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If you use Venmo, you’ve likely heard of the Venmo credit card now that it’s available to everyone.
With its nice rewards program and user-friendly app, it’s easy to see why many people already have the card. Is it worth it to add the Venmo credit card to your wallet?
Check out my Venmo Credit Card Review below.
You know Venmo for its peer-to-peer payment service, but now they offer a credit card too. It was originally only for select users, but today any Venmo user can apply.
The Venmo credit card offers cash back on certain purchases (more on this below), and you can easily pay your Venmo bill from your Venmo account, making it even easier to split the bill with friends without the hassle of transferring funds to your bank account and then paying your credit card bill.
The Venmo credit card works like a standard credit card, but every time you swipe, tap, or use your card online, you’ll earn rewards.
You can manage your Venmo credit card in the app, watching your spending in real-time.
You can swipe, insert, or tap your card in stores or shop virtually with a virtual card number each time you shop online.
From now until July 31st, you’ll earn double the rewards if you open a Venmo credit card. Venmo rewards you the most for the two categories you spend the most (right now 6% and 4%) with 2% back on all other purchases through December 31st.
Once the promotional period ends, all users earn 3% in the category they spend the most money, 2% in the next most used category, and 1% in all others.
Venmo does the math for you and automatically applies your rewards in your Venmo account.
Unlike other credit cards, you don’t have to do anything to receive your rewards. At the end of each period, Venmo will automatically apply your rewards to your account.
You can use the funds as you would any other Venmo funds, whether you’re shopping, making a credit card payment, or paying friends.
Most reward credit cards have an annual fee, so the fact that Venmo doesn’t charge an annual fee is favorable.
This isn’t an introductory thing either – they don’t charge an annual fee ever.
Easily earn cashback with Venmo just by using your credit card. Venmo automatically categorizes your purchases and determines which category you spend the most money on.
It’s that category that you’ll earn 3% cashback and 2% cashback in the next category. You’ll also earn 1% in all other categories.
The categories eligible for 3% or 2% cash back include:
Venmo doesn’t charge any fees to use your card in another country, which again is a unique feature for most reward credit cards.
It’s easy to apply for the Venmo card right from the Venmo app using these steps:
You’ll know within seconds, if you’re approved, what your credit limit is, as well as your cash advance limit.
The front of your Venmo card will include your Venmo QR code. When you’re out with friends or family and want to split the bill, they can scan your code and pay you directly.
If you charge the bill yourself, you can use the funds received to pay your credit card bill right away. Others can use your code to request payment from you too.
You can use your Venmo rewards however you want, whether you apply them toward your credit card bill, keep them in your Venmo account, or transfer them to your bank account.
The Venmo app makes it easy to manage your credit card and your Venmo account all in one place. You can see your balance, manage your rewards, and even look at your spending patterns on the app.
If you lose your card, you can shut it off immediately in the app, and you can get a virtual credit card number to shop online.
The Apple credit cardhas no annual fee like the Venmo card, and it pays 3% cashback on Apple purchases and 2% on everything else, which is 1% higher than the Venmo card.
The kicker is, you have to pay using Apple Pay or your iPhone to earn the rewards. If you use the physical credit card (like normal), you’ll earn only 1% cashback.
The Citi Double Cash Card also doesn’t have an annual fee, but it has a unique rewards structure. You earn 1% on every purchase you make and then another 1% when you pay the balance off.
It also offers a 0% balance transfer APR for 18 months, which is great if you have other debts with high-interest rates.
The Discover It cash back credit card has no annual fee and a 0% APR on purchases and balance transfers for 14 months.
Users earn a 5% cashback reward on rotating categories, and Discover will match your cash back for the first year.
Venmo itself is safe, as is its credit card. They use bank-level encryption, and you can set up two-factor authentication to protect your information.
You also can shut your card off instantly in the app if you lose it.
If you use Venmo often, it’s worth getting the credit card. You can earn rewards on your spending and easily track your spending on both the credit card and through Venmo.
You don’t have to do any math or opt into any categories to earn rewards, which is nice.
You’ll always earn rewards at least until you hit $10,000 in your top categories in the second year. During the first year, there is no cap.
Yes, the Venmo credit card is a Visa credit card issued by Synchrony Bank. You have to apply for and get approved for the credit card, which means you need good credit.
Any rewards you earn will go to your Venmo account, but the Venmo credit card is a real credit card for all intents and purposes.
You need great credit to get a Venmo credit card. Your Venmo history doesn’t matter, but your credit history does.
If you don’t pay your bills on time or have a large amount of credit card debt outstanding, it may be hard to get approved.
If you use Venmo, the Venmo credit card may make sense. It offers easy-to-use rewards but has a somewhat high APR.
If you’re the type that uses a credit card to get the rewards and pays your balance in full each month, it may be worth it.
If you like to carry a balance or want higher rewards than 3% on only one category, you may want to look elsewhere.