Earlier this year, Verizon announced plans to offer its own credit card, joining the likes of Apple, Amazon, and PayPal with a company-branded card — even other carriers like T-Mobile have gotten in on the action. Now the Verizon Visa Card is finally set to debut on June 26, bringing lots of savings and benefits to new and existing Verizon customers.
For starters, the credit card (issued through a partnership with Synchrony Bank) works like any other — you can pay at terminals that accept Visa, shop online, and earn rewards back for daily transactions. Verizon's long had an Auto Pay discount of up to $10 on various plans when paid with a debit card or bank account, and now the Verizon Visa Card becomes the first credit card that offer's extended to. Verizon promises no caps on the amount of rewards you get from purchases, no expiration dates, no annual fees, and no foreign transaction fees.
So what's the catch? Well, while you do earn "cash-back" rewards, those are actually in Verizon Dollars, usable only at Verizon. Shoppers can earn Verizon Dollars at a rate of 4% on gas and grocery store purchases, 3% on dining, 2% on Verizon offerings, and 1% on everything else. The Verizon Dollars that you accumulate can only be spent on things like Verizon service, phones, and accessories.
The card arrives along with its very own companion app, allowing customers to check their card balance, view recent transactions, and pay their credit bills from within. You'll also be able to see how much cred in Verizon Dollars you've earned. The app is available to download right now.
For those interested in the card, Verizon is opening up applications for early access with a chance to get up to $1,000 in bonus Verizon Dollars if you're approved. That starts today and runs through June 25 at 9PM ET on verizon.com/bethefirst.