If you’re a Verizon Wireless customer, you’ve probably received a message about the Verizon Visa credit card. With attractive earn rates and potential benefits, you might be wondering if it’s worth applying for. This Verizon Visa card review will help you decide.
Credit and Cents may earn a commission from affiliate partners (at no additional cost to you) on many offers and links. Click here to read our full advertiser disclosure.
This article was originally written in September 2020 and modified in August 2024.
Verizon Visa Card Review
This review compares the Verizon Visa Card to other no-annual-fee cashback cards based on key factors such as interest rates, earn rates, redemptions, and finally fees.
Who is eligible for the Verizon Visa credit card?
To qualify, you must be the account owner or manager of an active Verizon Wireless plan with 12 or fewer lines. Unfortunately, Verizon Fios-only customers and prepaid accounts are not eligible.
Issuer of the Verizon Visa Credit Card
Synchrony Bank issues the Verizon Visa card. They are known for approving customers with fair credit scores, but their cards typically have higher interest rates.
APR
– The APR ranges from 23.99% to 34.99% (variable) for the Signature version. There is also a Platinum version for those customers who may qualify for a smaller credit line (generally less than $5,000).
– The APR rates are higher than the industry average of around 21%.
Grade: C+
Fees
– No annual fee.
– No foreign transaction fees.
Grade: A
Bonus Offer
– New cardholders receive $150 in statement credits after making a purchase within 90 days of opening the card as a welcome bonus for a limited time
– This is below the average bonus offer of $200 for a no-annual-fee cashback card.
Grade: B
Earn Rates
– 4% Rewards: Groceries and gas (excellent for a no-annual-fee card).
– 3% Rewards: Dining, including takeout (quite good for this spend category).
– 2% Rewards: Verizon purchases.
– 1% Rewards: All other purchases.
Grade: A
Let’s take a look at how many Verizon Dollars can be earned using some average spend numbers. You can use the chart below to calculate your monthly spending:
Taking your cell phone plan expense into account – and depending on your monthly spending in the 1%-4% categories – you can calculate the potential savings with this credit card similar to the below chart.
| Category (Earn Rate) | Monthly Spend | Verizon Dollars Earned |
| Grocery (4%) | $500 | 20 |
| Gas (4%) | $180 | 7.2 |
| Dining (3%) | $350 | 10.5 |
| Verizon (2%) | $70 | 1.4 |
| All Other Spend (1%) | $500 | 5.0 |
| Total | $1,600 | 44.1 |
Burn/Redemption
– Earn Verizon Dollars, which can only be used for Verizon bills, new phones, or accessories.
– Verizon Dollars cannot be converted to cash or used for Verizon gift cards.
While the Verizon Visa card provides decent earn rates in everyday spend categories, what you actually earn are Verizon Dollars. The disappointing aspect of the Verizon Dollars is that they have no cash value, and cannot be redeemed for Verizon gift cards.
The Verizon Dollars can be applied towards your monthly (Verizon Wireless or Fios) bill or a new cell phone, phone accessories through Verizon Stores, online, or over the phone with a Verizon representative.
Grade: B-
Innovativeness
– Sharp black design with a red “V” symbol.
– Lack of additional features such as free shipping or cell phone protection.
Grade: C+
Other Considerations
– New enrollees to Verizon’s Auto Pay can get up to $10/mo off each eligible wireless phone line, up to 12 lines max (depending on the plan), and/or $10/mo off each eligible Fios service, up to $20/mo depending on the combination of services you select.
– Instant approval for qualified customers.
– Automatic addition of the card to your Verizon account for future payments.
– 2 free TravelPass days (a $20 value) per calendar year to help with roaming charges.
– Verizon Wireless customers get interest-free financing with 12 equal monthly payments on accessory purchases totalling $100 or more.
– No expiration on Verizon Dollars, but forfeiture rules apply.
Grade: B
Overall Assessment
The Verizon Visa card is useful for saving on your monthly Verizon Wireless bill. However, compared to other no-annual-fee cashback cards, its redemption options are limited, making it less appealing for those who desire the flexibility of redeeming points for cash, travel, or gift cards.
Final Grade: B
Rating Key:
A/A-: Industry Leading or Highly Recommend
B+: Recommend enthusiastically
B: Can be suitable to apply for some prospective customers
The Verizon Visa card requires good/excellent credit but for those with Fair or No credit, please click here for the no annual fee Upgrade Triple Cash credit card or the no annual fee Open Sky Secured Card.
Small Business Owners – Unlock Free Payments: Experience Melio Pay’s No-Fee ACH Transactions!
To get information on updated cash back offers, please subscribe to our free newsletter below.
Opinions, reviews, analyses & recommendations expressed in this article are the author’s alone and have not been endorsed or approved by any of the card issuers.
