Telecoms giant Verizon has partnered with Synchrony to launch a co-branded consumer credit card.
Together, the two companies will launch the first credit card designed specifically for Verizon customers.
Margaret Keane, Synchrony CEO, said: “We are thrilled to be working with Verizon as they continue to bring innovation to their customers. This partnership is a great growth opportunity for Synchrony as we continue to diversify our portfolio.”
Synchrony has previously partnered with Amazon for its Amazon Store card and companies including Old Navy, Lowe’s Sam’s Club and PayPal.
Verizon has announced that the card will become available during the first half of 2020.
Ronan Dunne, EVP and Group CEO, Verizon Consumer, said: “Verizon’s loyal customers expect the best possible experiences and today’s announcement extends that commitment to the credit card market.”
Verizon is not the only telecoms company to make a leap into the finance world.
In 2019, T-Mobile launched T-Mobile Money offering a mobile-first checking account that anyone can open. The account includes a debit card and works with Samsung and Google Pay.
Through T-Mobile Money, customers are able to earn 4.00% APY on primary checking account balances up to $3,000 and 1.00% APY after that.
Additionally, big tech companies Amazon and Uber have offered cashback credit cards for a number of years. In 2017, Uber launched Uber Visa, a no-annual-fee card offering cashback rewards and incentives. It recently updated the card to give discounts on Uber rides and Eats.
Amazon also has a Prime Rewards Visa Signature card. Amazon’s card provides a series of customer perks such as 5% back on its site and purchases made at Whole Foods.
And in 2019, Apple hit the credit card market with the launch of its Apple Card. The tech giant offers 3% cashback on purchases made online and in-store, and 2% cashback on purchases made via Apple Pay.
Verizon has released minimal information on how its new credit card will differ to its competitors.