I have an Ink business card as well with the same terms. I dont know if it works if you financed the phone, but would be curious to find out if it's even possible to get an official answer. I agree most cards only covered a purchased item, not financed.
The card Guide to Benefits doesn't specify other than it cannot be "rented, leased, borrowed or cellular wireless telephones that are received as part of a pre-paid wireless service plan or “pay as you go” type service plans."
You also must pay every cell bill in full only on that card and have proof of that.
The bad part is it is some 3rd party insurer so if your phone is toast good luck getting it fixed in under 2 weeks vs walking into an Apple store and an hour later out with a swapped device. That would be my largest concern really as potentially business/time doesnt make sense versus $99.50 per year for the Applecare cost.