Verizon Wireless Customers May Want to Consider the New Verizon Visa Credit Card

Verizon is introducing its new rewards credit card, the Verizon Visa Card.

This is most definitely a niche credit card, but one that may provide value to select Verizon customers.

Let’s take a look.

Verizon Visa Card

First, the Verizon Visa Card is only available to Verizon Wireless customers.

Which is fine, considering the rewards earned come in the form of Verizon Dollars which can only be used to pay off/toward your wireless bill, subscriptions billed by Verizon, or to purchase products and devices directly from Verizon via its store.

And, if you happen to subscribe to Verizon Fios in addition to being a Verizon Wireless customer, the earned Verizon Dollars can be used to pay toward the Fios bill, too.

So, how do you earn the Verizon Dollars?

Well, obviously, by using the Verizon Visa Card for purchases. But it’s the card’s bonus earnings structure that makes it somewhat appealing.

Below are the card’s bonus categories and earning power.

• Grocery stores and gas purchases – 4%
• Dining purchases (including takeout) – 3%
• Verizon purchases (includes Fios) – 2%
• All other purchases – 1%

Let’s run some quick numbers to see how using the Verizon Visa Card as your every day credit card would equate to real-world dollars.

To make the calculations easy, one Verizon Dollar equals $1.

The monthly budget numbers below are estimates for example purposes only.

Grocery and gas purchases $700 x 4% = $28

Dining $250 x 3% = $7.50

Verizon bill $150 x 2% = $3

All other purchases $400 x 1% = $4

If you were to use the Verizon Visa Card for your every day purchases – in this example – you’d earn $42.50 in Verizon Dollars each month.

And that $42.50 per month could be put toward your Verizon Wireless bill, Fios bill, or to purchases a device or accessory in the Verizon Store.

Of course, you don’t have to spend your Verizon Dollars each month, they can be saved and used any time you want.

You will, however, lose earned Verizon Dollars if you move your service from Verizon Wireless without “cashing out” your Verizon Dollars balance.

To answer the question some may want to ask: No, you will not be able to transfer Verizon Dollars to other Verizon customers.

The Verizon Visa Card does not have an annual fee.

And it does not have foreign transaction fees should you want to use the card while traveling abroad.

As with pretty much any other credit card, the Verizon Visa can be used with digital wallet systems such as Apple Pay, Samsung Pay and Google Pay.

Added Benefit for New Unlimited Auto Pay Customers

If you’re an Unlimited customer who has not enabled Auto Pay on your account, you’ll be able to save $10 per month when paying your bill with the Verizon Visa Card on Auto Pay. This deal is only for customers who have not set up Auto Pay on their Unlimited accounts, though.

General Bill Pay Benefit

New cardholders can get up to $100 in wireless bill credits over 24 consecutive months when they use their new Verizon Visa Card to pay their monthly Verizon bill.

Potential Sign-Up Bonus

Those of us who utilize credit cards to our financial benefit typically look for sign-up bonuses to sweeten the deal.

The Verizon Visa Card does have a sign-up bonus, but it’s pretty restrictive.

The card officially launches June 26, 2020, with applications allowed via the My Verizon app, online, in-store and by phone with Verizon customer service.

However, Verizon is offering a “be the first” bonus to qualifying customers who apply early. Applicants who sign-up via a Verizon provided link (you can sign-up to be on the list to get the link below) and are approved before June 25, 2020 at 9:00 p.m. ET will be eligible for up to $1,000 free Verizon Dollars. $1,000,000 Verizon Dollars will be divided equally between all Approved Participants.

Verizon Dollars will be awarded within 2-3 billing cycles to each eligible account owner’s or manager’s My Verizon account.

You can use the link below to get yourself on the list to, potentially, be one of the early applicants eligible for the sign-up bonus.

Verizon Visa Card Early Application List

$1,000 Verizon Dollars – or so – to put toward future bills, or purchases, is a pretty nice deal.

If, however, there are a large number of early applicants, the sign-up bonus may be significantly less, and may not be that worthwhile.

For those in the credit card hobby, the Verizon Visa Card is issued by Synchrony Bank.

Wrap Up

Considering this new Verizon Visa Card only earns Verizon Dollars, its value may be limited.

However, its bonus categories and earning amounts are enticing for those who’d want to use it simply to offset their monthly Verizon Wireless or Fios costs – effectively putting that cash right back into your pocket.

And if you can be one of the first approved applicants, the bonus Verizon Dollars could go a long way to paying monthly bills and/or purchasing Verizon devices or accessories.

So, you need to weigh all the factors to see if this new Verizon Visa Card is right for you.

And, of course, if you don’t plan on paying your bill off in full every month, the earnings the card provides don’t matter. Skip the application and focus on paying down debt owed.

What do you think? Is the Verizon Visa Card enticing to you?