Venmo Credit Card Review: Cash Back Bonuses for Venmo Enthusiasts

Overview of the Venmo Credit Card

The Venmo Credit Card seamlessly integrates with your Venmo account, has no annual fee, and automatically adjusts its bonus categories to fit your spending habits. It's ideal for those who prefer straightforward cash back without extra complications. Card rating*: ⭐⭐⭐

*The card rating reflects the views of TPG's editors and is not swayed by the card issuer.

Issued by Synchrony Bank, the Venmo Credit Card comes in five vibrant colors and is named after the well-known peer-to-peer payment platform. Yet, it offers more than just a name, featuring a solid earning structure and a variety of redemption options that many will appreciate.

It comes with no annual fee and is recommended for individuals with a credit score of 700 or higher.

While you can choose from a variety of colors for your card, the absence of an annual fee with the Venmo card means you might miss out on some of the perks typically expected from a credit card.

Is the Venmo card a worthy addition to your wallet? Here’s what you should consider before making that choice.

The details for the Venmo Credit Card were independently gathered by Dinogo. The information on this page has not been reviewed or supplied by the card issuer.

Advantages and Disadvantages of the Venmo Credit Card

Welcome Offer for the Venmo Credit Card

The Venmo card sometimes provides welcome bonuses, but these are not consistently available, affecting the potential rewards when you apply.

You might encounter limited-time welcome bonuses, like earning $150 after fulfilling certain spending criteria, in your Venmo account. If you're interested in applying, wait for a similar promotion to appear.

Benefits of the Venmo Credit Card

The Venmo card can be issued as either a Visa Traditional or Visa Signature card. Depending on which type you receive, you may enjoy benefits such as emergency card replacement and emergency cash disbursement, a zero liability policy, Visa Signature Concierge services, access to the Visa Luxury Hotel Collection, and roadside dispatch.

Featuring your personal QR code, the Venmo card allows others to scan it and access your Venmo profile to send you money. It also integrates with the Venmo app for tracking transactions and enables you to apply payments from friends directly to your credit card balance.

You can receive a virtual account number immediately upon card approval, allowing you to use the card right away while you wait for the physical card to arrive in the mail.

As a card with no annual fee, you shouldn't expect benefits like travel credits, lounge access, or travel insurance. If those features are what you seek, consider a travel rewards credit card.

Cash Back Opportunities with the Venmo Credit Card

Having a credit card that rewards you with extra points or cash back in your regular spending categories is crucial. However, spending habits can shift over time.

What happens if you must select your preferred categories ahead of time and then face a hefty bill? Cards like the Venmo Credit Card, which adapt to your spending patterns, are perfect for such situations.

Each billing period, you'll earn 3% cash back in your highest spending category, which automatically adjusts based on your most frequently used categories:

• Utilities and bills (including recurring subscriptions like streaming services)
• Dining and nightlife
• Entertainment
• Gas
• Grocery (including wholesale retailers)
• Health and beauty
• Transportation
• Travel
• Other

You'll receive 2% cash back in your second-highest spending category and 1% back on all other purchases.

There are no earning limits, which is a great feature of this earning structure. However, keep in mind that you won’t earn cash back when sending money, such as through electronic funds transfers, money transfers, or wire transfers.

Certain categories, like utilities and wholesale clubs, are not typically found on consumer credit cards, giving the Venmo card an advantage over other similar cash-back cards.

How to Redeem Cash Back with the Venmo Credit Card

All rewards earned from the Venmo card will be credited to your Venmo account balance within three days after your statement closes. You have two ways to utilize your earnings.

First, you can use your cash back to pay bills or send money to friends directly from your Venmo balance.

Alternatively, you can redeem your cash back for automatic purchases of cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. This automated purchasing process incurs no cryptocurrency transaction fees, unlike regular crypto transactions through Venmo.

Since your rewards are redeemed as cash, they hold a consistent value of 1 cent each. With fixed-rate rewards, you’ll always know exactly what your earnings are worth, which can enhance your overall points and miles strategy.

Which Cards Rival the Venmo Credit Card?

Besides the Venmo Credit Card, there’s also the Venmo Debit Card, which earns cash back through Venmo Offers powered by Dosh. However, if you’re seeking a credit card, consider these alternatives to see if they better suit your needs:

• If you prefer a card linked to a payment app: The PayPal Cashback Mastercard® has no annual fee and provides 3% cash back on PayPal transactions and 1.5% back on other purchases. Depending on how you spend, this earning rate could benefit you more.
• If you want to earn more by selecting categories in advance: The U.S. Bank Cash+® Visa Signature® Card offers 5% cash back in two selected categories and 2% back in another chosen category, but you’ll only earn 5% on up to $2,000 in purchases per quarter across your two selected categories. This card also has no annual fee. For more details, check out our full review of the U.S. Bank Cash+ Visa card.
• If you seek more flexibility with your rewards: The Citi Double Cash® Card (see rates and fees) earns 2% cash back on all purchases (1% when you buy and 1% when you pay). You can redeem your rewards for cash or travel. For further insights, see our full review of the Citi Double Cash.

The information regarding the PayPal Mastercard and U.S. Bank Cash+ Visa has been independently gathered by Dinogo. The card details on this page have not been reviewed or provided by the card issuer.

For more options, explore our complete list of the top cash-back credit cards and the best no-annual-fee credit cards.

Is the Venmo Credit Card a Good Choice?

For those who frequently use Venmo, this card could be an excellent fit since it offers cash back in categories that adapt to your spending. However, if you don’t often use the Venmo app, relying on it for the Venmo Credit Card might be a significant change. Additionally, the card lacks insurance protections and extra features beyond its earning potential, which may deter some users.

Final Thoughts

Automatically earning additional cash back in categories that adjust to your habits can be beneficial, provided it doesn’t compromise your everyday purchases. If your spending is diverse, you might find greater value in a card that offers higher cash back across multiple categories or consistently provides 2% back on all purchases.

If you frequently use Venmo and tend to concentrate your spending in a specific category, the Venmo Credit Card could offer you great value.