T-Mobile provides banking services through its offering, but it soon won't be the only telecom to enter the world of finance. On Thursday Verizon announced that it will be partnering with financial firm Synchrony to offer a co-branded consumer card to its customers later in the "first half of 2020."
Verizon is the latest, but far from the first, tech company to offer a credit card to its customers.
Amazon and Uber have been offering branded cash-back credit cards for years, with Amazon offering 5% back on purchases made at its website or Whole Foods with its , and Uber recently updating its to offer 5% back on Uber rides, Eats and Jump purchases. Both cards also offer other perks such as boosted cash back at restaurants.
Neither card has an annual fee, though if you want the Prime Rewards card you need to be anmember.
On its website Synchrony touts that it works with Amazon for its Amazon.com Store Card and has worked with Old Navy, Lowes, Sam's Club and PayPal, among others, for their respective consumer credit card programs.
Apple notably joined the space last year with its . The iPhone-maker offers 3% cash back on purchases made at its own retail and online stores (including subscriptions in the App Store) and 2% cash back on purchases made through Apple Pay on one of its devices (with 1% being offered if you use the physical titanium card).
Apple has also partnered with other retailers such as Walgreens, Nike, Uber and T-Mobile to offer 3% cashback at their stores when paying with Apple Pay. An iPhone is required to get the card but there is no annual fee.
It is currently unclear on what exactly will differentiate Verizon's credit card from others already offered by tech companies, including what rewards or perks it will have or if it will require an annual fee.