Venmo credit card review: what you need to know

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GOBanking Rate Score

Our opinion : For regular Venmo users, having a credit card directly connected to their Venmo account can provide a level of convenience – but the Venmo card doesn’t offer the best cash back compared to other cards. Its annual percentage rate of up to 24.24% is also in the upper bracket. It does, however, offer an interesting rewards program for those looking to dive into cryptocurrency. In short, those who are entitled to a better card don’t need the Venmo credit card.
  • Digital integration
  • Cash back flexibility
  • Cryptocurrency Rewards
  • Benefits of visa

How did we calculate this?

Advantages

  • Direct connection to your Venmo account
  • Ability to split card purchases through Venmo
  • Use cash back rewards to buy cryptocurrency at no cost
  • Choose your cash back categories

The inconvenients

  • Relatively high APR
  • Tiered cash back could leave money on the table

About the Venmo Credit Card

The Venmo Credit Card is a card issued by Synchrony Bank and authorized by Visa USA Inc. for use with an established Venmo App Account. The credit card can be used as a means of payment with the app and also offers some of the Venmo app balance options, such as the ability to split purchases.

Modern finance

The Venmo Credit Card is a modern card intended to work in modern financial situations. For example, he has a personal QR code to accept payments from friends with a simple scan.

It also comes with all the convenience of online shopping you could want through your Venmo account. You can use your Venmo card anywhere Visa is accepted which is pretty much anywhere. And you can start using it as soon as you are approved with a virtual card.

Personalize push notifications about your credit card status in the Venmo app so you never have to wonder what your balance is or when your payment is due.

Possibility to buy crypto

A unique feature of the Venmo credit card is the ability to purchase crypto with your cash back. This is a no-cost way to automatically buy crypto with each month’s cash back balance. The four regularly available cryptocurrencies that can be purchased on Venmo are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Features of the Venmo credit card

Here is an overview of some of the features of the Venmo credit card:

  • Personal QR code: Your Venmo code is printed on the front of your card, making it easy to have a tangible item for your friends and acquaintances to scan and pay you.
  • Split transactions: Just like in the Venmo app, you can split transactions made on your card. Make a purchase on the card, then accept partial payment through the app. You can put this payment directly on your card, reducing your balance.
  • Choose a card color from five options: Whether it’s just a personal preference or you want to make tracking easier, you can choose your card color.

Venmo Card Cash Back Categories

The cash back on the Venmo credit card is customizable. You’ll earn 3% cash back on your highest spending category, 2% on your next category, and 1% on all other qualifying purchases.

For example, if you spend the most on groceries, you can get 3% back on all of those purchases. If the next thing you spend the most is gasoline, you will receive 2% back on that. The rest of your purchases will earn 1%. No guesswork is required – Venmo will identify your top expense categories for you.

Benefits of the Venmo Card

Here are some of the benefits offered by the Venmo credit card:

  • Your card information opens directly in the Venmo app. If you use the app for your other purchases, including cryptocurrency, you can have a consolidated picture of all your finances in one place.
  • Buy cryptocurrency free of charge with monthly cash back rewards when you use the auto-purchase feature.
  • You are not responsible for purchases made with your card without your consent. If your card is stolen or lost, you can easily deactivate it in the app.
  • The Venmo credit card offers contactless payment options, so you can simply tap it on a participating point-of-sale device to complete payment.

Disadvantages of the Venmo card

Consider these drawbacks when deciding to apply for a Venmo credit card:

  • The annual percentage rate can be high, up to 24.24%. With a decent credit score, you can find significantly lower rates.
  • The benefits are limited – users can find better cash back deals.
  • Cryptocurrency purchases are automatic once you activate them. If you want to get cash back instead, you’ll need to remember to turn off the option to buy crypto.

Good to know

To apply for the Venmo credit card, you must already have a Venmo account that is at least 30 days old. You must have an established credit history. Your application will result in serious investigation of your score, so make sure you’re in good enough shape to handle this.

Should You Get a Venmo Credit Card?

There are two main reasons you should get a Venmo credit card:

  • You use Venmo for a lot of purchases and need to increase your budget by using a credit card in addition to those purchases.
  • You are an amateur crypto trader and want to be able to buy a small amount of crypto at no cost.

Since you can already use any old credit card with Venmo, there is little benefit to opening a Venmo card just for using it with the app. Unfortunately, this Venmo credit card review concludes that it just isn’t convincing for those who already have a decent cash back credit card.

About the Author

Emily Cahill is a writer with over three years of experience creating digital content. Previously she worked as a freelance editor while attending Trinity College for English / Rhetoric.
She specializes in SEO-driven content that highlights the unique properties of a product or service while making them digitally ‘findable’, particularly for the finance, geek culture and business niches. lifestyle.


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