[Update] Verizon Credit Card With VerizonDollars 4% Back on Groceries & Gas; AutoPay Benefit; $200 Signup Bonus

Update 4/15/22: Some cardholders got an email offer for double cash back offer for one month up to $1,000 in spend. Works well for 8% on gas and groceries or 6% on dining. (ht readers James and MisterBill)

Update 12/9/21: They have now increased the signup bonus to $200: the regular $100 Verizon bill credit over 24 months (see below), plus a new $100 statement credit when you spend $500 within 30 days from account opening. Offer ends January 4, 2022.

Original Post:

Verizon launched a new credit card today, in partnership with Synchrony Bank which has no annual fee and no foreign transaction fee. It offers 4% back at grocery stores and gas stations, and offers 3% back on dining. There is a $100 bill credit signup bonus. There’s also a potential signup bonus of up to $1,000 for those who signup by June 25th.

Press Release | Signup Link | FAQs

Card Details

  • Card is a Visa and is issued by Synchrony Bank. Card can be used anywhere Visa is accepted.
  • Card only available for Verizon wireless postpaid customers. (Far as I can tell, the card is not available to those with Verizon Fios.)
  • Card earns Verizon Dollars which can be used on Verizon phone bills, Verizon Fios internet bills, phones, accessories and more. Each Verizon Dollar is worth $1.
    • Update 7/2/21: Rewards can now be used to redeem toward gift card purchases as well to places like Amazon and more. Can be redeemed for travel as well.
  • Card earns the following rates:
    • 4% back at gas stations and grocery stores, including delivery and pick up
    • 3% back on dining/delivery and curbside pick-up purchases
    • 2% on Verizon purchases
    • 1% on all other purchases
  • Card made out of metal, reports indicate.
  • No limits on how much you can earn, no expiration date.
  • No annual fee.
  • No foreign transaction fees.

Additional Details and Benefits

Standard Signup Bonus

There is an inconspicuous mention of a signup bonus for the card, seems like this will be the standard signup for the card:

  • New cardholders can get up to $100 in wireless bill credits over 24 consecutive months when they use their new Verizon Visa Card to pay their monthly Verizon bill.
  • To receive the full $100 credit, you must pay a Verizon Wireless or Verizon Fios bill with either a Verizon Visa Card or by redeeming Verizon Dollars to pay the total bill amount for the first 24 months of opening a credit card account. During that time, the monthly credit, equaling $4.17, will not be credited for any monthly bill that wasn’t paid using the Verizon Visa Card or Verizon Dollars. Visit the Verizon Visa Credit Card Rewards Program Terms and Conditions for details.

Launch Signup Bonus

Update 9/3/20: People are getting the prelaunch bonus now and a report of $411.35. That means 2,431 people signed up and qualified for that bonus. Hat tip to mothman69

Offer Link

There is a special pre-launch signup bonus of up to $1,000 Verizon Dollars, based on a pot of $1M divided between all those who apply during pre-launch:

  • Signup between June 22 noon ET and June 25 p PM ET (before card launches officially on June 26) and get a chance to get up to $1,000 in Verizon Dollars if you are approved for the card.
  • Verizon Dollars will be awarded within 2-3 billing cycles to each eligible account owner’s or manager’s My Verizon account who completes all the following: (1) signs up on the list during the promotional period, (2) applies for a Verizon Visa Card through the link provided by the specified date, and (3) is approved for the Verizon Visa Card (“Approved Participant”).
  • $1,000,000 Verizon Dollars is available to be divided equally among all the Approved Participants, however in no event will any individual Approved Participant be awarded more than $1,000 Verizon Dollars. The actual amount awarded to each Approved Participant and the total amount awarded will depend upon the number of Approved Participants. For example, if there are 10,000 Approved Participants, then each will be awarded $100 Verizon Dollars and the $1,000,000 Verizon Dollars in total will be awarded. Void where prohibited. We reserve the right to remove anyone from the Early Access promotion in the event of fraud or abuse of the promotion.

It’s totally plausible you’ll end up just getting $10 or less, if a lot of people sign up. I’d personally guess that if so many people sign up they’ll put a floor on it and offer everyone $50 or something like that, but who knows.

Our Verdict

I hate these kinds of vague signup bonuses since it’s impossible to know how many people will sign up and what the reward will be. That said, if I were a Verizon postpaid customer and I wasn’t worried about 5/24, I’d consider signing up for the following reasons:

  • Get 2% back each month on my Verizon bill (versus paying with bank account to get Auto Pay discount if I didn’t have the Verizon card). Let’s say a $75 monthly bill, means $1.50 per month or $18 per year. Also, if you use Verizon for wireless and internet, the monthly bills could add up and the 2% becomes more significant.
    • Some people use other credit cards for cell phone insurance, but if you’re anyway using your bank in order to get the AutoPay discount, this is a nice little incentive to sign up.
  • Get $100 in Verizon credits over the course of 24 months, $4.17 per month.
  • Get up to $1,000 signup bonus with no spend requirement. In order for the bonus to be $1,000, that would mean only 1,000 customers signup (see above). In all likelihood, the bonus will be much less than that, but it still possible it’ll be some worthwhile amount.
  • The 4% gas and grocery categories will interest a lot of people.
  • No foreign transaction fees is a nice feature for a card with no annual fee.
  • Two free TravelPasses per year which might be useful for international travelers.
  • (Seems that some ‘device dollars’ turn into un-expiring Verizon Dollars, but I’m hazy on the details.)

I can see this card especially for someone who plans to stick with Verizon wireless/Fios for a long time or for someone who values the 4% grocery category.

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tuphat
tuphat

CAUTION: If you’re thinking about switching from Verizon Wireless to another carrier, be sure to cash out your Verizon Visa Dollars first, and discontinue use of the Verizon Visa card after you switch, since you will no longer have access to the rewards.

WGU
WGU

That’s good to know. You could also just keep a single smartwatch only line for $10 + tax.

Scott
Scott

I have made my Verizon Visa Card my preferred card. It is amazing, all Black, all Metal. It is brought by Federal Express, you are supposed to watch a video on how to unbox your card before you open the package. It came with a nice credit line and is targeted to Verizon customers. 4% Cash back on Groceries, Food, Gas, and 2% off on your Verizon account. Between a $100 sign on credit bonus paid over 24 months ($4.17), and the money earned using this card, my new Verizon At Home Internet isn’t $50 anymore, more like $29. The only downside is the issuing bank, Synchrony Bank, not my favorite lender although this new card has somewhat restored my opinion of them. Apply today!

RocDoc
RocDoc

A little off-topic: Use OnJuno debit card for verizon bills to get 5% cashback regularly (or 10% till May 31st if you use USDC).

Indie
Indie

RocDoc great idea! does it work on Fios ?

RocDoc
RocDoc

Yes, I tried it this month on my fios bill and it worked.

Jordan
Jordan

Nothing about double cash back for me, but I did get a $250 statement credit. I was only expecting $200, but I won’t complain!

esaphire3
esaphire3

where did you find a link for the offer?

Jason
Jason

Where do i find the $200 bonus? I do not see it in the webpage

MisterBill
MisterBill

I just got a double cash back offer for one month up to $1k on this card. Not a great deal on normal purchases (2%), but 8% on gas and groceries, 6% on dining is very nice. Too bad it didn’t happen a few weeks ago when I maxed out my Citi Custom Cash $500 at 5% limit on dining purchases during restaurant week.

Xatos
Xatos

must be a Synchrony thing. Got an extra 2% on Rakuten card just now

Jun
Jun

Do we need a smart watch to open a smart watch line?

Roger
Roger

They gave me 4% back everywhere, no restrictions, for a month. Ends in another week.
Barely had a phone bill last statement.

Dr.Plantain
Dr.Plantain

Interesting, my current phone bill is just $300 a year with ATT prepaid, not sure why some pay insane amount of money for cell service

Roger
Roger

Security. Prepaid phone plans play by different rules when it comes to the security of your account.
Since my phone is used to verify so many of my financial account logins, kinda worth it to me.

Dr.plantain
Dr.plantain

Wait what? What do you mean by verify your financial accounts?
You mean like MFA?

bernie
bernie

Security? What the what… People don’t know nuthin’ about security, and they certainly don’t avoid prepay because they think it’s less secure.

Dr.Plantain
Dr.Plantain

I honestly don’t get it but I guess paying an extra $500 or more for “security” is worth it, with the savings I get I’ll make sure to purchase a password manager and secure my financial accounts. To each their own.

5150d
5150d

Come on Verizon – I get free cell phone insurance by charging my VZ bill to my OTHER credit card! This VZ credit card does not give you free cell phone insurance.

Joel
Joel

Why would they want to undercut their ability to sell their own insurance? Insurance and extended warranties on electronics are typically a poor financial decision anyway. Most people do it based on fear/emotion of what might happen but in the long run you usually lose – unless you have kids who regularly break or lose their phones. For me the VZ Visa saves me $40/month off my wireless bill ($10/line) as well as giving 2% back on my combined $425 wireless+Fios bill. So I’m almost $50/month ahead but I couldn’t care less about the insurance.

Jun
Jun

Must be a Verizon customer?

WGU
WGU

Yes, Just signup for their $10 bring your own device smartwatch plan. If you’re not a Verizion customer.

Jun
Jun

Is it worth the risk if you know you might be approved? I have 30+ inquiries and 18 hard pulls. 5 or 6 ccs opened year