Verizon Announces Verizon Visa Card for Wireless Customers

Ever since Apple announced that it would be launching a credit card of its own, there has been a slew of brands introducing their own credit, debit, and savings products — including some seemingly left-field choices. The latest in the line-up is the U.S. wireless company Verizon, who has just unveiled the upcoming Verizon Visa Card. Launching on June 26th, this new card will be accepted everywhere Visa is but will offer perks solely directed at Verizon wireless users.

In addition to offering 2% back on Verizon purchases, the Verizon Visa Card will also give customers 4% back on grocery and gas, 3% back on dining, and 1% back on everything else. However, instead of earning cash back, cardholders will accrue Verizon Dollars. These can then be redeemed to pay for Verizon service or used in-store toward the purchase of devices and accessories.

Interestingly, while Verizon previously offered AutoPay discounts to customers who paid via bank account or debit card, the Verizon Visa Card will be the first credit card eligible for this discount. As a result, cardholders who enroll in AutoPay can save up to $10 a month for each line of service on their account. Meanwhile the card will carry no annual fee and give new cardholders up to $100 in bill credit over the course of the first 24 months (amounting to a $4.17 credit per month).

Understandably, the Verizon Visa Card will only be available to current Verizon wireless customers. More specifically, applicants must be an Account Owner or an Account Manager with fewer than 10 phone lines. Additionally, Verizon prepaid wireless customers are also not eligible.

While Verizon’s move into the world of credit cards is intriguing, they’re actually not the first domestic wireless carrier to expand into financial services. For example, T-Mobile formally launched its T-Mobile Money account last year. The checking offering not only provides customers with free access to more than 55,000 ATMs but also allows them to earn up to 4% APY on their balances up to $3,000 (although they must deposit at least $200 a month to unlock this interest rate). Elsewhere, AT&T offers a co-branded card with Citi.

As for whether or not the Verizon Visa Card is a competitive option, the answer is somewhat complicated. On the one hand, the category multiplier offers are in line with or slightly better than other no annual fee cards. Additionally, the ability to use the credit card for AutoPay and the associated discount may be attractive to some customers along with the $100 in credits. Of course, for some, the Verizon Dollars payout method may be a dealbreaker. That said, as far as currencies go, Verizon Dollars do have a fairly practical purpose. Therefore, Verizon customers looking to earn a kickback on their bill and perhaps subsidize their next phone purchase with rewards might consider the Verizon Visa Card when it’s released on June 26th.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Top 10 Personal Finance Articles of the Month — June 2022 

It’s time again for one of my favorite features here on Dyer News: a look at the top 10 personal finance articles of the month. To start, we'll take another look at financial independence and freedom. Then, with the housing market going a bit crazy lately, we'll feature a pair of articles on home buying. Lastly, we'll cover tips for one-income households, finance after death, fighting inflation, and more. As...

Bilt Rewards Launches Travel Portal with Benefits for Cardholders

Last year, the startup Bilt made a splash when it announced a new service that would reward users for paying their rent. That premise was then expanded upon with the launch of the Bilt Mastercard, which is issued by Wells Fargo. Now, continuing to capitalize on both the hype of their product and the demand for travel, Bilt has debuted another new offering for customers. This week, Bilt Rewards announced...

Cash App Introduces Round-Up Investing Feature for Debit Card

Debit card customers looking to grow their investments gained a new, automated option today as Block Inc. (formerly Square Inc.) officially announced a new feature for its popular Cash App. Now, customers with the Cash App Cash Card can opt into Round Ups as a means of growing their investments. When this feature is toggled on, Cash App will round up debit card purchases to the nearest dollar and invest...