Verizon Credit Card: Rewards, Fees, Pros and Cons, How to Apply

This is your guide to everything you need to know about the Verizon Credit Card.

The best part?

I’ll teach you how to maximize rewards and savings as a Verizon customer with this card. You can earn unlimited 4% cash back on gas and groceries and redeem rewards as bill credits even if you have average credit.

If you want to save money on your monthly Verizon bill and get perks like phone insurance, then this card is for you.

Ready to learn more? Let’s dive into the pros and cons of the Verizon Credit Card so you can decide if it’s right for your wallet.

Highlights and Features

The Verizon Credit Card is a rewards credit card exclusively for Verizon Wireless customers. It offers generous rewards on Verizon purchases and everyday categories like dining, groceries, and gas. Key features include:

• Earn up to 4% back on purchases as Verizon Dollars to redeem towards your Verizon bill
• 3% on dining, 2% on Verizon purchases, and 1% back on all other purchases
• Get up to $10/month off your Verizon bill when you enroll in autopay
• Redeem rewards as credits towards your Verizon wireless bill
• $100 statement credit after spending $1,000 in the first 90 days
• No annual fee or foreign transaction fees
• Access to Visa Signature benefits like rental car insurance, concierge service, and more
• Card holders can have an average $460 in value, Yearly.

The Verizon Credit Card provides great rewards and savings for Verizon customers. However, it is not the most rewarding card for non-Verizon purchases. Read on for more details on how it works.

How the Verizon Credit Card Works

The Verizon Credit Card is issued by Synchrony Bank and can only be applied for if you are a Verizon Wireless account owner or manager. It is a cash back credit card that earns the following rewards rates:

• 4% back on gas and grocery store purchases
• 3% back on dining purchases including takeout and delivery
• 2% back on Verizon purchases
• 1% back on all other purchases

Rewards are earned in the form of Verizon Dollars which can be redeemed as a statement credit towards your Verizon Wireless bill. Verizon Dollars can also be used at Verizon retail stores or redeemed for gift cards and travel. There is no limit on the amount of Verizon Dollars you can earn.

New cardholders can earn a $100 statement credit after spending $1,000 in purchases within the first 90 days. There are no foreign transaction fees on the card. The regular APR is 23.99% – 30.99% variable.

Rewards, Cashbacks, and Sign-Up Bonus

The Verizon Credit Card offers generous rewards in categories frequently used by cardholders:

• 4% back on gas and grocery stores – This is a very high rewards rate compared to most other cards and provides significant savings at popular spending categories. (on up to $7,500 in combined spending per year, then 1% back)
• 3% back on dining – You’ll earn 3% on dining purchases including takeout and delivery. This is a valuable rate on a common spending category.
• 2% back on Verizon purchases – All your Verizon bills will now give you rewards towards future ones.
• 1% back on other purchases – Though lower than the other rates, you’ll still earn rewards on any everyday spending.
• $100 statement credit – After spending $1,000 in the first 3 months, you’ll earn a nice sign-up bonus to offset the initial spending.

There are no caps on the amount of Verizon Dollars you can earn, so the rewards can really add up for heavy spenders. When redeeming rewards, each 100 Verizon Dollars translates to $1 in credits towards your Verizon bill. Credits are automatically applied as statement credits when your balance reaches $100. Alternatively, you can choose to redeem rewards for travel or gift cards if preferred.

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Interest Rates & Fees of Verizon Credit Card

The Verizon Credit Card has the following rates and fees:

• APR: 23.99% – 30.99% variable
• Annual Fee: $0
• Balance Transfer Fee: 5% or $5 minimum
• Foreign Transaction Fee: $0
• Late Payment Fee: Up to $41

There is no annual fee for the card so it can provide long-term rewards value. The APR is in line with most other cash back rewards cards. There are no foreign transaction fees which is great if you travel overseas. Overall, the fees are reasonable for a standard rewards credit card.

How to Apply for a Verizon Credit Card

To qualify for the Verizon Credit Card, you must be a Verizon Wireless account owner or account manager. Business and prepaid accounts do not qualify. Here are the steps to apply:

1. Go to the Verizon Credit Card application page on Verizon’s website.
2. Click “Apply Now” and fill in the application with your personal information.
3. Enter your Verizon Wireless account number and other credentials to verify eligibility.
4. Review the application terms and submit.
5. Wait for a decision once your application is processed by Synchrony Bank.

Alternatively, you can apply by phone, in the My Verizon app, at Verizon retail stores, or during checkout on Verizon’s website. You’ll need to provide your SSN, income, and other information to determine approval odds.

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Managing Your Verizon Credit Card

Once approved, you can manage your Verizon Credit Card through the Synchrony Bank online portal or mobile app. You can:

• Pay your credit card bill
• Check your balance and available credit
• View statements and transaction history
• Redeem Verizon Dollars rewards
• Set up alerts and review credit score
• Get support through live chat or by phone

Make sure to set up autopay through the Synchrony app/website to get the $10/month discount on your Verizon bill. You’ll need to provide bank account details to pay your bill automatically each month.

Where Verizon Credit Card Can be Used?

The Verizon Credit Card is a Visa credit card so it can be used anywhere Visa is accepted. You’ll get the highest rewards rates on Verizon, gas, grocery, and dining purchases. All other everyday purchases will receive 1% back.

Some key places where the Verizon Credit Card can be used include:

• Verizon stores and website to pay your bill
• Grocery stores, supermarkets, convenience stores
• Gas stations
• Restaurants, cafes, bars, fast food chains
• Department stores, shopping malls, clothing stores
• Travel including flights, hotels, rental cars
• Online shopping at retailers that accept Visa

So you’ll have plenty of opportunities to earn rewards on the Verizon Credit Card for your normal spending.

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Pros and Cons of Verizon Credit Card

Here are some of the key pros and cons to weigh when considering the Verizon Credit Card:

Pros

• Generous rewards for Verizon, gas, grocery & dining purchases
• $10/month Verizon bill discount with autopay
• $100 statement credit sign-up bonus
• No annual fee or foreign transaction fees

Cons

• Must be a Verizon Wireless customer to qualify
• Regular 1% back rate on non-bonus spend
• Balance transfers and cash advances have fees
• Credit limit may be lower than other cards

Overall, the Verizon Credit Card is a great option for Verizon customers who can take advantage of the unique perks. But it may not be as rewarding for general spending compared to other cards.

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Verizon Credit Card vs Other Credit Cards

How does the Verizon Credit Card compare to some other popular rewards credit cards?

Verizon Credit Card

• 4% back on gas and groceries
• 3% back on dining
• 2% back on Verizon
• Up to $10 off Verizon bill with autopay

Chase Freedom Unlimited

• 1.5% cashback on all purchases
• 3% cashback on dining and drugstores
• $200 sign-up bonus
• 0% APR for 15 months

Citi Double Cash

• 2% cashback on all purchases (1% when you buy, 1% when you pay)
• 0% APR for 18 months
• No annual fee

The Verizon Credit Card provides higher rewards in certain categories and unique Verizon perks. But other cards may offer better rates for general spending and flexibility in redemption.

Conclusion

The Verizon Credit Card is a great option for Verizon Wireless customers who can maximize the unique rewards and discounts. With 4% back on gas and groceries and up to $10 off your monthly bill, the savings can really add up compared to a standard 2% cash back card. Just keep in mind that the rewards value diminishes for non-Verizon purchases. Overall, the Verizon Credit Card is worth considering if you are a loyal Verizon customer.

Frequently Asked Questions