Verizon's new rewards program comes with a big catch

Verizon has launched a new rewards program called Verizon Up that rewards its customers with a credit for every $300 they spend on their bill.

These credits can then be redeemed towards a variety of rewards as a way of giving something back to customers. The various rewards could include discounts towards your next device purchase, discounts on accessories, or partner rewards. There are also some additional offerings that operate on a first-come, first-served basis such as ticket opportunities.

The rewards scheme appears to be a great way to get something back just for paying a bill — but it comes at a price.

Noted by Brandon Robbins on Twitter, to be eligible for the Verizon Up reward program you have to enroll in Verizon Selects. The catch is that the Verizon Selects program allows the company to track massive chunks of your personal data including web browsing, app usage, device location, service usage, demographic info, postal or email address, and your interests. The data then gets shared with Verizon’s newly formed Oath combination (aka AOL and Yahoo), plus with “vendors and partners” who work with Verizon.

While the Verizon Up is an opt-in program, meaning if you don’t agree with the Verizon Select data collection you don’t have to take part, it is a give with one hand take with another scenario. The rewards Verizon is offering are certainly appealing when it comes to getting something back from your bills but may not be enough to entice customers to hand over pretty much their entire mobile activity to be shared.

Let us know your thoughts on the Verizon Select program – does sharing your data in exchange for rewards concern you, or is it something you would stay clear of?