Venmo recently launched their own credit card brand Venmo Credit Card, but it’s only available for select users who signs up for the latest version of the Venmo App. For those who are selected, this card is good for earning cash back rewards on spending categories:
- Dining and nightlife,
- Bills and utilities
- Health and beauty
- Grocery (including wholesale clubs)
- Gas & transportation
Currently, they are running a limited time offer where you can earn a $200 cash back bonus after spending $1,000 in the first six months of account opening. To be eligible for this offer you must apply by March 31, 2022.
You can earn 3% back on your top spending category and 2% back in the second highest category each month while also earning 1% back on all other purchases. Keep in mind that the rewards are capped at $10,000 yearly, so once your reach that your rate will go down to 1%.
In addition to that, the Venmo Credit Card has no annual or foreign transaction fees, so you don’t have to worry about paying any additional fees when using this card.
Continue reading below to learn more about this credit card and its features.
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Venmo Credit Card Summary
|Bonus Available||Earn a $200 cash back bonus after they spend $1,000 within the first six months of account opening..
Apply by March 31, 2022 to be eligible.
|Regular APR||15.24% – 24.24% Variable APR|
|Ongoing Rewards/Benefits||Earn 3% on groceries
Earn 2% on bills and utilities
1% on everything else
After the first year, there is a spending cap of $10,000, combined, for the 3% and 2% bonus categories. Once you hit it, you’ll earn only 1% back for the rest of that year.
|Foreign Transaction Fees||None|
- No annual fee
- No foreign transaction fee
- Automatically earn cash back in your two highest eligible spending categories
- No cash back limits in the first year
- Only available to select customers
- Limited cardholder perks
Editor’s Alternative Pick
The American Express® Gold Card offers 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months. Terms apply.
• 4X Membership Rewards Points at Restaurants, plus takeout and delivery in the U.S.,
• 4X Membership Rewards points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
• 3X Membership Rewards points on flights booked directly with airlines or on amextravel.com.
$120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
This card has an annual fee of $250 with no foreign transaction fees (See Rates & Fees).
Venmo Credit Card $200 Cash Back Bonus
Venmo is offering new credit cardholders a chance to earn a $200 cash back bonus after they spend $1,000 within the first six months of account opening.
To qualify for this offer, you must apply for a new Venmo Credit Card account by March 31, 2022 and subsequently be approved. Please note that cash advances do not qualify towards the net eligible purchases of $1,000.
Earning Cash Rewards
You can earn 3% cash rewards on your top spending category plus 2% cash rewards on your second top spending category. Eligible spend categories include dining and nightlife, travel, bills and utilities, health and beauty, grocery (including wholesale clubs), gas, transportation, and entertainment.
However, the rewards are limited to your first $10,000 in purchases in both categories combined during your cardholder year then the rate drops to 1%.
Not only that, you also earn 1% cash rewards on other purchases along with when you use your card to send money to other Venmo users through your Venmo account.
The cash rewards you earn don’t expire, but they maybe suspended or forfeited if:
- Your credit card account is suspended, you won’t earn cash rewards.
- Your credit card account is closed by Synchrony, the issuing bank, any rewards you’ve earned but not transferred to your Venmo account will be forfeited.
- You close your credit card account, you will stop earning cash rewards, but previously earned rewards will still be transferred to your Venmo account at the end of the statement period.
- Your Venmo account is suspended, cash rewards may not be transferred until it is reinstated.
- Your Venmo Credit Card isn’t linked to your Venmo account, your credit card will be closed and cash rewards earned but not yet transferred to your Venmo account will be forfeited.
Redeeming Cash Rewards
Once your statement closes, Venmo automatically calculates you rewards based on your top spend categories then it will transfer them to your Venmo account within three business days.
Then once it’s in your account, you can use them how you normally would use your Venmo account balance. Please note that your Venmo Credit Card and Venmo account must be open, in good standing, and linked to each other for the rewards to automatically transfer.
Venmo Credit Card Benefits
- Personalized cash back rewards – Earn the most cash back for the category you spend the most in.
- Contactless – The card’s contactless design can be used with touch-free terminals for your safety.
- Unique QR code – Make purchases or payments, or give your code to friends to make payments to your account or credit card bill.
- Visa’s Zero Liability – You’re covered by Visa in case of fraud.
Additional Cardholder Benefits
Venmo offers a Visa and Visa Signature version of their card. Your benefits vary based on which card you get.
- Roadside assistance hotline
Concierge for booking event tickets, travel, and other services
Travel and emergency hotline
Visa Luxury Hotel Collection benefits
- Roadside assistance hotline
Venmo Credit Card is good for those who are looking to get rewarded on their top spending category. They offer competitive cash rewards for both top and second top spend categories. And the rewards are automatically calculated based on the spending. However this card lacks availability as it is only available to select Venmo users.
(Visit the link above to learn more about this card)
Alternative Credit Card Options
The Chase Freedom Unlimited® Card offers an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.99% - 26.74%.
Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
In addition, you can earn (after your first year or $20,000 spent):
• 5% cash back on Chase travel purchased through Ultimate Rewards
• 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service,
• Unlimited 1.5% cash back on all other purchases.
There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open.
This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM.
The Chase Freedom FlexSM offers a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.
0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.99% - 26.74%.
• Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
• 5% cash back on travel purchased through Chase Ultimate Rewards, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
• 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
• Unlimited 1% cash back on all other purchases
You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
This card has no annual fee.
The Capital One Venture Rewards Credit Card offers a one-time bonus of 75,000 Miles once you spend $4,000 on purchases within 3 months from account opening.
You're able to earn 2X miles on every purchase, every day.
This card does come with a $95 annual fee. Enjoy no foreign transaction fees and receive up to $100 application fee credit for Global Entry or TSA Pre✔®.
The Capital One SavorOne Cash Rewards Credit Card offers $200 cash back after spending $500 on purchases within 3 months from account opening.
• 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases.
• Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply.
• 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
• 8% cash back on Capital One Entertainment purchases
This card comes with no annual fee and no foreign transaction fees.