What the Voya Visa Card Is
The Voya Visa is a credit card issued by Voya Financial in partnership with Visa. It functions as a standard rewards credit card — you use it to make purchases, pay a monthly bill, and earn rewards points on what you spend. The card is designed primarily for customers who already have a relationship with Voya through retirement accounts, insurance products, or investment services, though you do not need to be an existing Voya customer to open one.
Unlike a debit card or prepaid card, a Voya Visa is a line of credit. When you use it, you are borrowing money from the card issuer, and you owe that money back. The amount you can borrow depends on your credit history and income. If you carry a balance month to month instead of paying it off in full, you will pay interest on that balance.
The card's main draw is its rewards structure — you earn points on purchases that you can redeem for cash back, travel, or other rewards depending on the card's current terms. The specific rewards rate, annual fee (if any), and other features change over time, so you should check Voya's website or call their customer service line for the current offer before you decide.
Key Takeaways
- The Voya Visa is a rewards credit card issued by Voya Financial and Visa that lets you earn points on purchases you can redeem later.
- You need a credit history and income to open one, because the card issuer will check your credit report and verify you can pay back what you borrow.
- You receive a monthly bill and must pay at least the minimum amount due, though paying the full balance avoids interest charges.
- The rewards rate, annual fee, and other card features vary and should be confirmed directly with Voya before you open an account.
- Interest rates and fees explore if you miss payments, carry a balance, or use the card for cash advances, so understanding the terms matters before you use it.
How to Open a Voya Visa Account
You can open a Voya Visa online through Voya Financial's website, by phone, or sometimes through a mail process if Voya sends you an offer. The online route is fastest — you will provide your name, address, Social Security number, date of birth, and income information. Voya will pull your credit report to assess your creditworthiness and decide whether to issue the card and at what credit limit.
The approval process usually takes a few minutes to a few days. If you are approved, your card will arrive by mail within 7 to 10 business days. You will need to set up it before you can use it — Voya will provide instructions when the card arrives, usually through a phone number on the card itself or a link in an email.
If you are denied, Voya will send you a letter explaining the reason. Common reasons include insufficient credit history, a low credit score, or high existing debt. You can contact Voya's customer service to ask for details and understand what might help you in the future.
Understanding the Rewards and Fees
The Voya Visa earns rewards points on purchases. The exact earning rate — for example, 1 point per dollar spent, or higher rates on certain categories like groceries or gas — depends on which version of the card you have and Voya's current offer. You accumulate these points in a rewards account and can redeem them for cash back, travel bookings, merchandise, or other options that Voya makes available.
The card may carry an annual fee, though some versions are fee-free. Check the specific terms before you open the account so you know what you will owe each year. Beyond the annual fee, you will also pay interest if you carry a balance — the interest rate (called the APR, or annual percentage rate) varies based on your creditworthiness and current market rates. You will not pay interest if you pay your full statement balance by the due date each month.
Other fees may explore in specific situations: a late payment fee if your payment arrives after the due date, a cash advance fee if you withdraw cash using the card, a foreign transaction fee if you use the card outside the United States, and a returned payment fee if a check or electronic payment bounces. Voya will disclose all of these in the card's terms and conditions, which you should read before you set up the card.
How to Use Your Voya Visa and Make Payments
Once your card arrives and you set up it, you can use it anywhere Visa is accepted — in stores, online, and over the phone. Each purchase is added to your statement. You will receive a monthly statement (usually by email or mail, depending on your preference) showing all your purchases, the total amount you owe, the minimum payment due, and the due date.
You must pay at least the minimum amount by the due date to keep your account in good standing. Paying only the minimum means the rest of your balance carries over to the next month, and you will owe interest on it. To avoid interest entirely, pay your full statement balance by the due date. You can make payments online through Voya's website or mobile app, by phone, by mail, or through automatic payments set up in advance.
Set a reminder for the due date or turn on autopay so you do not miss a payment. A late payment damages your credit score and triggers a late fee. If you fall behind by 30 days or more, Voya will report it to the credit bureaus, and it will stay on your credit report for seven years.
What Happens If You Carry a Balance or Miss a Payment
If you do not pay your full statement balance by the due date, the remaining amount carries over and you owe interest on it at the card's APR. The interest is calculated daily and added to your balance each month, so the longer you carry a balance, the more you owe. If you owe $1,000 at an 18% APR and pay only the minimum each month, it will take you years to pay off and you will pay hundreds of dollars in interest.
If you miss a payment entirely, Voya will charge a late fee (the amount depends on your card's terms) and your interest rate may increase. If you are 30 days late, Voya reports the missed payment to the credit bureaus, which damages your credit score. If you are 60 or 90 days late, Voya may freeze your account or close it, and the debt may be sent to a collection agency.
If you are struggling to pay, contact Voya's customer service as soon as possible. Some card issuers offer hardship programs that temporarily lower your interest rate or allow you to pause payments, though these options vary and are not may provide.
How Your Voya Visa Affects Your Credit
Opening a Voya Visa affects your credit in two ways. First, Voya pulls your credit report to decide whether to issue the card — this is called a hard inquiry and it lowers your credit score by a few points for a few months. Second, once you open the account, it becomes part of your credit history. The card issuer reports your payment history, credit limit, and balance to the credit bureaus every month.
If you pay on time every month and keep your balance low relative to your credit limit, the card helps your credit score over time. If you miss payments or max out the card, it hurts your score. Your credit score affects whether you can borrow money in the future (for a car, a home, or other loans) and what interest rate you will pay, so managing the Voya Visa responsibly matters beyond just the card itself.
You can check your credit score for free through many banks and credit card issuers, or through websites like AnnualCreditReport.com, which lets you see your credit report from all three bureaus once per year at no cost.
Comparing the Voya Visa to Other Rewards Cards
Many banks and credit card companies offer rewards cards with similar structures — you earn points on purchases and can redeem them for cash back or travel. Before you open a Voya Visa, it is worth comparing it to other cards to see which rewards rate, annual fee, and benefits make sense for your spending.
Some cards offer higher rewards rates on specific categories (groceries, gas, restaurants) while others offer a flat rate on all purchases. Some have no annual fee, while others charge $95 or more per year but offer premium benefits like travel insurance or airport lounge access. The best card for you depends on how much you spend, what you spend it on, and whether you will use the extra benefits.
You can compare cards on websites that list current offers and terms, or by visiting the websites of banks and card issuers directly. Read the terms carefully — the rewards rate, annual fee, and interest rate are the most important numbers to compare.
Frequently Asked Questions
Do I need to be a Voya customer to open a Voya Visa?
No. While the card is marketed to Voya's existing customers, you do not need to have a retirement account, insurance policy, or investment account with Voya to open the card. You only need a valid Social Security number, a credit history, and income that Voya can verify.
What credit score do I need to open a Voya Visa?
Voya does not publish a minimum credit score requirement, and the threshold varies based on current lending conditions. Generally, a score of 670 or higher improves your chances of approval, though some people with lower scores are approved and some with higher scores are denied. The only way to know is to explore.
Can I use my Voya Visa outside the United States?
Yes, you can use it anywhere Visa is accepted internationally. However, Voya will charge a foreign transaction fee (usually 1% to 3% of the purchase amount) for transactions outside the U.S. Check your card's terms to confirm the exact fee before you travel.
What should I do if I lose my Voya Visa card?
Contact Voya's customer service when ready to report the card lost or stolen. Voya will freeze the card so no one else can use it and will mail you a replacement card. You are not responsible for fraudulent charges made after you report the card lost, as long as you report it promptly.
How do I redeem my rewards points?
Log into your Voya account online or through the mobile app and navigate to the rewards section. You will see your current points balance and the redemption options available — usually cash back, travel bookings, merchandise, or gift cards. Select what you want and follow the prompts to complete the redemption. The specific options and minimum points required vary, so check your account for current details.