While I usually write about travel rewards credit cards, Verizon and Synchrony Bank recently launched a potentially lucrative credit card. While it’s most definitely niche, it’s worth being aware of, for those who are Verizon customers.
Details of the Verizon Visa® Credit Card
The Verizon Visa® Card is exclusively for Verizon Wireless customers, and it offers rewards that can be used towards Verizon purchases. For some this card will be worth spending money on, while for others the perks alone will more than justify it.
Let’s cover some of the highlights of the card:
No annual fee & no foreign transaction fees
First of all, the Verizon Visa Card has no annual fee and no foreign transaction fees. It’s always useful to have a no annual fee card that also has no foreign transaction fees, since that can otherwise be tough to come by. You do have to be a Verizon customer to be eligible for the card, though.
Earn 1-4% back in Verizon Dollars
The Verizon Visa Card offers Verizon Dollars as its rewards, as follows:
- Earn 4% back on gas and grocery store purchases
- Earn 3% back on dining purchases, including takeout
- Earn 2% back on Verizon purchases
- Earn 1% back on all other eligible purchases
Verizon Dollars can be redeemed towards all kinds of purchases with Verizon, ranging from your Verizon Wireless bill, to a new phone, tablet, or headphones. There’s no limit on how many rewards you can earn, and they don’t expire.
Sign-up bonus: $100 Verizon Dollars
The Verizon Visa Card offers several ways to save on the cost of your Verizon Wireless bill, and one of those ways is the sign-up bonus. Don’t get too excited about this (after all, this is a no annual fee card), but it’s something.
The Verizon Visa Card is offering a new member bonus of up to $100, though that’s not as straightforward as it may sound:
- You’ll receive this over the course of 24 months, as you’ll get a $4.17 credit applied to your monthly bill
- This only applies if you pay your bill with the Verizon Visa Card
Fortunately there’s another incentive to put your monthly bill on this card, so it goes beyond this.
$10 monthly credit for paying your Verizon Wireless bill
For first time enrollees in Verizon’s Auto Pay and paper free billing, you can receive up to $10 per month off each eligible account or line, up to 10 lines max. This offer is for first time enrollees who pay their bill with the Verizon Visa Card.
Two free TravelPass days annually
For having the Verizon Visa Card you can receive two free TravelPass days per calendar year, which is a $20 value. This is Verizon’s offering for talking, texting, and using data in more than 185 countries for a low daily rate.
If you’re a Verizon customer and travel internationally with any frequency, this is a fantastic value.
Visa Signature Card benefits
The Verizon Credit Card is a Visa Signature Card, meaning it offers the typical Visa Signature perks. Among other things, this includes:
- Access to the Visa Signature Luxury Hotel Collection, offering extra perks at 900+ hotels
- Special rental car privileges, including with Silvercar
- Assistance with travel planning, dining reservations, and more, with the concierge service
- Extended warranty protection, roadside dispatch, and more
My take on the Verizon Visa Card
The Verizon Visa Card is definitely niche, in the sense that it’s only for Verizon customers, and you’re rewarded in Verizon Dollars. That being said, for Verizon customers this card seems like it could absolutely be worth it:
- Since the card has no annual fee, you can come out ahead just by having the card, thanks to the TravelPass credits, and the rewards for paying your Verizon Wireless bill
- The rewards structure is extremely competitive for a no annual fee card with no foreign transaction fees, as you’re earning 4% back on gas and grocery store purchases, and 3% back on dining
- Yes, on the surface Verizon Dollars aren’t as valuable as cash back, but if you’re a Verizon customer then you should almost view it as being good as face value; cell phone bills aren’t cheap, and neither are new phones or tablets, which people spend a lot of money on
So no, this card isn’t as well rounded as some of the other best cards out there. I absolutely wouldn’t put my everyday spending on this card with a 1% return. However, for specific categories and reasons, this card serves a purpose.
The best alternative to the Verizon Visa Card
If you’re looking for a straightforward no annual fee cash back rewards card, it’s hard to go wrong with the Citi® Double Cash Card (review). The card offers 1% cash back when you make a purchase, and 1% cash back when you pay for that purchase. Best of all, you can even convert these rewards into ThankYou points at the rate of one cent per point.
So while the card has foreign transaction fees and doesn’t have the same bonus categories, it does have an excellent return on everyday spending, which is better than what’s offered on the Verizon Visa Card. Personally I wouldn’t be using the Verizon Visa Card for my everyday purchases, but rather for specific categories, and the credits that it offers.
The Verizon Visa Card was launched in 2020, and can make a lot of sense for Verizon Wireless customers. The card has no annual fee, no foreign transaction fees, offers up to 4% back in the form of Verizon Dollars, and offers credits towards your bill and even towards TravelPass.
To readers who are Verizon customers, what do you make of the Verizon Visa Card? Have you applied yet?