will be covered by this new mobile device insurance.

“With these new benefits, we’re looking to give clients a frictionless travel experience. They complement the existing features that our clients love – like free, personalized trip planning with the Aventura Travel Assistant, and the flexibility to use points for any airline, any flight – to help them get the most out of their travel,” says Prashant Sharma, Senior Vice President, Cards, CIBC, in an issued statement.

Also new is a lock and unlock feature, to let clients instantly lock their credit card via the web or mobile banking, if they believe their card has been lost or stolen. This feature will be available on all CIBC credit cards.

These Aventura card enhancements will be available to new and existing clients starting October 15. Aventura Gold Visa and Visa Infinite cards come with a $120 annual fee.

Update Sept. 24, 2018: CIBC has explained in an email to iPhone in Canada how a customer can claim mobile device coverage:

Firstly, “The device has to be purchased with a CIBC credit card by the primary cardholder”, then have the following conditions met:

  • Phones must be connected to a Canadian wireless provider which have Internet-based and/or wireless communication capabilities.
  • The insurance coverage takes effect on October 15th, 2018. Device purchases on the card prior to that date will not be eligible for coverage.
  • The primary cardholder can make one claim every 12 months and two claims every 48 months.
  • The maximum benefit payable is $1,000 per occurrence.