The evolution of the iPod Moderna booster approved Ryan Gosling could play Ken in upcoming Barbie movie NFL 2021: How to watch without cable Uncharted movie trailer PS5 restock tracker

Verizon's new Visa card gives wireless customers more ways to save

Like Apple, Verizon is joining the credit card game.

x1080

Verizon has a new credit card. 

Verizon

Verizon is getting into the credit card business. On Monday the telecom giant announced that it will add a Verizon Visa Card to its portfolio of products, with the new credit card offering an additional 2% back on purchases and payments made through Verizon. 

The card, which is issued by Synchrony and available to Verizon wireless customers starting June 26, is not a cash-back credit card like the Apple Card and instead gives you back points known as "Verizon Dollars." These can be used to pay off your wireless bill or to buy new devices or accessories directly from Verizon, with certain categories offering multipliers to boost the amount of points you earn on regular purchases. 

Gas, grocery store and delivery purchases get you 4%, while dining and delivery earns 3%. Purchases made through Verizon -- including monthly bill payments, subscriptions billed by the carrier or buying of new devices and accessories -- earn 2% back and all other purchases earn 1%. 

Although signup is limited to Verizon wireless customers, those who also have Verizon Fios at home will be able to use the Verizon dollars to pay that bill, as well as earn 2% back on each bill when paying with the card. 

You can sign up in-store, on the phone with customer service, online or through the My Verizon app, with card payments handled through the app, customer service, in-store or on Verizon's website. 

Depending on your credit score and history Verizon may send you a Visa Signature card which has additional Visa perks including access to the Visa Signature Concierge customer service line. Unlike other Visa Signature cards, Verizon's card does not offer extended warranty protection on purchases. 

Verizon says there's no cap on the number of points that can be earned and that its card offers no annual fees and no foreign transaction fees. Rewards also don't expire, with one Verizon Dollar equating to $1. Those who have accrued device points through Verizon's Up rewards program will be able to convert those into Verizon Dollars.

You cannot, however, transfer Verizon Dollars to a friend and, if you switch carriers, you will lose any Verizon Dollars in your account. 

Read moreHow to choose a rewards credit card

The physical, metal Visa card is all black on the front with a red Verizon check mark in the corner and a cutout for the EMV chip. The card can also be used with digital wallets, including Apple Pay, Samsung Pay and Google Pay.   

Beyond getting 2% back on bill payments, the carrier is also offering an Auto Pay discount on its wireless service, a potential savings of $10 per month per line with unlimited plans. 

Verizon has long offered Auto Pay, but it's limited to debit cards, which precluded being able to earn credit card points. With this new card, Verizon wireless users will be able to pay their current bill while also getting a discount and earning points that can be used to pay off future bills or new upgrades. 

In a bid to get people to sign up for the new card, Verizon is offering up to $1,000 free Verizon dollars for 1,000 people who sign up and are approved before June 25 at 6 a.m. PT (9 a.m. ET) through its "be the first" page. 

The wireless carrier is the latest tech company to join the world of personal finance. In addition to Apple's credit card launch last year, Samsung recently announced plans to launch a debit card this summer with Google rumored to be working on a debit card of its own as well. Rival wireless carrier T-Mobile, meanwhile, launched a mobile banking service in 2018 and has since partnered with Apple to offer 3% cash back on devices and billing when paying with Apple Card and Apple Pay.

Now playing: Watch this: Apple Card: 3 months later
8:48