You use Venmo to send money to friends, but did you know there’s a credit card? Learn more about the Venmo credit card and decide whether it is right for you.
The Venmo credit card is a credit card from Venmo that connects with your existing Venmo account and app. It includes the ability to earn cashback and other rewards. It also has unique features, such as a QR code on the physical code that links to your Venmo account, making it easy for your friends to send you money.
Explore the details of the Venmo credit card in more detail, from interest rates to benefits, to decide if you should apply for it.
The Venmo credit card is a credit card from the popular money-transferring service. It gives you access to a line of credit and functions like a traditional credit card. The main difference is that it is linked to your Venmo account and comes with various benefits.
Venmo is among the most popular methods of sending money between friends and acquaintances. People have been using Venmo to pay friends and even make purchases for years. It functions via a smartphone app and lets you connect a bank account and/or maintain a balance. In addition to sending funds, you can send messages and even animated stickers and emojis. There are no fees to sign up for Venmo, send money, or receive money from a linked bank account. Venmo only charges a fee if you send money from a linked credit card, in which case the fee is 3%.
The Venmo credit card is a newer option from Venmo. It works like any other Visa card that offers rewards. You use it to access a line of credit that you must pay off every month. If you carry a balance, you will have to pay interest. There are also other benefits and features of Venmo that make it somewhat unique.
There is no annual fee for the Venmo credit card. Your interest rate will depend on various factors, including your creditworthiness. When you open your account, you will be assigned one of three types of accounts. The APR is 17.49%, 23.49%, or 26.49%, depending on your account type. Keep in mind that this APR varies with the Prime Rate. Any interest charge will be a minimum of $2.
If you get a cash advance, the APR is 26.49%, and that also varies with the Prime Rate. Cash advances also come with a fee of $10 or 5% of the cash advance, whichever of the two is larger.
There are no foreign transaction fees with the Venmo credit card. The fee for late payment is up to $41, and the fee for a returned payment is up to $30.
The Venmo credit card is offered by Synchrony Bank.
The Venmo credit card does require you to have good or excellent credit, so keep that in mind before applying. You will also need to have a Venmo account in good standing and have had it open for at least 30 days before applying.
One of the biggest appeals of the Venmo credit card is the ability to earn cashback. Unlike other cards’ cashback rewards, Venmo lets you decide what to do with them. You can send them, spend them, or use them to buy cryptocurrency automatically. Choosing to use your cashback to buy cryptocurrency does not come with any crypto transaction fee. (Just remember that cryptocurrency is volatile, so think carefully before taking advantage of this option).
The layout of the rewards system is also somewhat unique. Venmo analyzes which categories you spend the most money in. Then, you earn 3% cash back on the top spend category (that is eligible) and 2% cash back on the category with the next highest expenditure. Then, you get 1% cash back on everything else.
The eligible categories include:
Another unique thing about the Venmo card is that every single one features a QR code. Your card’s QR code will take someone right to your Venmo profile. This makes it easy for you to get paid or pay someone in seconds. You also get to choose the color of your card from:
As expected, the Venmo credit card integrates and syncs seamlessly with the Venmo mobile app that you already use for sending and receiving money. The following are some things you can do with your credit card in the Venmo app.
One of the most basic things you can do in the Venmo app is view your credit card transactions and rewards. This includes the ability to view Venmo spending, including splits, and view crypto payments purchased with rewards.
One of the key features of the Venmo app for money transfers is the ability to split payments easily. If you have the credit card, you get even more functionality for this. If your friends send you payments, you can apply those directly to your bill for the credit card or let it go to your Venmo account.
You can use your Venmo app to pay if you don’t want to pull out your credit card. You can even use this feature before you receive your physical card in the mail, making it a great option for new users. It also comes in handy if you lose your card or it gets stolen. You can just use the virtual card in the app while you wait for a new one to arrive.
Speaking of lost or stolen cards, you can use the Venmo app to easily disable your physical card. Reenabling it is just as easy.
The Venmo card is a contactless Visa, so you can use it with ease on contactless-enabled terminals.
As a Visa, you get various Visa benefits.
Visa has 24/7/365 support for cardholders. There are separate numbers for support inside and outside of the United States.
Because the Venmo credit card is a Visa, you get the Visa Zero Liability Policy. This means that you don’t have to worry about being accountable for fraudulent purchases. You just have to notify Venmo immediately.
24/7 support means that you can immediately report and cancel a lost or stolen credit card, then have a replacement sent to you.
This is a pay-for-use roadside assistance program without dues or membership fees, or limits on usage.
If you have an emergency, Visa can arrange for a cash wire transfer close to you. You will typically receive the wire within hours of being approved by Synchrony.
If you get the Signature card, you also have access to this, which includes connecting you to local emergency resources 24/7.
This is another benefit for Venmo Signature card holders. You get room upgrades, the best available rate guarantee, a food/beverage credit VIP guest status, 3 p.m. checkout upon request, and complimentary in-room Wi-Fi.
Getting the Signature credit card from Venmo also gives you the following benefits:
If you already use Venmo for sending and receiving money and have a good credit score, it is worth considering this credit card. The lack of an annual fee and the cashback rewards make it appealing. However, you may still want to consider other credit cards with better rewards, as your credit score will likely qualify you for them.
If you don’t use Venmo and have no interest in doing so, consider a different card. Additionally, if your credit score is less-than-stellar, you may not be approved.
In addition to this credit card, Venmo offers a debit card, which is a Venmo Mastercard Debit Card. It functions as a debit card connected to your Venmo account, letting you spend your Venmo balance with a Mastercard. The card doesn’t come with monthly or application fees, but there are ATM withdrawal fees. You can also control the debit card via the Venmo mobile app.
The Venmo credit card is a traditional credit card offered by Venmo. It connects to your Venmo account and lets you earn cashback that gets deposited into the Venmo account. It comes with all the benefits of a Visa, and the card itself features a QR card that leads to your Venmo profile, making splitting payments a breeze.