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Venmo Venmo Credit Card

Venmo Venmo Credit Card


Venmo Credit Card

Details


Regular Annual Percentage Rate (APR)

19.74%-28.74% (variable)

Pros & Cons
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Highlights
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If you’re a Venmo user looking for a rewarding cash-back credit card with no annual fee, the Venmo Credit Card is an interesting option to consider. It gives you bonus cash for common expenses — even some that are woefully neglected by other cash-back credit cards.

It’s rare to find a credit card with such a broad range of bonus categories — including health and beauty and utilities.

Venmo Credit Card Review: Is It the Best Credit Card for You?

Venmo is a ubiquitous money transfer service owned by PayPal. It issues the $0-annual-fee Venmo Credit Card, a solid cash-back credit card that earns up to 3% cash back for your most common spending. Eligible bonus categories include dining, groceries, travel, and utilities. You can also automatically turn your cashback into crypto, if you’re into that kind of thing.

You need a Venmo account in good standing that has been open for at least 30 days prior to applying for the Venmo Credit Card. Applications are available on the Venmo app only.

If you don’t have or want Venmo, there are other cash-back credit cards available with similar earning rates. For example, the Chase Freedom Unlimited® offers 5% cash back on Chase travel portal purchases, 3% back on dining and drugstores, and 1.5% back on everything else. And the Citi® Double Cash Card earns an effective 2% cash back on all purchases (1 point per dollar when you make a purchase and 1 point per dollar when you pay off that purchase).

Insider’s Featured Cash Back Credit Cards

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Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations up to the quarterly maximum when you activate. Earn unlimited 1% cash back on all other purchases automatically.

Unlimited Cashback Match – Discover will automatically match all the cash back you’ve earned at the end of your first year

Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

0% intro APR on balance transfers for 18 months, then 18.74% – 28.74% variable APR

Earn unlimited 2% cash rewards on purchases.

$200 cash rewards bonus after spending $500 in purchases in the first three months from account opening

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Venmo Credit Card Rewards

Venmo Credit Card welcome bonus offer

There is currently no welcome bonus for the Venmo Credit Card.

How to earn Venmo Credit Card rewards

With the card, you’ll earn 3% cash back on your top spending category, 2% cash back on your second biggest category, and 1% cash back on everything else. 

The Venmo Credit Card offers the following bonus categories:

  • Bills and utilities
  • Dining and nightlife
  • Entertainment
  • Gas
  • Grocery
  • Health and beauty
  • Transportation
  • Travel

On each billing statement, your spending in each category will be calculated — your top spending categories can change every month. Cash back is credited directly to your Venmo account.

It’s great to be able to receive cash back for such common purchases. The utilities category is a hugely underrepresented spending category.

How to use Venmo Credit Card rewards

Cash back is the king of flexibility. You can cash out your rewards by depositing the money into your linked bank account; you can transfer it to someone else; you can make purchases with retailers that accept Venmo.

You can also turn on the crypto auto purchase feature, which will tell Venmo to automatically purchase crypto with the cash back you’ve earned each month. You can choose from:

  • Bitcoin
  • Litecoin
  • Bitcoin Cash
  • Ethereum

Crypto is obviously less-than-stable, but it’s a neat perk for some.

Venmo Credit Card Benefits and Features

The Venmo Credit Card comes in two versions: Visa and Visa Signature. Cash back earning is the same with both versions and there are similar benefits, and the type you’ll get approved for depends on your individual credit profile.

Waived Venmo fee when paying peer-to-peer

When you send money to another person with a credit card on Venmo, you’ll usually incur a 3% fee. However, when you use your Venmo Credit Card to send money, this fee will be waived through December 31, 2023.

You won’t earn cash back when using your Venmo Credit Card for peer-to-peer funding — but if you send any meaningful amount of money through Venmo with a credit card, this could save you a lot

Manage your card in the Venmo app

You manage the Venmo Credit Card directly through the Venmo app, where you can track real-time spending organized by category, split and share purchases, view cash-back status, and make payments. You can elect to receive real-time purchase alerts and be notified when cash back is applied to your account.

Custom card design

Your credit card will be printed with a custom QR code, which can be scanned to activate the credit card or for friends to access your Venmo profile and send a payment or split purchases. You can select from several brightly colored patterned designs when you apply.

Virtual card

At the time your card is approved, you will receive a virtual card in your Venmo wallet. This can be used for online purchases even before receiving your physical card. You can request a new virtual card at any time.

Visa Zero Liability Policy

You will not be liable for unauthorized transactions made to your Venmo Credit Card if you immediately contact Synchrony Bank if your card is lost or stolen, if your credentials are compromised, or if your account has been accessed without your permission.

Venmo Credit Card Visa Signature benefits

If you have the Venmo Visa Signature Credit Card, you’ll get additional benefits. Here are some highlights.

Visa Luxury Hotel Collection

When reserving hotels through the Visa Luxury Hotel Collection, you’ll get special complimentary benefits:

  • Best rate guarantee
  • Room category upgrade
  • $25 food and beverage credit
  • Daily continental breakfast
  • VIP guest status
  • In-room Wi-Fi, when available
  • 3 p.m. checkout upon request, when available 

Visa Concierge

The 24/7 Visa Concierge service offers telephone assistance with making reservations, arranging gifts, and more. This service is complimentary with your Venmo Visa Signature Credit Card. 

Travel and emergency assistance services

You’ll get complimentary 24/7 access to the Travel and Emergency Assistance Service, which connects you with resources to help manage emergencies when traveling, including legal and medical referrals (service cost is at your expense). 

Roadside dispatch

This is a pay-per-use roadside assistance program. When you call 800-847-2869, you can receive the following:

  • Standard towing, up to 5 miles included
  • Tire change. Must have a good, inflated spare
  • Jump-starting
  • Lockout service (no key replacement)
  • Fuel delivery up to five gallons (plus the cost of fuel)
  • Standard winching

Again, you’ll have to pay for most of this — but it’s good if you’re in a pickle.

Audi on Demand discounts

You’ll get up to 15% off your bill when renting an Audi through Audi on Demand when you use this link — with a guaranteed discount of at least 10%.

Venmo Venmo Credit Card

Venmo Venmo Credit Card


Venmo Credit Card

Details


Regular Annual Percentage Rate (APR)

19.74%-28.74% (variable)

Pros & Cons
Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Highlights
Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Venmo Credit Card Annual Fee and Other Costs

The Venmo Credit Card has a $0 annual fee and no foreign transaction fees. Like other cards, if you don’t pay your balance in full, you’ll pay interest — currently a 19.74%-28.74% (variable) APR.

Fees apply to other situations, including:

  • Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Late payment fee: Up to $41
  • Returned payment fee: Up to $30

How the Venmo Credit Card Compares

Venmo Credit Card vs other cash back credit cards

Venmo Credit Card vs other flexible category credit cards

** 3% and 2% cash back on the Bank of America® Customized Cash Rewards Credit Card on up to $2,500 in combined spending each quarter, then 1%

*** 5% cash back on the U.S. Bank Cash+® Visa Signature® Card on up to $2,000 in combined purchases each quarter (then 1%) in two categories you choose from a list

Venmo Credit Card Frequently Asked Questions

Because it’s a no annual fee credit card, the Venmo Credit Card is free to try. And because its bonus categories mold to your spending, it’s a great fit for just about any wallet. The card is definitely worth it if your primary goal is cash back.

However, this card is best used to complement another cash-back card that earns bonus points in other areas of your spending. For example, the $0-annual-fee Capital One SavorOne Cash Rewards Credit Card earns 3% cash back on dining, at grocery stores (excluding superstores like Walmart and Target), entertainment, and popular streaming services, and 1% cash back on all other purchases. If you have this card, you can funnel the less common purchases (utilities, health and beauty, transportation, etc.) through the Venmo Credit Card.

You can use a credit card to pay merchants, but you’ll incur a 3% fee. That said, the Venmo Credit Card waives this fee when you use it through Venmo for P2P  payments, but you won’t earn rewards for the transaction.

You can find your account by visiting the Venmo website or logging into the Venmo app.

Methodology: How We Reviewed the Venmo Credit Card

We rated the Venmo Credit Card according to similar cash back credit cards with no annual fee. Based on the card’s lack of a welcome bonus and marginal ongoing benefits, but competitive earning rates, we’ve given this card 3.2 stars out of 5 stars.