This seemingly limits your options, but being able to transfer your balance to a bank account gives you virtually unlimited options for your cash back. Having your cashback rewards applied to your Venmo balance is the only redemption option available on the Venmo Credit Card. You can also transfer your balance to a linked bank account or debit card. You can use your Venmo balance to make purchases or payments through Venmo or send money to another Venmo user. Specific spend categories for the 3% and 2% rates include:Īny cash back you earn with the Venmo Credit Card is applied to your Venmo balance. This may turn some people off, but getting at least 2% cash back on the first $10,000 you spend each year is still a decent return. After you’ve hit the $10,000 annual spend limit, all your purchases earn 1% cash back. This system of automatically assigning increased cashback rates to your highest spending categories may make the Venmo Credit Card one of the best credit cards for Venmo.Īlthough personalized cash back can be an attractive perk, keep in mind that you can earn cash back only on the first combined $10,000 spent each year in the 3% and 2% categories. Your total cash back for the period would be $23. So if you spend $500 on bills and utilities, $300 on dining, and $200 on gas in a statement period, you’d earn 3% cash back on $500, 2% cash back on $300, and 1% cash back on $200. The 2% rate is assigned to your second-highest spending category, and the rest of your purchases get the 1% rate. Instead, the Venmo Credit Card will automatically assign 3% cash back to your top spend category during a given statement period. However, you don’t have any specific categories attached to each rate. The Venmo Credit Card offers three cashback rates for purchases: 3%, 2%, and 1%. If you can get a quality cashback rate in categories where you typically make purchases, you’ve likely found an excellent cashback card. The biggest draw for cashback credit cards is earning cash back for every purchase you make or for specific types of purchases you frequently make. Cashback rewards program is unique (maximized rewards to what you spend the most on) The Venmo Credit Card links with the Venmo app, so it’s easy to manage all your Venmo services from the same place.ĥ things to know about the Venmo credit card 1. It earns cashback rewards on any purchase you make, though the process to earn bonus rewards is unique compared to other cashback cards. To prepare for its release, learn more about how the Venmo Credit Card works.Īlthough the Venmo Debit Card is a Mastercard, the Venmo Credit Card is a Visa card issued by Synchrony Bank. However, the Venmo Credit Card is slated for a full release to all U.S. 18, 2021) only to select Venmo users with the latest version of the app. Venmo users can apply for the Venmo Debit Card in the Venmo app, but the Venmo Credit Card is available (as of Jan. This includes the Venmo Debit Card and the Venmo Credit Card. ![]() To expand its financial services, Venmo has recently started offering branded financial products. The Venmo app is available on both iOS and Android devices. Venmo is owned by PayPal and has more than 60 million users. This could include paying a friend for dinner, sending a roommate rent money, or chipping in on gas on a family road trip. Venmo is a financial services app that was created in 2009 as a way for friends and family to make fast and safe payments between each other. ![]() 5 things to know about the Venmo credit card." The Venmo App You Know and Love Now Has a New Look and Feel. " PayPal Settles FTC Charges That Venmo Failed to Disclose Information to Consumers About the Ability to Transfer Funds and Privacy Settings Violated Gramm-Leach-Bliley Act." " Attorney General Ken Paxton Announces Agreement to Protect Consumers Reform Privacy and Security Practices with PayPal."įederal Trade Commission. " PayPal Holdings Inc., Form 10-K, 2020." " Uber and Venmo Partner to Deliver a New Payment Experience." " Venmo Visa Signature and Venmo Visa Credit Card." " The Legal Stuff You've Been Waiting For."
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