On a similar note...
On a similar note...
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
Introduced in June 2020, the Verizon Visa Card pays surprisingly high rewards in common spending categories, especially for a card with no annual fee. They include 4% back on groceries and gas, 3% back at restaurants and 2% on Verizon purchases.
The generous rates on everyday spending mean your rewards can add up fast. (Use our calculator below to see for yourself.) Those rewards, however, are redeemable only with Verizon. That might be a buzz kill for someone who prefers maximum flexibility with their credit card rewards. But for a Verizon wireless customer just looking to slash the effective cost of their monthly service or sock away money for their next phone, the Verizon Visa Card is an excellent option.
The Verizon Visa Card is available only to Verizon wireless customers. If you're one of those — or you're thinking about it — here are five things to know about this card.
1. The rewards are in 'Verizon Dollars'
Purchases with the Verizon Visa Card earn rewards called "Verizon Dollars," which you can spend only with Verizon. Each Verizon Dollar is worth $1 when applied toward a new phone or accessories, or to pay your monthly bill for Verizon cell phone service or Fios internet.
But there's also a key difference from typical store cards. If you have $50 in rewards piled up on a store card, you have to make another purchase at the store to redeem them. If you don't need or want anything from that particular store right now, then your rewards don't do you any good. If you have the Verizon Visa Card, however, you're paying for Verizon wireless service every single month, so you always have an opportunity to redeem your rewards.
If it helps, consider that every dollar saved on your phone bill is a dollar you have available for something else. So it's kind of an indirect cash-back card.
2. The reward rates are competitive
If the Verizon Visa Card was a regular cash-back card — giving you dollar dollars instead of Verizon Dollars — it'd be one of the best options on the market because the return on everyday spending is excellent. You get:
4% back on grocery store purchases.
4% back on gas.
3% back on dining purchases, including takeout.
2% back on Verizon purchases.
1% back on all other purchases.
There's no limit to the rewards you can earn, and rewards don't expire. As long as you remain a Verizon customer and you earn or redeem Verizon Dollars at least once every 24 months, you can hold onto them as long as you want — to save up for a new phone, for example.
If you were to put all your purchases on the card and then apply your rewards toward your Verizon payment, you could take a decent chunk out of your monthly cell phone bill. Say your household spends $300 a month on groceries, $50 on gas, $100 at restaurants and $300 on other expenses that could go on a credit card, and you also use the card to pay your $110 Verizon bill. Every month, you'd earn $22.20 worth of Verizon Dollars, enough to shave more than 20% off your phone bill.
See how you'd do with your own spending:
3. There are a couple of modest incentives
As of July 2020, this card was also offering:
A small monthly bonus for new cardholders. Use it to pay your Verizon bill every month, and you'll earn up to $100 in credit over the first 24 months ($4.17 per month).
Two free TravelPass days per calendar year. TravelPass lets you use your phone outside the U.S. It usually costs $5 a day in Canada and Mexico and $10 a day elsewhere.
Speaking of being outside the U.S., the Verizon Visa Card also charges no foreign transaction fees.
4. It qualifies for Verizon's autopay discount
Verizon customers can get a discount of up to $10 a month per account or per line (depending on their plan) if they sign up for autopay and paperless billing. Ordinarily that discount is available only for those who pay their bill from a bank account or with a debit card. Credit card payments aren't usually eligible. But if you autopay with the Verizon Visa Card, you can get the discount.
You can't get the card unless you're a Verizon wireless customer with at least one active line on your account (but no more than 10). To even apply, you have to sign in to your account online. When you're approved, the card is automatically added to your account as a payment option. That makes setting up autopay with the card easy.
5. It's metal, and it's heavy
As good as it might be for a Verizon customer looking to trim down their phone bill, the Verizon Visa Card isn't a premium credit card. But it certainly dresses up like one. It comes to your home in a package worthy of a YouTube unboxing video: First, there's a sealed box. Inside that is a stiff cardboard sleeve embossed with the Verizon logo. Inside that is a black envelope. Inside that is your card.
The card itself has a sleek, minimalist look. It's black, it's metal, and it's a weighty little guy — 17 grams, almost as heavy as The Platinum Card® from American Express, widely considered the heavyweight champion among cards in general use. By contrast, the metal Chase Sapphire Preferred® Card weighs in at a mere 12 grams, and a typical plastic credit card is around 5 measly grams.