- The
Verizon Visa Card will be available to Verizon customers only on June 26, and it has no annual fee and no foreign transaction fees. - The card earns 4% back on grocery store and gas purchases, 3% back on dining, 2% back on Verizon purchases, and 1% back on everything else.
- If you enroll for automatic payments with the card, you can get up to $10 off your monthly bill per eligible phone line.
- Cardholders can use their rewards to purchase Verizon products, or to offset their monthly bill, so some may prefer a cash-back card that isn't tied to a specific retailer.
- See Business Insider's list of the best cash-back credit cards »
Verizon is following in the footsteps of brands like Apple and Walmart by releasing its own credit card.
The
While the card isn't open for applications just yet, you can sign up now to be one of the first to apply in a few days.
Verizon Visa card rewards
The Verizon Visa earns Verizon Dollars, which you can use to pay your monthly wireless bill or to purchase items from the Verizon store.
Here's how the card's earning breaks down:
- 4% back on grocery store and gas purchases
- 3% back on dining purchases, including takeout
- 2% back on Verizon purchases
- 1% back on everything else
So if you use the Verizon card at the grocery store, you'll earn 4 cents back on each dollar you spend. Each Verizon Dollar is worth $1 toward redemptions with Verizon.
Get up to $10 off your monthly bill when you enroll in autopay
If you use the Verizon Visa to pay your monthly wireless bill and you enroll for automatic payments and paperless billing, you'll get up to $10 off each eligible account or line per month (up to 10 lines).
New cardholder bonus
The Verizon Visa is offering new cardholders a sign-up bonus of sorts. If you use the Verizon Visa or Verizon Dollars to pay your wireless or Fios bill every month, you can get up to $100 in credit toward your bill over the first 24 months after you open your account.
That breaks down to just $4.17 per billing cycle, and you have to use your Verizon card or Verizon Dollars to pay your bill every month in order to get the full discount.
Note that if you have the
Is the Verizon Visa the right card for you?
If you're a Verizon customer and you'd welcome the opportunity to save on your monthly bill, this card is worth a look. Not only does it offer bonus rewards on popular spending categories like groceries and dining, but it also waives an annual fee and a foreign transaction fee.
This card obviously isn't a fit for those who have another mobile service provider, and it's also not the best choice for those who want to save money on a wider variety of expenses.
Since you can only redeem your rewards with Verizon, if you want to offset other types of purchases, you should look at other cash-back cards that aren't tied to a specific retailer. Some of our favorites include the
