Venmo Credit Card Review 2023: Should You Get One?
Written by
Emily Cahill
Edited by
Susan Kim
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GOBankingRates Score
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Digital Integration
5.0
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Cash Back Flexibility
4.0
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Cryptocurrency Rewards
4.0
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Visa Benefits
4.0
Pros
- Direct connection to your Venmo account
- Ability to split card purchases via Venmo
- Use cash back to purchase cryptocurrency fee-free
- Choose your cash back categories
Cons
- Relatively high APR
- Tiered cash back could leave money on the table
Venmo Credit Card Overview
The Venmo credit card is a branded card issued by Synchrony Bank and licensed by Visa USA Inc. to be used in conjunction with an established Venmo app account. The credit card can be used as a payment method with the app and also shares features with the Venmo app, such as the ability to split purchases.
Venmo Credit Card Highlights
- $0 annual fee
- Initial credit line of at least $250
- Earn up to 3% cash back on top spending category, 2% on next category and 1% on other purchases
- Customized cash-back rewards
- Unique QR code for easily sending or receiving money
- App tracks Venmo credit card activity, including purchases, payments, splits and rewards
Venmo Credit Card Features
Here’s a look at some of the features of the Venmo credit card:
- Personal QR code: Your Venmo code is printed on the front of your card, making it easy for friends and acquaintances to pay you. Just have them scan your code and your profile will show up on their phone.
- Split transactions: Just like in the Venmo app, you can split transactions made on your card. Make a purchase on the card and then accept partial payment through the app. You can put this payment right on your card, reducing your balance.
- Choose a card color from five options: Whether it’s just a personal preference or you want to make it easier to keep track of your card, you can pick the color you want. Color options include Cotton Candy, Night Life, Denim, Campfire and Tropical Islands.
Modern Finance
The Venmo credit card is a modern card meant to work in modern financial situations. For example, it has a personal QR code to accept payments from friends with a simple scan.
It also comes with all the online shopping convenience you could want via your Venmo account. You can use your Venmo card anywhere that takes Visa — which is just about everywhere. And you can get started using it as soon as you are approved with a virtual card.
Customize push notifications about your credit card status in the Venmo app so that you’re never left to guess what your balance is or when your payment is due.
Venmo Credit Card Cash Back Categories
Venmo customizes your cash back automatically, based on the way you spend. You’ll get 3% cash back on your top spending category, 2% on your next category and 1% on all other eligible purchases.
For example, if you spend the most on groceries, you can get 3% back on all those purchases. If the next thing you spend the most on is gas, you’ll receive 2% back on that. The rest of your purchases will earn 1%. No guesswork is required — Venmo will identify your top spending categories for you.
Ability To Purchase Crypto
A unique feature of the Venmo credit card is the ability to purchase cryptocurrency with your cash back. This is a fee-free way to purchase cryptocurrency as long as you enable the automatic purchase feature. The purchases are then withdrawn each month from your cash-back balance. Four cryptocurrencies are available: bitcoin, ethereum, bitcoin cash and litecoin.
Advantages of the Venmo Credit Card
Here are some of the benefits the Venmo credit card has to offer:
- Your card information opens directly in the Venmo app. If you are using the app for your other purchases — including cryptocurrency — you can have a consolidated picture of all of your finances in one place.
- Buy cryptocurrency without fees through monthly cash-back rewards when you use the automatic purchase feature.
- You’re not liable for purchases made with your card without your consent. If your card is stolen or lost, you can easily disable it within the app.
- The Venmo credit card features contactless payment options so you can just tap it at a participating point-of-sale device to check out.
Disadvantages of the Venmo Credit Card
Consider these drawbacks when deciding whether to apply for a Venmo credit card:
- The annual percentage rate can be high, up to 28.49%. With a decent credit score, you can find significantly lower rates.
- There are limited perks — users may find better cash-back offers out there.
- Venmo charges a fee for cryptocurrency purchases other than automated ones from cash back. The fee varies based on the dollar amount of cryptocurrency purchased.
Good To Know
Applying for the Venmo credit card requires you to already have a Venmo account that is at least 30 days old. You must have an established credit history. Your application will result in a hard inquiry against your score, so make sure you’re in good enough shape to handle that.
Should You Get the Venmo Credit Card?
You should get a credit card from Venmo for two main reasons:
- You utilize Venmo for many purchases and need to increase your budget by using a credit card alongside these purchases.
- You are a hobbyist cryptocurrency trader and want to be able to buy a small amount of crypto without fees.
Since you can already use any credit card with Venmo, there is little benefit in opening a Venmo card just for use with the app. Unfortunately, this Venmo credit card review concludes that it is just not that compelling for those who already have a decent cash-back credit card.
Cynthia Measom and Daria Uhlig contributed to the reporting for this article.
Information is accurate as of Feb. 24, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
This article has been updated with additional reporting since its original publication.
