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Thread: Verizon Visa Card

  1. #61
    Join Date
    Aug 2005
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    170
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    Verizon Wireless
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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
    Join Date
    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
    Join Date
    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.

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