Venmo Credit Card review
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%
15.24%, 21.24% or 24.24%
Purchase APR (variable)
Recommended credit score
|Product Name||Venmo Credit Card|
|Purchase APR||15.24%, 21.24% or 24.24% variable|
|Balance transfer APR||N/A|
|Cash advance rate||24.24% variable|
|Cash advance fee||$10 or 5% of the cash advance amount, whichever is greater|
|Foreign transaction fee||None|
|Interest free period||Up to 23 days|
|Late payment fee||Up to $40|
|Returned payment fee||Up to $29|
|Rates & fees||rates & fees|
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.
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.
Aside from rewards, the rest of the card is pretty standard. 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.
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
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.