The new Verizon Visa credit card provides decent benefits and might be right for you, but if you’re eligible for better cards I wouldn’t bother with this one. Before we go over the Verizon credit card benefits, you should know that all cashback earned is accumulated in the form of “Verizon Dollars.” This Verizon currency can only be used against your Verizon/Fios bill and purchases at Verizon.
We’ll also go over how you can take advantage of the Verizon credit card and possibly better deals for phone and internet service.
What are Verizon Dollars?
The Verizon credit card will earn “Verizon Dollars” which can be used towards your monthly Verizon bills and purchases made at Verizon. If you no longer use Verizon as your phone or internet provider, you will be unable to use your Verizon Dollars
Verizon Visa Benefits:
- No annual fee
- No foreign exchange fees
- 2 Free TravelPass ($20 value?) https://www.verizon.com/support/travelpass-faqs/
- $100 credit applied to your bill over 24 months ($4.17/per month)
- $10 off each month for additional phone line (up to 10)
The Verizon visa credit card has pretty weak benefits. The sign up bonus itself is worth $4.17 per month and mentally locks you in to keeping your Verizon subscription for 24 months to get the full value.
Verizon Credit Card Cashback:
- 4% Gas/Groceries
- 3% Dining and takeout
- 2% on Verizon purchases
- 1% everything else.
Verizon’s credit card Launch Sign Up Bonus:
Verizon has 150 million customers in the United States! In addition to the $100 sign up bonus (over 24 months) they are also providing a $1,000,000 bonus for people who sign up between June 22 and June 25.
Of course, that sounds great. The truth is that the bonus is a split pot of UP TO $1,000 Verizon dollars per customer. Realistically, this is the launch bonus:
- 1,000 customers sign up = $1000 Verizon Dollars
- 10,000 customers sign up = $100 Verizon Dollars
- 100,000 customers sign up = $10 Verizon Dollars
- 1,000,000 customers sign up = $1 Verizon Dollars
- 10,000,000 customers sign up = $0.10 Verizon Dollars
Verizon Credit Card Requirements:
To apply for the Verizon credit card, you will need to be a Verizon customer. If you’re not a Verizon customer, you should look at all the available phone services and internet providers to see if you are getting the lowest price.
Verizon Credit Card Credit Score Requirements:
By looking at the other credit cards provided by Synchrony, they typically have credit cards that are available to people with a credit score of 620 or higher. The chances of getting approved for the Verizon credit card are very high since the bar is pretty low. I don’t think anyone approves people for credit cards with a score lower than 620.
If you have a low credit score, no worries you can work on that. There’s plenty of tips on this SlyCredit.
Who issues the Verizon Credit Card?
Synchony issues the Verizon credit card. Your chances of getting approved are very high since they partner with a lot of the main stream companies to issue credit cards. They offer low benefits because they aim for a wider audience.
Synchrony is also known for issuing credit cards for Banana Republic, TJ Maxx, Old Navy, PayPal, Sam’s Club, Lowes and more. They even issue an Amazon.com store card which I wasn’t aware of until researching them. The Amazon store card by synchrony provides less benefits than the Chase Amazon Prime credit card.
What credit score do I need to get approved for the Verizon Visa card?
By looking at Synchrony’s other credit cards and the average minimum credit score, you’ll need a credit score of 620 or higher to be approved.
This makes the Verizon Visa one of the best credit cards you can get while also having a lower bar for the credit score. That just means more people can get this card. Synchrony bank is known for having MANY different bank retailer cards.
Why should you get the Verizon Credit Card?
The Verizon credit card offers 4% back on groceries. That’s one of the highest-earning rates you can get on a credit card with no annual fee and a really low bar for approval. If you’re already a Verizon customer with no intention of changing to a competing service, then this card is not too bad.
The Verizon Visa is a great credit card for people just starting the credit game or people trying to build their credit score. Since the credit score needed to be approved is around 620, the Verizon card is open to a larger audience. If you plan on building up your credit score, you can start by getting credit cards with no annual fee and keeping them forever. I’ve had what people would “too many credit cards” and my credit score is over 800. You can start by reading these credit tips and credit mistakes.
Why you shouldn’t get the Verizon Credit Card?
The Verizon credit card only earns Verizon Dollars which can be used towards your bill. If you don’t have Verizon or if you cancel your Verizon service, the earned Verizon dollars are worthless. There are other credit cards with better cash back that are actually cash back. The 24-month sign up bonus is outrageously low at $4.17.
Run the numbers: How much are you paying in Verizon bills? Are there cheaper competitors with similar quality? Before switching to Verizon and getting the Verizon Visa credit card, you should look for the cheapest phone provider.
Personally, I use Google Fi and it costs $25/month for the line. I use it to keep my phone number active since I travel a lot and don’t necessarily need to pay the US data rates. With Google Fi, I can also make calls and answer texts from my computer which is super useful.
Another very affordable alternative is Mint Mobile. They have plans starting at $15/month but are really $25/month after the introduction period. Still a very affordable plan while still getting LTE data speed.
How to take advantage of the Verizon Visa credit card?
Since the Verizon credit card has 4% back on Groceries, you can always buy gift cards for other retailers at grocery stores. That means you’ll get 4% back at places like Amazon, Lowes, restaurants and travel.
Just remember that when you use a gift card to make a purchase, you lose all purchase protection and fraud liability. If someone steals the numbers on that gift card, the cash stored on the card is gone.
Bad News for Verizon
In recent new Soft Bank is cashing out 198 million shares of Verizon’s competitor, T-Mobile. That’s $21 billion leaving the phone service. This is just a prediction, but T-Mobile will need to have more competitive pricing and promotions to get more customers over to their service. Which means your Verizon plan will probably be overpriced by comparison.
Additionally, Elon musk has begun beta testing for Starlink Space Internet. It’s not internet for people in space, it’s a space satellite that provides internet to customers in rural areas and will be a low-cost competitor for Verizon Fios and other internet providers. Elon Musk is shattering the overpriced internet monopoly. His goal is to bring the internet to the world and at a significantly lower cost.
Get the Verizon Visa card if you are a Verizon customer. The Verizon credit card is one of the best credit cards you can get with a low credit score. You get 4% back on supermarket and at gas stations which is really good because they sell gift cards at both of those places. The gift cards are for many different type of retailers including Uber, Lowes, Southwest, Hotels, and many more. Essentially giving you 4% back on all types of purchases.