Verizon Visa Card review

Verizon Visa Card review

Published: September 15, 2020
Published: September 15, 2020
Ratings Policy
Rewards Rating:
3.1 rating
3.1 rating
3.1 / 5
Rewards Value3.5
Annual Percentage Rate2.6
Rewards Flexibility2.9
Features2.0
Issuer Customer Experience2.3

In a Nutshell:

The Verizon Visa Card offers Verizon customers impressive rewards value and service discounts – but it’s only worth applying if you plan to stick with the carrier for the long haul.

Rewards Rate

  • 4% back in Verizon Dollars on grocery store and gas purchases
  • 3% back on dining purchases
  • 2% back on Verizon purchases
  • 1% back on all other purchases
Excellent

Sign-up Bonus
$100 credit applied toward your Verizon Wireless or Verizon Fios bill when you use the card to pay your bill for the first 24 consecutive months of card ownership (applied as a $4.17 credit per month for 24 months)

Fair

Annual Fee
$0

Excellent

Average Yearly Rewards Value ($1,325 monthly spend)
$426

Very Good

APR
18.74%-25.74% (variable)

Fair

Pros

  • Terrific rewards rate on everyday purchases
  • Valuable monthly Verizon bill discounts when you use the card to pay your bill and opt in to Auto Pay
  • Can apply rewards toward devices and monthly bill
  • Includes two free TravelPass days
  • Card available instantly upon approval for Verizon purchases
  • Rewards never expire
  • No rewards limits

Cons

  • Can only redeem rewards for Verizon purchases
  • No special financing or 0% intro APR offers
  • New cardholder bonus is stretched across 24 months
  • $10 monthly Verizon bill discount not available to customers already enrolled in Auto Pay
  • Limited cardholder perks
Average

Synchrony Bank Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 800 (60% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 3.8/5
  • Apple Store mobile app rating: 4.3/5
Average

Other Notable Features: No foreign transaction fee, card available to use for Verizon purchases instantly upon approval, two free TravelPass days, $10 off per month on your Verizon service bill by enrolling in Auto Pay; travel and emergency assistance services, rental car collision insurance, rental and chauffeured car discounts and concierge services for Visa Signature cardholders

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Whether you’re looking to save on a new device or reel in your monthly Verizon service charges, the Verizon Visa Card is worth a look, thanks to its $0 annual fee, impressive everyday rewards value and ongoing discounts for Verizon customers.

But since you can only redeem your rewards toward purchases with Verizon, the card won’t offer much value if you don’t plan to stay with the carrier long term.

See related: Best credit cards for paying your cell phone bill

Impressive everyday rewards rate

Unlike many co-branded retail rewards cards, the Verizon Visa Card offers a solid rewards rate in a number of everyday spending categories – not just on purchases with the retailer. You’ll earn 4% back on grocery store and gas purchases, 3% back on dining purchases, 2% back on purchases with Verizon (including device purchases and monthly bills) and 1% back on all other purchases.

According to data from the Bureau of Labor Statistics, purchases like dining, groceries and gas make up a big chunk of most consumers’ budgets. This helps give the Verizon Visa a terrific average rewards rate of 2.47% back by our estimations, which is higher than the rate offered by some of the best cash back cards on the market. Based on this rate and a spend of $15,900 a year, we estimate that the average cardholder stands to earn just over $390 worth of Verizon Dollars each year via card spend.

Limited redemption options

Though the Verizon Visa carries an impressive ongoing rewards rate in an array of practical spending categories, the card’s inflexible redemption scheme will limit its appeal.

Unlike general cash back and rewards credit cards – which give you the option of redeeming rewards as cash, statement credits, gift cards and more – the Verizon Visa’s rewards can only be used for purchases with Verizon. You can apply your Verizon Dollars toward the cost of a new phone or other device or accessory sold by Verizon, or use them to lower the cost of your monthly Verizon Wireless or Verizon Fios bill.

That said, rewards redemption is less restrictive with the Verizon Visa than with many other retail rewards cards: There’s no limit to how many Verizon Dollars you can earn, and your rewards never expire.

Additionally, having the option to apply rewards toward the cost of a monthly bill should appeal to savings-minded cardholders. Instead of being forced to use your rewards at checkout when you buy new products – as is often the case with department and other store credit cards – the Verizon Visa lets you redeem rewards to cover a recurring expense.

Get up to $10 per month off your Verizon bill

In addition to its ongoing rewards on Verizon purchases, the Verizon Visa offers current customers exclusive monthly savings on Verizon service. If you use the card to enroll in Verizon’s Auto Pay program, you’ll get $10 per month off each eligible account or line, up to a maximum of 10 lines.

While any Verizon customer on an eligible plan can get a $5 or $10 per month discount by signing up for Auto Pay and paper-free billing with a bank account or debit card, the Verizon Visa is the only credit card eligible for the promotion.

It may not sound like much, but $10 off per month on up to 10 lines can add up to a significant annual savings. This discount is only available to first-time enrollees, though. If you’re already enrolled or have previously enrolled in Auto Pay, you’re out of luck.

$100 credit toward your Verizon wireless bill

On top of the $10 per month discount you can earn by enrolling in Auto Pay with the Verizon Visa, you can also earn a credit of up to $100 applied to your Verizon wireless bill over your first 24 months of card ownership.

To earn this new cardholder bonus, you must pay your Verizon Wireless or Verizon Fios bill with your Verizon Visa (or with Verizon Dollars) for your first 24 consecutive months of card ownership. The $100 bonus is applied as a $4.17 credit each month over this period. Unlike the Auto Pay discount, this bonus counts toward a single Verizon bill, not each line.

When you combine this bonus with the Auto Pay promotion, you can bump your annual savings to at least $170 per year for the first two years. That’s not even considering how much you could save via rewards on everyday spending.

Since the Verizon Visa stretches this credit across 24 months, you’ll need to stick with the carrier for at least the near future and be diligent about paying on time, lest you forfeit the bonus.

Not designed for financing purchases

The Verizon Visa is not the best choice if you need to carry a balance long term, as the card comes with a variable APR between 18.74% and 25.74%. The low end is higher than the average credit card APR and the high end is high even compared to the average APR on a credit card designed for bad credit.

Additionally, the card lacks an introductory APR on balance transfers or purchases. If you’d planned to use the Verizon Visa to finance a large purchase like a new device, you may be better off signing up for financing through Verizon or applying for a dedicated 0% APR credit card.

Card available instantly for Verizon purchases

Once you’re approved for the Verizon Visa, you can use the card instantly for Verizon purchases. Though it’s not a true instant use credit card (you’ll have to wait for the physical card to arrive to use the Verizon Visa for purchases outside of Verizon), this is a nice perk, especially if you have a wireless bill due soon or are eager to purchase a new device.

Additionally, your new card is automatically added to your Verizon wireless account as your preferred method of payment for future Verizon purchases, so you won’t have to worry about missing out on rewards because you selected the wrong card at checkout.

Thin on cardholder perks

Many rewards credit cards come with additional travel or consumer protection benefits, including travel insurance, price protection or extended warranty coverage. But the Verizon Visa is noticeably thin on cardholder perks.

The card’s most unique benefit is the two free TravelPass days it includes, an up to $20 value. TravelPass lets you use your talk, text and data plans in 185 countries without paying international fees (typically $5-$10 per day, depending on the country). If you have multiple lines on your account, you can choose which line gets the TravelPass perk.

If you’re approved for the Visa Signature version of the card, you’ll enjoy additional benefits, including travel and emergency assistance services, rental and chauffeured car discounts, concierge services and more.

How does the Verizon Visa Card compare to other rewards cards?

The Verizon Visa offers a solid rewards rate on everyday purchases and could help you save up for a new device or lower your monthly wireless bill. However, it won’t have much long-term value should you decide to switch carriers down the road. A number of other rewards credit cards offer comparable rewards rates and more flexible rewards.

 

Citi Double Cash Card

Citi® Double Cash Card

Wells Fargo Propel American Express card

Wells Fargo Propel American Express® card*

Altitude Go Card

U.S. Bank Altitude Go Card

Rewards rate

  • Up to 2% cash back on all purchases (1% when you buy and 1% when you pay off those purchases)
Rewards rate

  • 3 points per dollar on dining, travel and transit, gas station purchases and select streaming services
  • 1 point per dollar on other purchases
Rewards rate

  • 4 points per dollar on dining
  • 2 points per dollar on grocery, gas and streaming service purchases
  • 1 point per dollar on all other purchases
Welcome bonus

None

Welcome bonus

20,000 points if you spend $1,000 in first 3 months

Welcome bonus

25,000 points if you spend $1,000 in first 90 days

Annual fee

$0

Annual fee

$0

Annual fee

$0

Other things to know

  • $25 minimum cash redemption
  • Awards expire if card is not used for more than 12 months
  • Cash back can be converted to Citi ThankYou points
Other things to know

  • Points don’t expire
  • Redeem for travel, gift cards, cash back, merchandise and more
  • No foreign transaction fees
Other things to know

  • Includes a $15 annual streaming credit when you use the card for streaming service purchases for 11 consecutive months
  • Comes with an intro APR on purchases and balance transfers
  • Card number available instantly upon approval
  • No foreign transaction fees

Citi Double Cash Card

One of the best flat-rate cash back cards on the market, the Citi Double Cash card earns up to 2% cash back on all purchases (1% when you buy and 1% when you pay off those purchases). The card also comes with a 0% introductory APR offer for 18 months on balance transfers (13.99%-23.99% variable thereafter), which could come in handy if you need to hit pause on interest charges and pay down debt.

Wells Fargo Propel American Express card

In addition to its solid rewards rate on dining, gas stations purchases, select streaming services and travel and transit, the Wells Fargo Propel American Express offers a 20,000-point bonus when you spend $1,000 in the first three months – one of the best welcome bonuses available among rewards cards with no annual fee. The card also comes with cell phone protection, offering up to $600 in coverage in the case of damage or theft when you pay your bill with your Propel card.

U.S. Bank Altitude Go Card

Like the Verizon Visa, the U.S. Bank Altitude Go Card offers outsized rewards on everyday spending at grocery stores, gas stations and restaurants. The card also comes with a 25,000-point bonus if you spend $1,000 in the first 90 days – worth $250 when redeemed for cash back or travel.  You can also take advantage of a 0% introductory APR on balance transfers and new purchases for 12 billing cycles (14.99%-23.99% variable APR after that). This should make it a much better fit than the Verizon Visa if you need to pay off debt on another card or want to finance a large purchase.

Why get the Verizon Visa Card?

  • You’re a current Verizon customer and plan to stay with the carrier for the foreseeable future.
  • You want to lower the cost of your monthly Verizon wireless bill.
  • You don’t mind applying all of your rewards toward purchases with Verizon.
  • You want a card that charges no annual fee or foreign transaction fee.

How to use the Verizon Visa Card

  • Use the card for all grocery, gas and dining purchases to maximize your rewards earnings.
  • Pay your Verizon bill with the card for 24 consecutive months to earn the full $100 bonus credit.
  • Opt in to Verizon Auto Pay with the Verizon Visa as your default payment method to get a $10 discount on your Verizon Wireless or Verizon Fios bill each month.
  • Use the two TravelPass days included to save on international talk, text and data fees when you travel abroad.

Is the Verizon Visa Card worth it?

The Verizon Visa punches above its weight. If you don’t mind using your rewards to cover purchases with Verizon, the card should offer great rewards value and respectable ongoing service discounts – especially if you frequently upgrade devices or if your Verizon bill eats up a big chunk of your monthly budget. But if you’re not sure whether you want to stick with Verizon, a general cash back credit card will likely be a better long-term bet.

See related: Synchrony Bank credit cards

* Information about the Wells Fargo Propel American Express card has been collected independently by CreditCards.com and has not been reviewed by the issuers. The Wells Fargo Propel American Express card is no longer available through CreditCards.com

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