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Venmo Credit Card review

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A relatively straightforward cashback card.

  • 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.

Up to 3%

Cash back

$0

Annual fee

15.24%, 21.24% or 24.24%

Purchase APR (variable)

670

Recommended credit score

Details

Product NameVenmo Credit Card
Card typeMastercard
Annual fee$0
Purchase APR15.24%, 21.24% or 24.24% variable
Balance transfer APRN/A
Cash advance rate24.24% variable
Cash advance fee$10 or 5% of the cash advance amount, whichever is greater
Foreign transaction feeNone
Interest free periodUp to 23 days
Late payment feeUp to $40
Returned payment feeUp to $29
Rates & feesrates & fees

Expert review

Steven Dashiell

Review by


Steven Dashiell is a credit cards writer at Finder. He's worked on 250 Finder articles and counting, helping readers embrace and maximize credit cards. Backed by nearly a decade of research and reporting experience, Steve's work can be seen on Debt.com, CreditCards.com and Lifehacker.

Expert review

Months after it was initially announced, the Venmo Credit Card has finally touched down in select markets. The Venmo Credit Card earns up to 3% back on select purchases and offers financial management features through the Venmo app, with no annual fee and an APR ranging from 15.24% to 24.24% variable.

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.

How to apply for the Venmo Credit Card

As of this writing, the Venmo Credit Card is only available to select users through the Venmo app. You can check to see if you can apply by logging into your Venmo app and bringing up the menu bar. If eligible, 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.
  • 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

Name Product Welcome offer Rewards Annual fee Filter values
Blue Cash Everyday® Card from American Express
$200 after spending $1,000 in the first 3 months
2% at US gas stations and select US department stores, 3% at US supermarkets on up to $6,000 per year, then 1% after that and on all other purchases
$0
Get 3% cash back on groceries on up to $6,000 annually (then 1%) with no annual fee. This is a simple and effective rewards card. Rates & fees
Chase Freedom Flex℠
$200 after spending $500 in the first 3 months, plus 5% cash back at grocery stores on up to $12,000 in the first year
5% back in rotating categories up to $1,500 combined each activated quarter (then 1%), 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases
$0
Get up to 5% cashback in rotating and newly added everyday categories. The refreshed Freedom Flex card has lots of earning potential.
Blue Cash Preferred® Card from American Express
$300 after spending $3,000 in the first 6 months (Offer expires 12/10/2020)
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on all other purchases
$0 intro annual fee for the first year ($95 thereafter)
Perfect for families: Get up to 6% on everyday purchases and a welcome offer worth $300. This heavy-hitter rewards card has uncontested value. Rates & fees
Citi® Double Cash Card
N/A
Up to 2% cash back on purchases (1% when you buy plus 1% as you pay)
$0
Earn up to 2% on every purchase with no annual fee. This is the highest flat-rate cashback card on the market.
Chase Freedom Unlimited®
$200 after spending $500 in the first 3 months, plus 5% cash back at grocery stores on up to $12,000 in the first year
5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases
$0
This solid 1.5% cashback card gets even better with the addition of up to 5% back in categories like travel, drug stores and dining.
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Compare up to 4 providers

Bottom line

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.

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