Getting into the financial world is the trendy thing for companies to do right now. Whether it’s Apple’s self-named Apple Card or Google teaming up with Citi to offer checking accounts, many non-financial businesses are rolling out money-related products.
Verizon is now joining that list. On Monday, the telecom provider announced that it is releasing the Verizon Visa Card. Although it might feel odd to sign up for a credit card with your mobile carrier, it does offer some enticing benefits. For one, users will be able to use “cashback” credits to pay off their monthly bill.
Ten years ago, the thought of signing up for a Verizon credit card would have been nothing more than a gimmick. Now, the telecom provider is banking (no pun intended) on the fact that consumers will be interested in the card.
To make sure of it, Verizon is offering some nice perks for users of its Synchrony-backed credit card. Unlike the Apple Card, Verizon’s Visa won’t provide users with cashback. Instead, they’ll get “Verizon Dollars.”
These can be used to pay off a wireless bill or buy new devices and accessories directly through Verizon. Like many cards these days, it has certain categories that amplify the number of points consumers can earn on everyday purchases. Gas, grocery store, and delivery purchases are worth four percent back while dining and delivery (it’s unclear what the difference in delivery is) earn three percent back.
Verizon purchases, such as monthly payments, subscriptions, or buying new devices earn two percent back. All other transactions are worth one percent. Along with its two percent rebate on bill payments, Verizon is also offering users an Auto Pay discount for its wireless service. Subscribers stand to save up to $10 per month per line when they have an unlimited plan.
Notably, only current Verizon wireless customers are able to sign up for the card. This makes sense because any earned Verizon Dollars can only be used on purchases with the carrier.
Those who are interested can sign up through the My Verizon app, in-store, or on Verizon’s notoriously difficult-to-use website. Customers will be able to start applying on June 26.
Like other companies entering the financial game, Verizon hopes that a fancy card will attract some users. Its new Visa is metal with an all-black front that features a red Verizon checkmark in the corner. There’s also an EMV chip, which is no surprise.
The Verizon credit card will be compatible with digital wallets like Apple Pay, Samsung Pay, and Google Pay.
Again, it’s a little weird to sign up for a credit card from your mobile carrier. However, Verizon’s new Visa has enough perks that it might actually be worth it—especially for customers that purchase their new devices through Verizon.