Verizon Visa® Card Review

When it comes to credit card rewards programs, loyalty has its benefits. We've seen that, in particular, with cards connected to specific airlines, hotel chains and some major retailers.

Looking to encourage brand loyalty among its customer base (something of a rarity in the hyper-competitive world of cellular communication), Verizon Wireless launched the CardName. The card is loaded with financial benefits, including a highly competitive rewards program, but only for Verizon Wireless customers.

HOW DOES THE CardName WORK?

For each dollar you spend using your CardName, you accumulate rewards in the form of "Verizon Dollars." You earn 4% on grocery store and gas purchases, 3% on dining purchases, including takeout and delivery, 2% on Verizon-related purchases and 1% on all other purchases. There is no limit on the Verizon Dollars you can earn and there is no expiration date on your Verizon Dollars.

Given the recent surge in grocery and gas prices, 4% can add up in a hurry. For example, let's say you spend $600 a month on groceries and another $250 a month on gas. By using your Verizon Visa card for your purchases, you'd earn $34 in Verizon Dollars on those alone. Add in another $250 on dining and $300 in other purchases and your total would be $44.50 in Verizon Dollars in just one month. It won't take long to accumulate enough Verizon Dollars to pay for a new piece of Verizon tech.

In terms of redeeming your Verizon Dollars, the CardName rewards program has evolved since the card was originally introduced. At first, Verizon Dollars could only be redeemed for Verizon-related products and expenditures. This includes your monthly Verizon Wireless bill and purchases at Verizon stores.

But now, you can also use your Verizon Dollars on travel and on gift cards from a selection of various major brands. The program still does not offer a cash redemption offer but the new choices are a major step forward.

FEATURED CARD

 

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• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.
• $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
• Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
• Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
• 1:1 point transfer to leading airline and hotel loyalty programs
• Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
• Member FDIC

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Credit Needed:

Excellent

WHO IS ELIGIBLE TO APPLY FOR THE CardName?

Qualification for the CardName is simple and exclusive. You must be a Verizon Wireless account owner or manager, either new or existing, with 12 lines or less (depending on plan). At least "good" credit is also required for application.

WHAT ARE THE BENEFITS OF THE CardName?

In addition to the Verizon Dollars rewards program, there are other significant financial benefits that come with the CardName. The card has a $0 annual fee*, always an excellent place to start. You can also get a $100 statement credit applied to your credit card bill when you make your first purchase using the card within the first 90 days.

You can also use your Verizon Visa® to take advantage of an exclusive Verizon Wireless promotion. If you use your card to sign up for Verizon Wireless "auto pay" you can receive a discount of $10 a month per eligible account or line. Again, $10 per month per line (up to 12 eligible lines, depending on plan) can add up to quite a savings annually.

If you are planning to travel outside the country, the CardName offers a couple of nice perks. First, there are no foreign transaction fees*. Plus, you receive two free TravelPass days per year. TravelPass is a Verizon program that allows you to use your Verizon talk, text and data in foreign countries for a flat daily fee. That fee is $5 a day for Mexico and Canada and $10 a day for 185 other countries covered by the plan.

WHAT ARE THE POTENTIAL DOWNSIDES OF THE CardName?

The CardName offers no special introductory interest rate on either balance transfers or purchases.

Verizon Visa® is not the card you'd be looking to use on major purchases that you're looking to finance over time. The APR for the card runs between RegAPR) depending on credit worthiness. Those consumers with "very good" or "excellent" credit can likely qualify for cards that offer better rates.

HOW DOES THE CardName COMPARE TO OTHER CARDS?

While the CardName offers an attractive rewards program and has recently expanded its redemption offerings, it's important to remember that its not your typical credit card. It's designed exclusively for Verizon Wireless customers. The "Verizon Dollars" program, its sign-up bonus and additional perks are all geared toward loyal customers who intend to stay with Verizon Wireless for the long term.

CardName vs. CardName

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CardName is another card that offers a substantial rewards program on everyday purchases. Like the Verizon Visa®, you accumulate rewards "dollars." Blue Cash Preferred® offers the opportunity to redeem those dollars for statement credits, gift cards or merchandise. American Express is a CardRatings advertiser.

Cardholders can earn a whopping 6% cash back at U.S. supermarkets (up to $6,000 spent per year, then 1%) and select U.S. streaming services. You can also earn 3% at U.S. gas stations (slightly below Verizon's 4%) and on transit expenses (subway, ride sharing, cabs, etc.), and 1% on all other eligible purchases.

As a welcome bonus, new Blue Cash Preferred® cardholders can earn a $250 statement credit once spending at least $3,000 within the first six months of opening an account. In addition, Blue Cash Preferred® has an introductory APR of 0% for 12 months on new purchases and balance transfers (then RegAPR).

The Blue Cash Preferred® Card has a AnnualFees

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There are certain similarities between the Verizon Visa® and CardName. Both feature a $0 annual fee and both require a good to excellent credit score. Both have rewards programs that favor brand loyalty.

The similarities largely end there.

Chase Freedom Unlimited® offers an introductory APR of 0% for 15 months on all new purchases. After that, the rate changes to RegAPR, depending on credit worthiness.

The rewards program could not be more different. While the Verizon Visa® Card's "Verizon Dollars" program is cut and dry, Chase Freedom Unlimited® has a program that, while lucrative, is challenging to understand and remember. As a result, it might be hard to take full advantage of.

With Chase Freedom Unlimited, you can earn an eye-popping 6.5% cash back on travel purchased through Chase Travel℠. You'll enjoy 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on Chase travel; 3% cash back on drugstore purchases and dining; and unlimited 1.5% cash back on all other purchases.

Cash back earned can be redeemed in the form of a statement credit or can be direct deposited into your checking or savings account.

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If you evaluate credit cards based on how you can make the most of one's benefits, the Verizon Visa® and the CardName are a study in contrasts. Each card has unique strengths. Verizon Visa® offers straightforward, simple benefits, while the Citi Premier® Card has offerings that are a bit more complex. Citi is a CardRatings advertiser.

Both cards require a good to excellent credit score for approval. Neither offers an introductory rate for new purchases or balance transfers. Citi Premier® has a slightly more attractive APR (RegAPR) but it also carries a AnnualFees annual fee right out of the gate, which Verizon cardholders are not burdened with.

The "Verizon Dollars" rewards program has been detailed above. It's basic, with no bells and whistles. Citi Premier® offers rewards using its "ThankYou® Points" program. You earn three ThankYou® points for each dollar spent at restaurants, grocery stores, gas stations, hotels and on air travel. You earn one point for each dollar spent on all other purchases. By way of a welcome bonus, new cardholders can earn 60,000 bonus points when you spend at least $4,000 in the first three months after your card is issued. Plus, for a limited time, earn 10 points per $1 on hotels, car rentals and attractions (excluding air travel) booked via the Citi Travel℠ portal through June 30, 2024.

With the Citi Premier® rewards program, a point is worth a one cent. So, your 60,000 bonus points would be worth, for instance, $600 in gift cards or travel rewards when redeemed through thankyou.com.

With the rewards programs for both Citi Premier® and Verizon Visa®, there is no limit on the rewards you can earn and they don't expire.

IS THE CardName WORTH IT?

When evaluating if the CardName is worth adding to your wallet, there are two key facts to take into consideration. The first is that it has no annual fee. This is huge, as you don't have to worry about using the card enough to cover your up-front cost.

The second thing you need to consider is whether or not you plan to be a Verizon Wireless customer for the long term. If you are, this is a nifty card to add. You can save significantly on your wireless bill and any accessories you may need. If not, there is really no point is getting the card. Once you cease being a Verizon Wireless customer, the card can no longer be used.

WHAT VERIZON SAYS ABOUT THIS CARD

See Rates and Fees for the CardName