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Thread: Verizon Visa Card

  1. #61
    Join Date
    Aug 2005
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    Quote Originally Posted by jkozlow3 View Post
    Yeah, we have 4 lines and I get the $10/line autopay discount with autopay from my checking account. I also use Verizon Up and the device dollars.

    I just find 2% in Verizon rewards to be pretty weak. So I could apply for the Verizon card, retain my autopay discount, and earn a measly $80/year in Verizon rewards with their Visa card (based on a $4000/year spend for 4 lines and 4 device payments). I think 5% in Verizon rewards ($200/year) would have enticed me to apply for the card, but 2% isn't particularly enticing.
    Yes, 5% would have been better. But I think that stopping them from taking the payment from my checking account combined with the Device Dollars become a monthly discount makes it worth getting. It's certainly not one of the all time great cards or signup bonuses but for me it was worth applying, and I do tend to be picky about what I apply for.

  2. #62
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    Nov 2015
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    Quote Originally Posted by jkozlow3 View Post
    For the same reason I don't open up a credit card every time the sales associate at every clothing store asks me if I'd like to do so to save 20% on today's purchase. Just not worth opening dozens of credit cards for minimal rewards/no substantial benefit. I'd rather open up accounts for cards with sizable rewards (i.e. 50-60k Chase Ultimate Rewards points worth a minimum of $500-900 upon opening).

    2% back on Verizon purchases for their own credit card is a joke. I probably would have opened it for 5% back on Verizon purchases. For reference, Amazon offers 5% back on their own purchases using the Amazon Prime Rewards Visa Signature Card.
    You bring up some really good points and I too make it a point to not open credit accounts haphazardly to score one-off discounts on purchases, especially when they may not be from merchants that I utilize on a regular basis. Up to this point, my only other store credit card was for Amazon, since I spend enough that the 5% discount basically pays for my Prime membership.

    Applying for too many cards can also keep you from being approved by certain banks when trying to open new accounts.

    I was on the fence initially, but applied for a few reasons:

    1) All of my $5 device dollar Verizon Up awards are now automatically converted to Verizon dollars that can be applied directly to my bill. Potentially, this means I would earn $5 x 12 months or a $60 annual discount off my Verizon bill, roughly 4% of my total Verizon yearly spend, by simply holding the card and keeping it active.

    Now granted, prior to applying for the card, I would sometimes get a $3 Amazon Gift card or $5 Visa Gift Card (a cash equivalent), but earning a guaranteed $5 off my Verizon bill every month is more convenient and makes the Up program much more valuable to me.

    2) Every month I pay my Verizon bill with the Verizon Visa card, I earn a $4.17 credit off my Verizon bill, roughly equal to 3.3% of my monthly Verizon cell phone spend. Granted, having this spread out over 24 months to earn ($4.17 x 24) a $100 discount, sucks, but I am planning to stick with Verizon so I'll deal with it.

    3) Like you, I normally restrict my credit applications to those with high signup bonuses and applying for this card may have delayed future applications with other institutions like Chase. However, Covid-19 has had an enormous impact on the economy and banks are taking action by slashing credit limits and being judicious approving new applications.
    Even if I didn't get this card, there was a good chance I wasn't going to apply for a new account with Citi, Amex, Chase, US Bank etc, since I don't think this is the best economic time to apply for new accounts. Even people with great credit seem to be having a harder time getting approved by certain issuers.

    Then Synchrony and Verizon decide to launch a new credit product, encouraging people to sign up and I decided why not.....This also happens to be my only account of any kind with Synchrony.

    4) My local grocery store has never accepted Amex, so being able to use a Visa Card and earn 4% is a win. I also live close to a convenience store that always codes as a gas station, so earning 4% on those purchases (coffee, sandwiches, rotisserie chickens, etc.) is a plus.

    5) The 'Be the First' signup bonus. Realistically, most similarly tiered no annual fee cards would offer a signup bonus of $150 to $200. Who knows how much this one will yield once Verizon pays up, but it also requires no minimum spend like most other card bonuses do. I am hoping we get at least $50 Verizon dollars, but anything higher than $100 would be outstanding.

    My yearly Verizon spend is just under $1500, but anything I can do to reduce that is putting cash back in my pocket.
    My plan doesn't offer any autopay discount, so after the $4.17 monthly credit expires after 24 months, I'll never use it for any Verizon related purchases again. There are other better cards to use, but 4% back on gas and groceries, combined with a monthly Verizon Up reward discount made it worthwhile to apply.

    By all means, if you have low velocity with Chase/Amex/Citi and haven't applied for many other cards recently, I can totally see why you would give this card a hard pass.

  3. #63
    Join Date
    Feb 2015
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    I have applied and got approved. Here are my reasons;
    1) I can use it as for autopay on Verizon bill so I can save $5 a month. I donít like to use checking account or debit card to pay automatic bill. Mine is single line unlimited plan so I get only $5 discount, better than nothing.

    2) I use the card only to pay Verizon bill, but I pay every month so the card will be active all the time. 2% is not perfect, but itís nice to have. And I donít think I will leave Verizon anytime soon (I had Verizon since 2010 and been happy so far)

    3) I donít need to buy phone every year (I buy every 2-3 years) and I donít need to buy the newest handset in the market, just whatever it comes with good discount, so I can good amount of Verizon dollar when itís handy.

    4) I have other cards like chase sapphire reserve - chase freedom, blue cash preferred, Costco Citi, double cash Citi. I donít think I will need to get new card anytime soon. So applying Verizon card doesnít hurt.

    5) I applied on prelaunch so I got $4.17 a month for 24 months and some shared $1M (donít know how much yet). So itís saving my bills a little.

    6) I like the metal card feeling. Itís my second metal card beside CSR without annual fee. Itís nice to have (personal preference).

  4. #64
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    Feb 2014
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    Quote Originally Posted by daisydoo View Post
    Thereís def some value to the card. Getting the autopay discount with it would be nice. If I end up on Verizon postpaid Iíll probably apply for it although not sure I would be approved for it with a 750 score


    Sent from my iPhone using HoFo

    750 is a good credit score, I don't see why it would stop you from being approved.

  5. #65
    Join Date
    Nov 2015
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    I am guessing someone would've posted, but I am just curious if anyone has heard any more info on Verizon's 'Be the First' promo for those that applied before the official release.

    I know Mr. Bill had communicated a little with VZW support previously.

    Hopefully, they will have more info later this month or next. October 1 is the start of the 4th quarter for most businesses so maybe they will announce at the end of next month, since most customers may want to use the dollars immediately toward their bill.

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