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Venmo Credit Card review
A relatively straightforward cashback card that lets you redeem on Crypto.
- Get this card if you want a solid cashback card that makes it easy to maximize your rewards.
- Pick something else if you want a cashback card with bigger earning potential or if you need an intro APR.
- Apply with a good credit score of 670 or higher.
15.24%, 21.24% or 24.24% variable
Minimum Credit Score
Steven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.
The most interesting thing about the Venmo Credit Card is its rewards structure. You’ll earn 3% cash back on your biggest spending category each month, and 2% back on your second biggest category. Unlike some category cards, you don’t have to opt-in to a category and they don’t rotate on a quarterly basis. Instead, the card automatically tracks your spending and assigns the highest earning rate to the eligible categories you spend most in. This is quite convenient and could be a good option for consumers who want accelerated rewards but prefer a hands-off approach to maxing card rewards.
New to the card is the ability to automatically purchase eligible Crypto with your earned cashback each month. This helps carve out a more unique niche for the Venmo card as a solid everyday cashback card that can help crypto newbies ease their way into the dizzying world of cryptocurrencies.
This is an interesting and likely a smart move on Venmo’s part, as the Venmo card was otherwise a fairly standard rewards card. You get some nice financial management options through the Venmo app, and the card doesn’t charge foreign transaction fees. But you won’t find a signup bonus or intro APR here, leaving the card a bit lacking compared to similar cashback competitors. Strangely, the card doesn’t offer any sort of rewards on Venmo usage either, which feels like a missed opportunity. But otherwise, the Venmo Card is now an interesting choice of rewards card for the crypto-curious.
How to apply for the Venmo Credit Card
The Venmo Credit Card is available for application for Venmo users directly through the Venmo app. You can apply by logging into your Venmo app and bringing up the menu bar. You should see an option for the Venmo Credit Card, similar to how the Venmo Debit Card is listed.
The Venmo Credit Card will be available on the Synchrony website at a later date.
What credit score do I need?
Apply for the Venmo Credit Card with a good credit score of 670 or higher.
Venmo Credit Card benefits
- Earn rewards. You’ll earn up to 3% cash back in your top spending category, 2% back in your second highest and 1% back on everything else. Eligible categories include groceries, bills and utilities, health and beauty, gas, entertainment, dining and nightlife, transportation, and travel. There’s no need to select which categories you want to earn 3% back on – Venmo will automatically adjust your rewards based on your spending.
- Redeem on Crypto. New to the card is the ability to redeem your earned cash back on Crypto. After opting into the program, all earned cashback added to your Venmo account at the end of the month will be used to purchase an eligible cryptocurrency. Eligible currencies include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- No annual fee. You won’t pay an annual fee to use this card.
- No foreign transaction fees. You won’t pay a fee on purchases made abroad.
- Finance management features. Venmo’s mobile app allows you to track and manage your spending, as well as receive alerts regarding account activity.
What to watch out for
- Range of possible APRs. Depending on your credit score, you could end up with an APR of 15.24%, 21.24% or 24.24% variable.
- No signup bonus. This card lacks a signup bonus to earn after meeting spending requirements. This is pretty uncommon for a cashback card these days.
- No intro APR. You won’t find an intro APR on purchases or balance transfers with this card. In fact, this card doesn’t allow for balance transfers at all.
- Fees. Late payments will result in a fee of up to $40 depending on your payment history within the last six months. Returned payments will result in fees of up to $29. Cash advance fees will cost you the greater of $10 or 5% of the cash advance.
Compare cashback credit cards
For a card with no annual fee, the cash back you can earn with the Venmo Credit Card isn’t bad. But there’s some fierce competition in the cashback card space, including heavy hitters like the Chase Freedom Flex℠. The Venmo Credit Card doesn’t bring quite enough benefits to the table to make it a top pick, though it’s not a bad choice if you can’t qualify for the big-name cashback cards out there.