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What if you wanted a rewards credit card with a $0 annual fee, extensive bonus categories with unlimited earning potential, and a discount on your phone bill all at once? If it sounds like a long shot, it’s not.
The Verizon Visa® Card is a rewards credit card offered by Verizon through Synchrony Bank; it is available exclusively for Verizon customers.
If you have a Verizon phone plan, or you are planning to enroll in a longer-term relationship with the phone carrier, this card may help you lower your monthly phone bill and earn some serious rewards.
Let’s dive in and see what the Verizon Visa® credit card has to offer and if it may be a good fit for your wallet.
As with most branded credit cards, there are some stellar benefits for brand loyalists, but often at the cost of flexible redemption.
The Verizon Visa® card is a prime example since it offers excellent rewards within the Verizon ecosystem, but it is not easy to redeem points for anything else.
The Verizon Visa® credit card is a rewards credit card offered by the cellular service provider, Verizon, and issued by Synchrony Bank.
Verizon decided to enter the $0 annual fee rewards credit card market to incentivize its customers with discounts on their monthly phone bills.
Verizon only allows current customers to apply for the card, so if you want the Verizon Visa® credit card, you need to have an active account with at least one line with Verizon.
Customers approved for the Verizon Visa® credit card can immediately begin earning rewards once the card is activated. Apart from your credit score, you need to have an active Verizon Account to qualify for this credit card.
The Verizon Visa® credit card offers a competitive earning rate on some of the most popular spending categories. All the rewards are generated as Verizon dollars.
Cardholders earn 4% cash back at gas stations and grocery stores, 3% back at restaurants, 2% back on Verizon spending, and 1% on all other purchases.
It is important to note that you have to spend the money directly at Verizon and not at an affiliate to earn the rewards.
While rewards are only valid at Verizon, various redemption methods are available depending on how you want to spend them.
You can go to a Verizon store, pay your phone bill, purchase a new device, pay a balance, or purchase an accessory.
If you prefer shopping online, you can still pay your phone bill, outstanding balance or complete the buyout of a device payment agreement.
Depending on how you redeem your rewards, Verizon offers a large number of redemption opportunities.
The Verizon Visa® credit card offers a host of benefits on top of the rewards earning structure. Here are a few of our favorite.
Cardholders have access to exclusive Verizon discounts, including an auto-pay discount of up to $10 per month for select plans, along with a $100 credit applied to your Verizon Wireless bill that is spread over the first 24 billing cycles when you use your Verizon Visa® Credit Card.
Cardholders with the Visa signature model have access to discounts on qualifying Silver Car rentals.
If you travel a lot, this benefit can save a lot of money on rentals while simultaneously saving money on your phone bill.
Visa signature cards carry their own benefits on top of what Verizon offers. For example, cardholders with the Visa signature model of this card can access travel and emergency assistance services.
While you will have to pay for these additional services, you have access to a benefits administrator who will be able to connect you with local emergency and assistance resources if you need them.
Another benefit of Visa Signature Cards is the Visa Luxury Hotel Collection. Cardholders will receive discounted perks and benefits such as complimentary breakfast and even dining credits if they book a stay with The Verizon Visa® credit card.
The Verizon Visa® credit card is only open to applicants who currently have an active Verizon account.
Since the rewards can only be redeemed at Verizon, you need a Verizon account with at least one active phone line to apply.
Since the Verizon Visa® card is such a niche rewards credit card, it’s important to see how it compares to more general rewards cards in its market segment:
The Chase Freedom Flex℠ is a cash back credit card that offers 5% back on rotating bonus categories and travel booked through Chase, 3% back on dining at restaurants, 3% back on drug store purchases, and 1% back on everything else.
The Chase Freedom Flex℠ has a $0 annual fee and a $200 cash back bonus after the first $500 spent on the card. This is an excellent card for consumers who want to maximize their earning potential and manage rotating categories.
The Verizon Visa® card is one of the only cards on the market that rewards cardholders with discounts on their phone bill.
To qualify for the Verizon Visa® Credit Card, you need to have an active Verizon account with at least one phone line.
Cardholders earn 4% back on gas and groceries, 3% back on dining, and 2% back on Verizon spending.
Since rewards can only be redeemed at Verizon, this card is best suited for consumers who want to save money on their monthly phone bills.
The Citi® Double Cash Cardis one of the most popular cash back credit cards on the market.
With a $0 annual fee, unlimited 2% cash back earning potential, and straightforward cash back redemption options, this card has a lot to offer.
Cardholders generate 1% cash back when they swipe the card, and they receive the other 1% when they pay their balance.
There are no bonus categories to manage, so purchases can generate 2% cash back if you pay the balance.
The Verizon Visa® Credit card is a rewards card offered by Verizon and Synchrony Bank that enables cardholders to earn unlimited rewards at Verizon in Verizon Dollars.
Cardholders earn 4% back on gas and groceries, 3% back on dining purchases, 2% back on Verizon purchases, and 1% back on everything else. Since there are no limits to how many rewards you can earn, this can be a great card to help lower your phone bill.
The Citi® Double Cash Card is an excellent cash back card because there are no bonus categories to manage and a $0 annual fee.
It is a perfect choice for consumers who want to be rewarded for their spending without managing rotating categories.
The Verizon Visa® card is an excellent choice for consumers who spend a lot at Verizon and want their rewards to help lower their phone bill.
The Blue Cash Preferred® Card from American Express is one of the best groceries and streaming rewards cards on the market.
It generates 6% cashback on groceries, 6% cash back on streaming, 3% back at gas stations, 3% on transit, and 1% on all other purchases.
The Blue Cash Preferred® Card charges a $95 annual fee, but it is waived for the first year. The Blue Cash Preferred® Card for American Express also offers a $300 cash back bonus after the first $3,000 spent on the card. This is an ideal credit card for consumers willing to pay an annual fee in return for a very generous rewards rate.
The Verizon Visa® credit card offers a $100 introductory credit spread over the first 24 billing statements, earns 4% on gas and groceries, 3% on dining, 2% on Verizon purchases, and 1% back on all other purchases.
The rewards on this card are offered as Verizon dollars which are only redeemable at Verizon. Consumers who have a long-term contract with Verizon or have a high phone bill can save a lot of money on their Verizon spending with this card. Other benefits include certain travel and rental car benefits.
Yes. To qualify for the Verizon Visa® credit card, applicants need to have an active Verizon account with at least one phone line.
Since all the rewards can only be redeemed through Verizon, this credit card is designed to lower your monthly phone bill and other associated services.
If you cancel your Verizon account, you will forfeit any rewards you earned while it was open. If you plan on closing your Verizon account or switching carriers, make sure you redeem all your Verizon dollars before closing the account.
You will still be able to use the credit card because it is issued by synchrony and not Verizon. However, you will not be able to earn any rewards.
The Verizon Visa® card does not have an annual fee. If your account is approved, you will be able to earn all the rewards without paying a yearly fee.
If you are trying to save money on your phone bill, cut down on payments for a new phone, and you are okay only redeeming your rewards through Verizon, then the Verizon Visa® credit card is worth it.
There are no other credit cards on the market designed to help consumers save money on their phone bills.
However, if you want more flexible rewards redemption options, there are better cards out there since Verizon rewards cannot be transferred to any other system.
The Verizon Visa® credit card is fantastic if you spend a lot with Verizon or have an extended contract for their phone service because you can save a lot of money with the Verizon dollar rewards program.
This card favors families who have multiple active phone lines, cable television, and high-speed internet.
However, if your phone bill is manageable and you want to earn flexible rewards, it may be better to go with a cash back or rewards credit card that enables you to have more control with your points and cash back.