Abstract: A magnetically configurable strap accessory for a mobile communications device and method of using the same is disclosed. The magnetically configurable strap accessory includes a strap and a base. The strap includes at least one strap magnet. The base includes at least one base magnet and a sleeve disposed at a first end of the base into which a portion of the strap can be retracted when the accessory is in a closed position and from which a portion of the strap can be extended when the accessory is in an open position. In the closed position, the strap is held in a substantially flat position against the base by way of magnetic attraction between at least one of the strap magnets and at least one of the first base magnets. In an open position, the strap is held in a substantially arched position with respect to the base hereby forming a loop between the base and the strap.