Verizon is bringing small businesses a new credit card option — the Verizon Business Mastercard. The card comes from a partnership with Mastercard and the First National Bank of Omaha (FNBO), combining Verizon perks and Mastercard’s credit card benefits to offer a rewards card that may benefit your small business. The only problem is that the applications are currently closed.
Choosing between the many business credit cards available on the market can be confusing, which is where Nav comes in. In this article, we’ll explore this Verizon business card in case applications reopen. That way, you’ll understand how the card works and its pros and cons to be prepared to make the right choice for your small business.
Verizon Business Mastercard Review
The Verizon Business Mastercard is a newly launched credit card account targeting small businesses. FNBO has worked with over 250 company and institution partners in its more than 60 years of offering credit cards.
Verizon and Mastercard had already partnered up in 2021 to work to bring real-time small business solutions for e-commerce and add 5G connectivity to point-of-sale systems. The company is doing this by tapping into Mastercard’s Digital Doors® program that helps small business customers embrace the increase in digital sales brought on by the pandemic.
As a company, Verizon is not new to the world of credit cards. In 2020, the telecommunications company launched the Verizon Visa® Card. This is a consumer credit card rather than a business card, but it has similar perks to the Verizon Business Mastercard. There are two main differences: The Verizon Visa rewards categories focus more on consumer spending than business spending and you can use your rewards on more than just Verizon expenses. We explain how the Verizon Mastercard’s rewards work below.
How it Works
This Verizon small business credit card isn’t taking applications at the time of writing. When the card first launched, it only allowed the following businesses to apply in the first few weeks:
- Existing Verizon Business Wireless customers
- With an online account
- And fewer than 100 lines on your account
Cardholders receive rewards on purchases like office supplies, gas, tech, and more. These rewards come in the form of Verizon Business Dollars, which we explain in detail in the next section. There’s no annual fee or foreign transaction fee for using the card. So you can use this Verizon card overseas without racking up charges on every purchase you make.
The card is enabled with contactless payment so you can pay by tapping or add it to your electronic wallet. The interest rates your small business gets with this Verizon card will depend on your credit score and credit history. See our guide on how to establish business credit for more.
Certain card details like the Summary of Credit Terms and the Guide to Benefits are not available at the time of writing until after you apply for the card, which can make it tricky when you’re trying to compare your options.
Verizon Business Credit Card Rewards and Perks
As mentioned, you’ll get Verizon Business Dollars as a reward for using this credit card. New cardholders get 5% back on purchases from Verizon — including Verizon Wireless bill payments and device purchases — during the first billing cycle. After the initial period, your reward rate falls to 3% back on Verizon purchases. You’ll also receive 2% back on eligible gas expenses or payments to charge your electric vehicle, as well as office supplies. Then you get 1% back on everything else.
Currently, cardholders can only use their rewards toward business-related Verizon purchases. These purchases can include things like phones, tablets, or accessories, or payment toward your Verizon Business Wireless bill.
When you open this Verizon card, there’s also an introductory bonus. You’ll get a $50 statement credit after you make your first purchase with the card.
Pros and Cons
As with any business decision, you’ll want to weigh the perks and drawbacks of each of your options. We highlight the most important things about the Verizon Business Mastercard to think about below.
- No annual fee. You won’t pay an additional charge each year simply for using this card. This benefit helps keep money in your pocket and extends your rewards even further.
- Easy intro offer. Many credit cards require you to spend a certain amount in a specific time period before they will give you the introductory bonus. While the $50 intro offer is lower than some other cards, this Verizon card simply requires you to use the card once to get it.
- Access to Mastercard benefits. Cardholders can tap into the World Elite Mastercard for Business® program, which includes perks like:
- Discounts on business purchases and subscriptions like Uber for Business, QuickBooks, Microsoft Advertising and Zoho Marketing Plus
- A business assistant hotline available 24/7
- Mastercard Receipt Management, a receipt tracking app that links to your Verizon Business Mastercard
- Identity theft and liability protection
- Travel services and rental car insurance
- Applications are currently closed. Verizon isn’t accepting new applications at the time of writing. Its initial application period lasted for a few weeks, although Verizon may reopen applications in the future. So if you’re looking to add this business card to your wallet immediately, that doesn’t seem to be an option at this time.
- Must be a Verizon customer. If you don’t use Verizon wireless for your business and aren’t looking to switch wireless providers, this credit card wouldn’t be your best option. You could get rewards that make much more sense for your small business with another credit card.
- Limited rewards use. This card is not a typical cash-back credit card that sends rewards as a statement credit that you can use on anything. Instead, you can currently only redeem rewards on Verizon expenses, so your rewards are limited in that sense.
The Bottom Line
The Verizon Business Mastercard is currently not accepting applicants. So although the credit card might make sense for your business, you’ll have to look elsewhere for a business credit card for now. But you’re in luck — Nav makes it simple to find the right credit card for your small business. All you have to do is sign up for a free account at Nav.com and enter in a few business details to see your best credit card options instantly.
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