Categories: Payment Methods

Verizon Debuts Visa Credit Card With Rewards

To provide a new method for cardholders to save on their cell phone bills, Verizon plans to debut the Verizon Visa Card. The Synchrony-issued credit card, which will officially roll out on June 26, will enable mobile clients to save on their bills via rewards, using them to defray the cost of Verizon purchases such as 5G phones, accessories and bill payment, according to an announcement.

Tom Quindlen, executive vice president and CEO for retail cards at Synchrony, said in the announcement, “This card represents what consumers are demanding right now – a contactless, frictionless and digital-first experience. We worked in partnership with Verizon to create a unique, robust rewards program for their customers that uses simple and easy tools to apply, buy and service the card account.”

The credit card provides an Auto Pay discount of as much as $10 monthly for each line on certain plans. Those who are new to Auto Pay and sign up with the card can receive “the best pricing on Unlimited Verizon plans,” and new cardholders can receive as much as $100 in wireless bill credits spanning two years if they pay their monthly bill with their new cards.

Cardholders also receive Verizon Dollars for everything they buy with the Verizon Visa Card, including 4 percent on fuel and supermarket/delivery purchases, 3 percent on food/delivery and curbside pickup, 2 percent on purchases for the telecom company and 1 percent for transactions that fall under other categories.

Customers can also earn Verizon Dollars via Verizon Up and join them with rewards accrued by card purchases.

News surfaced in January that Verizon was teaming with Synchrony to debut its own consumer card in the first half of 2020. It was noted at the time that Verizon joins a number of rivals in the financial space. T-Mobile, in one case, had begun banking services via T-Mobile Money.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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