Venmo Credit Card – Full Review [2021]

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Venmo Credit Card – Full Review [2021]

U.P. Rating ? The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

"A great cash-back card for Venmo users!"

The Venmo card is a great no annual fee cash-back card for those who frequently use Venmo.

Learn More (at Venmo's secure site)

The information regarding the Venmo Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer. 


Venmo is easily one of the most popular peer-to-peer payment apps in the world today. In fact, Venmo is so popular that it has become a verb, as one might ask another to “just Venmo me” after covering the cost of dinner or an Uber.

But now the payment platform has its very own cash-back credit card that offers flexible rewards categories and no annual fee, making it a great fit for heavy Venmo users.

Pros

  • 3% cash-back on your top spend category each month
  • 2% cash-back on your second largest spend category each month
  • 1% back on all other purchases
  • Cash-back can be deposited into your Venmo account, used to pay your bill, or even to purchase crypto
  • No annual fee
  • QR code allows friends to send you payments by scanning your card
  • 5 different color combinations to choose from
  • No foreign transaction fees

Cons

  • Not very rewarding for purchases outside of your first and second-largest spend categories (3% and 2%)
  • Doesn’t offer many benefits to cardholders

Venmo Credit Card - Snapshot

  • Welcome Bonus & Info (Partner Content)
    • Earn a $100 cash-back bonus after you spend $1,000 in the first 6 months of account opening
    • Earn 3% cash-back on your top eligible spend category
    • Earn 2% cash-back on your next-highest eligible spend category
    • Earn 1% cash-back on all other purchases
    • Eligible bonus categories include transportation, travel, grocery, entertainment, dining and nightlife, bills and utilities, health and beauty, and gas
  • Card Categories:

The Ideal Cardholder

Venmo App With Card
Image Credit: Venmo

It goes without saying the target user of the Venmo card is someone who is already a fan of the Venmo app, uses it often, and is looking to start earning cash-back rewards on their purchases without paying an annual fee.

Further, if you’re someone who spends a relatively large amount each month on 1 or 2 of the 8 total Venmo spending categories, then the Venmo card could be a great fit for you as you’ll earn 3% and 2% back on purchases in your top 2 spend categories.

The Venmo card also comes with 1 solid benefit that those who are always splitting purchases while out with their friends are sure to love.

Unique Purchase Splitting Feature

Tired of chasing down people to cover their half of the tickets you bought or dinner you paid for? Well, the Venmo card aims to solve that by including a QR code on the front that people can quickly scan and pay you through Venmo for their half of the purchase right as you make it, making for a seamless way to quickly split bills.

Great Card If

  • You use Venmo often
  • You want to earn cash-back with no annual fee
  • Your purchase patterns fall within 1 or more of the 8 spend categories

Don't Get If

  • You seldom use Venmo
  • You want a card that earns transferable or travel rewards
  • You prefer a cash-back card that offers a set rewards rate for all purchases

Venmo Credit Card - Fees

  • Foreign Transaction Fees
    $0
  • Interest Rates
    • 15.24% to 24.24% variable based on account type
  • Late fees
    • Up to $40
  • Cash Advance APR
    • 24.24% variable
    • Fee: Either $10.00 or 5% of the amount of each cash advance, whichever is greater.

How To Earn More Cash-Back

Paying With Venmo
Image Credit: Venmo

Maximizing Your First and Second Largest Spend Categories

Earning rewards with the Venmo card is a bit unique in that you’ll earn the most cash-back for your purchases based on what you actually spend the most on each month, provided that it falls within one of the 8 preselected spend categories. Those categories are as follows:

  • Bills and Utilities — including your phone and internet bill, streaming services, subscriptions, electricity, gas, and more
  • Dining and Nightlife — including takeout, bars, and delivery services
  • Entertainment — including tickets to movies, concerts, amusement parks, theatres, and more
  • Gas — including any service station that sells gas
  • Grocery — including wholesale stores like Target and Walmart
  • Health and Beauty — including gym memberships, fitness clubs, drugstores, cosmetic stores, and more
  • Transportation — including rideshare services, rental cars, buses, trains, parking meters, and garages
  • Travel — including flights, hotels, and vacation rentals

So, if at the end of the month you’ve spent the largest amount of money on grocery purchases, followed by bills and utilities, you’ll earn 3% cash-back and 2% cash-back on those purchases, respectively.

But perhaps the best feature about the Venmo card is that what you earn the most cash-back on can change from month to month. So if you have a big vacation planned for the following month and your 2 largest categories become travel and dining, then those will be your 3% and 2% categories for the following month.

So no matter what, you’re always earning the most cash-back where you spend the most money.

All Other Purchases

Of course, all other purchases outside your top 3% and 2% back categories will still earn 1% cash-back. That obviously is not great compared to other cash-cards that offer 1.5% to 2% cash-back on all non-bonused purchases, but it is certainly better than nothing at all.

How To Use Your Cash-Back for Max Value

Add To Your Venmo Balance

The most obvious and straightforward way to redeem the cash-back from your Venmo card is to have that cash-back deposited into your Venmo account. From there you can use it to pay for items, pay your friends, or withdraw into your bank account.

Redeem Towards Your Credit Card Balance

You can also easily redeem your cash-back rewards towards your Venmo card statement balance when it comes due to reduce your overall bill each month. This is a great option for those looking to stay on top of their budget by reducing their cash outlay each month.

Purchase Crypto

If you’re someone who invests in crypto or is interested in doing so, Venmo allows you to redeem your cash-back to purchase crypto on the platform starting at as little as $1. Currently, Venmo allows you to purchase 4 assets on its platform: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

However, you should be mindful that Venmo only allows you to buy or sell crypto on the platform, meaning that any crypto that you purchase cannot be moved off the Venmo platform without first being sold into cash.

Further, users pay a 2.3% transaction fee for crypto purchases under $100, with a minimum fee of $0.50. So this transaction fee would significantly cut into your cash-back rewards if you’re making smaller purchases.

Bottom Line: When it comes to your Venmo cash-back, you’ll likely be best off just deposing the cash into your Venmo account or using it to pay down your cards balance. If you’re interested in investing in crypto, you’d be much better off using another card given the large transaction fees you’ll pay and the fact that your crypto cannot be moved off the platform. 

Alternative Cards to the Venmo Card

Citi® Double Cash Card

Those looking for a cash-back card with no annual fee that offers more flexible rewards should consider the Double Cash card. Not only does the card earn 2% cash-back on all of your purchases, but it also can be paired with a premium Citi ThankYou card, allowing you to then combine points towards huge travel rewards.

SoFi Credit Card

If you aren’t much of a Venmo user but do use a platform like SoFi, then the SoFi card would be a much better fit for you. The card earns 2% cash-back on all purchases with no annual fee. You can then redeem your cash-back rewards towards your SoFi Money account, SoFi Invest account, or even to pay down your SoFi loan balance.


The information regarding the SoFi Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.


Frequently asked questions

Is the Venmo Credit Card a good card?

It depends on your situation. If you’re someone who uses Venmo often, regularly spends money on purchases that fall within the card’s bonus categories, and isn’t looking to pay an annual fee — then yes, the Venmo card would be a good option for you.

However, if you don’t use Venmo very often or prefer a card that offers flexible rewards, then you might want to consider another card.

Does the Venmo Credit Card earn rewards?

Yes, the Venmo card earns an unlimited 3% cash-back on purchases within your top monthly spend category, 2% cash-back on purchases on your second largest spend category, and 1% cash-back on all other purchases.

The 3% and 2% cash-back rewards are eligible for your top 2 of the following 8 spend categories:

  • Bills and Utilities
  • Dining and Nightlife
  • Entertainment
  • Gas
  • Grocery
  • Healthy and Beauty
  • Transportation
  • Travel

Does the Venmo Credit Card affect your credit score?

Yes, the Venmo card will affect your credit score just like any other credit card. So you’ll want to make sure you’re always making your payments on time and keeping your credit utilization low to help keep your credit score as high as possible.

Does the Venmo Credit Card have an annual fee?

No, the Venmo credit card does not have an annual fee. There also are no foreign transaction fees.

What is the Venmo Credit Card design?

The Venmo card comes in 5 unique 2-tone designs that you can choose from, Cotton Candy (blue and pink), Night Life (black and grey), Denim (light blue and dark blue), Campfire (red and white), and Tropical Islands (blue and green).

The card also comes equipped with its own unique QR code on the front that links to your Venmo account. This way, friends can quickly scan it and Venmo you for purchases you paid for or request payment from you for purchases that they paid for.

Who issues the Venmo Credit Card?

The Venmo card is issued by Synchrony Bank.

Jarrod West

About Jarrod West

Jarrod first became fascinated with the world of points and miles as the perfect way to visit dream destinations without breaking the bank. On his first major award trip, he spent 3 months traveling through Europe, financed nearly entirely with points; while flying in premium cabins and staying in 5-star hotels along the way. Now, he is on a mission to help others realize their travel goals and upgrade their travel experiences. Jarrod has been writing about credit cards and travel loyalty programs for 4 years, and his work has been featured by Travel and Leisure, Matador Network, Yahoo Finance, and U.S. News.

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