Verizon and Synchrony have partnered to launch the Verizon Visa® Card, available to Verizon wireless customers as of June 26, 2020.
This announcement came on the heels of another card launch from U.S. Bank in June 2020 — the U.S. Bank Altitude® Go Visa Signature® Card — as well as card issuers adding limited-time offers for bonus rewards on groceries and takeout.
The Verizon Visa Card offers Verizon customers the chance to earn generous rewards and redeem them to offset their monthly bill or a new smartphone — all at no annual fee*.
Below, Select breaks down four things you should know about the Verizon Visa Card, so you can decide if it's the right choice for you.
1. Restrictions on who can apply for the card
The Verizon Visa Card isn't open to everyone. To apply, you must be a Verizon Wireless Account Owner or Manager on accounts with up to 12 phone lines max (depending on plan).
Also, note that if you're someone who likes to hop between providers, this card will have limited use. If you cancel your Verizon plan, you'll no longer earn rewards, discounts, bonuses or Verizon Dollars with this credit card — though you can still use your card to make purchases.
2. Earn rewards on everyday purchases
The Verizon Visa Card offers one of the most competitive rewards programs for a no-annual-fee card*. Cardholders earn generous rewards on everyday purchases, including gas, groceries and dining, in the form of Verizon Dollars. Plus you'll receive a decent rewards rate on Verizon purchases.
Here are the rewards rates:
- 4% back on gas and grocery store purchases
- 3% back on dining purchases
- 2% back on Verizon purchases
- 1% back on all other purchases everywhere Visa credit cards are accepted
Compared to other no-annual-fee rewards cards, the Verizon Visa Card offers more lucrative rewards in select categories. For instance, the Verizon Visa Card will earn you more on gas (4%) and grocery store purchases (4%) compared to the Capital One SavorOne Cash Rewards Credit Card (see rates and fees), which earns 1% cash back and 3% (excluding superstores like Walmart® and Target®) cash back in those categories.
3. Rewards can be redeemed at Verizon stores and for travel and gift cards
The rewards you earn are called Verizon Dollars, which you can redeem for Verizon purchases as well as gift cards and travel booked via the Verizon Visa Card travel website.
You can redeem Verizon Dollars for new devices and accessories or use them toward your monthly wireless bill (it acts similar to a statement credit). Each Verizon Dollar is worth $1, and there's no limit to how many you can earn. For instance, if you spend $30 at grocery stores, you'd earn 4% back, which equals 1.2 Verizon Dollars, or $1.20. These rewards never expire.
4. Receive discounts on your bill
New cardholders can get a $100 statement credit applied to their credit card bill after making their first purchase using the card within 90 days. Plus, first-time enrollees get an auto pay discount of up to $10 per month off each eligible account or line, up to 12 lines max (depending on plan). Prior to the card launch, autopayments made with a credit card didn't qualify for the discount, but now you can use the Verizon Visa Card to qualify. You must be a Verizon customer on an eligible plan, such as Above Unlimited or Get More Unlimited, to receive the discount. Learn more about all eligible plans and how to set up autopay with Verizon.
Bottom line
The Verizon Visa Card is a strong newcomer that can help existing Verizon customers save on their monthly wireless bill or next phone purchase. You earn competitive rewards on everyday shopping, whether it's grocery runs or takeout, all while benefiting from no annual fee*. However, if you're someone who frequently switches wireless providers, you should opt for a general-purpose card since you'll miss out on earning rewards without an eligible Verizon Wireless plan.
Don't miss: 11 tips for saving money at the grocery store
*No Annual Fee/No Foreign Transaction Fee - For New Accounts: Variable Purchase APRs are 24.74% or 28.74% for the Verizon Visa Credit Card or 21.74%, 24.74% or 28.74% for the Verizon Visa Signature Credit Card. APRs are accurate as of 10/1/22 and will vary with the market based on Prime Rate (as defined in your credit card agreement). Minimum Interest Charge is $2.
Click here for additional details on the Verizon Visa® Card.
