Venmo Credit Card Review: Is It a Good Option?

Apply Now
on Synchrony Bank's secure site
The Venmo Credit Card offers cash back rewards in rotating categories; however, other cards offer higher rewards and an easier experience.
  • Annual Fee:
    $0
  • Regular APR:
    15.24% - 24.24% Variable APR on purchases
  • Recommended Credit Score:
    670 - 850

Disclaimer: This post contains references to products from one or more of our advertisers. We may receive compensation (at no cost to you) when you click on links to those products. Read our Disclaimer Policy for more information.

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.

Venmo Credit Cards Pros and Cons

Pros:

  • You don’t have to opt-in to rewards, Venmo tracks your spending automatically and pays you cash back on all purchases in tiers (most spent category, second-most spent category, and everything else)
  • You earn rewards at the end of each period, and the rewards are automatically applied to your account
  • Your QR code is on the front of your card to make it easy to split bills or have friends request money from you
  • Access to a virtual card that you can use to shop online
  • Easy application process with an answer in seconds
  • User-friendly interface to manage your credit card
  • Freedom to use your Venmo rewards how you want

Cons:

  • After the first year, once you spend $10,000 in your top two spending categories, you’ll earn only 1% on all purchases for the rest of the year
  • 1% rewards is low for most rewards credit cards
  • You need good or even great credit to get approved (not for beginners)
  • You must use Venmo to get the Venmo credit card

What Is the Venmo Credit Card?

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.

How Does the Venmo Credit Card Work?

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.

Venmo Credit Card Rewards

Earning Rewards

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.

Redeeming Rewards

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.

Venmo Credit Card Review

  • Annual Fee: No annual fee
  • Foreign Transaction Fee: None
  • Rewards: 3% in the top category, 2% in your second most used category, and 1% in all others (through December 31st, Venmo is doubling the rewards)
  • Regular APR: 15.24% – 24.24%

Venmo Credit Card Features and Benefits

No Annual Fee

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.

Earn Cash Back with Ease

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:

  • Groceries
  • Utilities
  • Health and beauty
  • Entertainment
  • Travel
  • Gas
  • Transportation
  • Dining

No Foreign Transaction Fees

Venmo doesn’t charge any fees to use your card in another country, which again is a unique feature for most reward credit cards.

Easy Sign-Up Process

It’s easy to apply for the Venmo card right from the Venmo app using these steps:

  • Open the Venmo menu
  • Choose credit card
  • Read the terms and rates
  • Click apply now
  • Pick your card color
  • Provide your information
  • Agree to the terms

You’ll know within seconds, if you’re approved, what your credit limit is, as well as your cash advance limit.

QR Code Scanning

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.

Easy Redemption

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.

Easily Manage the Card on the Venmo App

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.

How Does the Venmo Credit Card Compare to Other Options?

#1. Venmo Card vs. Apple Credit Card

The Apple credit card has 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.

#2. Citi® Double Cash Card vs. Venmo Credit Card

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.

#3. Discover it® Cash Back vs. Venmo Credit Card

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.

Frequently Asked Questions

Is the Venmo Credit Card Safe?

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.

Is It Worth Getting a Venmo Credit Card?

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.

Is the Venmo Credit Card a Real Credit Card?

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.

Is it Hard to Get the Venmo Credit Card?

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.

Bottom Line: Venmo Credit Card Review

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.

Kim Pinnelli
Kim Pinnelli
Kim is a personal finance expert with a Bachelor’s degree in Finance from the University of Illinois at Chicago. She has been freelance writing for 13 years for a number of large publications. Kim thoroughly enjoys helping people take charge of their personal finances.