Venmo Credit Card Review

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The Venmo Credit Card is designed specifically for users of Venmo, the peer-to-peer payment app. The card offers unique rewards in which cardholders earn bonus rates in their top two spending categories—no matter what they are. This means that unlike other cards where bonus categories are static or change each quarter, the Venmo Credit Card rewards adapt to whatever you happen to spend the most on each month.

Venmo Credit Card

Overall Rating
1.9
Venmo Credit Card
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 15.24% - 24.24% variable
Annual Fee $0
Rewards Earning Rate Earn 3% on groceries, earn 2% on bills and utilities, and 1% on everything else
Foreign transaction fee (%) 0%
Ratings Breakdown
for Interest
1.9
for Fees
3.5
for Rewards
2.1
for Credit
3.7

Who Is This Credit Card Best For?

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    Deal Seeker
  • Avatar for Savvy Saver Persona
    Prioritizes sticking to their budget while buying what they want and need See more cards
    Savvy Saver

Only Venmo app users who are invited to apply for the Venmo Credit Card, issued by Synchrony Bank, can actually get the card right now, but all U.S. app users will be able to apply in the near future. For the chosen few selected, it’s a great tool for earning cash-back rewards, especially if your spending habits change from month to month.

For people who use the Venmo platform, the Venmo Credit Card is a good fit since managing the card, tracking rewards, and using the card for payments will feel very intuitive via the app.

Pros
  • Unique rewards structure

  • Good integration with the Venmo app

  • The card’s QR code feature is convenient

Cons
  • No break on Venmo transaction fee when using the card

  • No welcome bonus

  • Bonus category limit

Pros Explained

  • Unique rewards structure: There aren’t any other cards on the market that let you earn bonus rewards in different categories each month without lifting a finger. Your top category might be groceries one month, travel the next, and dining after that, and the Venmo Credit Card does all of the tracking for you—you never have to opt in.
  • Good integration with the Venmo app: When you earn cash back, Venmo automatically adds it to your account at the end of each statement period. You can then use those earnings however you’d normally use your Venmo balance or put it toward your credit card bill. In addition, you will do all of your card management through the app, including making payments, setting up alerts, viewing transactions, and more.
  • The card’s QR code feature is helpful: Each credit card transaction you make has a QR code you can send to other Venmo users if you need to split payments on a purchase. The payments those Venmo users make via the QR code go directly toward your credit card balance. 

Cons Explained

  • No break on Venmo transaction fee when using the card: When you pay someone with Venmo using your Venmo credit card as the payment source, you pay a 3% transaction fee (standard for all credit card payments made to other Venmo accounts).
  • No welcome bonus: There’s no big, enticing offer for new cardholders. Many other comparable cash-back cards offer bonuses of up to $200.
  • Bonus category limit: There is one catch with the bonus 3% and 2% cash-back earnings—they decrease to 1% once you spend $10,000 for the year. You will go back to the higher earnings rates after your account anniversary each year. 

Earning Points & Rewards

You’ll earn 3% cash back in your top spending category each month, 2% back in the next highest category, and 1% on all other purchases. After spending $10,000 in a year, all spending will earn 1%.

You’ll earn 1% cash back if you use your card to send money to other Venmo users. However, Venmo will charge you 3% to do it, which results in a loss of 2%.

Venmo breaks down purchases into eight spending categories: 

  • Grocery
  • Bills and utilities
  • Health and beauty
  • Gas
  • Entertainment
  • Dining and nightlife
  • Transportation
  • Travel

So, one month, you might spend more at restaurants or pay a big utility bill, and then the next month, you might book a trip and stock up your pantry with groceries. No matter how often your top two highest spending categories change, Venmo will shift the 3% and 2% earning rate to match your purchases accordingly.

Even though Venmo does the number-crunching for you, it’s worth noting that categories are slightly different than those with other rewards cards. For example, Venmo lumps together streaming and newspaper subscriptions with cell phone bills and gas and electric bills in the “bills and utilities” category.

Redeeming Rewards

You don’t have a catalog of merchandise, gift cards, or other redemption options to choose from with the Venmo Credit Card. It’s much simpler than that: All of your earnings are automatically credited to your Venmo account after every billing period. Once your rewards appear in your account, you can use them however you’d like, whether it’s to pay your yoga instructor, transfer the balance into a linked bank account, or put it toward your Venmo credit card bill.

How to Get the Most Out of This Card

Venmo users who love the app will enjoy using this card as an extension of the platform. But where it really shines is with its personalized rewards structure. It’s a good card to use for spending that you aren’t already being rewarded well for on other cards.

For instance, if you have a travel rewards card that’s focused on points and miles for hotels and flights, you could use your Venmo card to get a better rewards rate from categories your travel card may not offer higher rewards rates for like health and beauty or entertainment.

If the people you socialize with are Venmo users, pay for group outings with your card to earn your cash back, and then have the other Venmo users send their funds to your Venmo card the day of to avoid carrying a balance.

Venmo Credit Card’s Other Benefits

Venmo offers a Visa and Visa Signature version of their card. Your benefits vary based on which card you get.

Visa Signature:

  • Roadside assistance hotline
  • Concierge for booking event tickets, travel, and other services
  • Travel and emergency hotline
  • Visa Luxury Hotel Collection benefits

Visa:

  • Roadside assistance hotline

Customer Experience

In J.D. Power’s 2020 U.S. Credit Card Satisfaction study, Synchrony ranked seventh out of 11 national issuers. It scored 800 out of 1,000 possible points. The industry average was 810.

For the most part, however, you will do most of your account management right on your Venmo app. If you have any questions or issues with your account, Synchrony phone-based customer service is available 24/7.

Security Features 

The Venmo Credit Card offers standard security features like Visa’s zero liability. It also has contactless payment (tap to pay) technology, and you can request a virtual card number at any time to make any online payments even more secure.

Venmo Credit Card’s Fees 

The Venmo Credit Card has no annual or foreign transaction fees, and late fees are on par with most cards.

Next Steps
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CURRENT CARD
Venmo Credit Card
overall rating
1.9
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 15.24% - 24.24% variable
Annual Fee $0
Rewards Earning Rate Earn 3% on groceries, earn 2% on bills and utilities, and 1% on everything else
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.

Article Sources

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  1. Venmo. "Rewards and Conditions for Venmo Visa Credit Card and Venmo Visa Signature Card Accounts." Accessed Nov. 11, 2020.

  2. Venmo. "Resources - Our Fees." Accessed Nov. 11, 2020.

  3. J.D. Power. "2020 U.S. Credit Card Satisfaction Study." Accessed Nov. 11, 2020.