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,
- Travel
- Bills and utilities
- Health and beauty
- Grocery (including wholesale clubs)
- Gas & transportation
- Entertainment.
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.
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. |
| *Bonus Value | $150 |
| Intro APR | N/A |
| 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 |
| Annual Fee | $0 |
* Bonus value is an estimated value calculated by BankDealGuy and not the card issuer.
View the latest valuations here.
Recommended Credit Score (Find Score)
690 – 850 (Excellent)
PROS
- 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
CONS
- 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 $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. You'll earn: • 4X Membership Rewards points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. • 4X Membership Rewards points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. • 3X Membership Rewards points per dollar spent on flights booked directly with airlines or on AmexTravel.com. • 2X Membership Rewards points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. • 1X Membership Rewards point per dollar spent on all other eligible purchases. Other benefits: • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit. • $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express(R) Gold Card at Dunkin' locations. • $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express(R) Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required. • $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express(R) Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required. • Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges with every booking of two nights or more through AmexTravel.com. Eligible charges vary by property. This card has an annual fee of $325 with no foreign transaction fees (See Rates & Fees). Terms apply. |
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.
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
Author’s Verdict
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.
Make sure to also visit BankDealGuy to explore more credit card bonuses.If you’re indecisive of which card best suits you, see our post on the Best Credit Card Categories!
(Visit the link above to learn more about this card)
Alternative Credit Card Options
* Below are some of the top competitors to the Venmo Credit card to consider.
 The Chase Freedom Unlimited® Card offers a $250 bonus after spending $500 on purchases in your first 3 months from account opening. Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers. In addition, you can earn: • 6.5% cash back on travel purchased through Chase TravelSM, 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 • 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase TravelSM, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 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. Member FDIC |
 The Chase Freedom FlexSM offers a $150 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 19.24% - 27.99%. You'll earn: • 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 Travel℠, 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, equal to $750 in travel. You're able to earn: • 2 Miles per dollar on every purchase, every day. • 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options Enjoy a $50 experience credit and other premium benefits with every hotel and vacation rental booked from the Lifestyle Collection This card does come with a $95 annual fee. Enjoy no foreign transaction fees and receive up to $120 application fee credit for Global Entry or TSA Pre✔®. |
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 The Capital One Savor Cash Rewards Credit Card offers a one-time $250 cash bonus once you spend $500 on purchases within the first 3 months from account opening. 0% intro APR on purchases and balance transfers for 15 months; 19.74% - 29.74% variable APR after that; balance transfer fee applies You'll earn: • 3% Cash Back at grocery stores (excluding superstores like Walmart and Target), on dining, entertainment and popular streaming services. • 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). • 8% Cash Back on Capital One Entertainment purchases. • 1% Cash Back on all other purchases. This card comes with no annual fee and no foreign transaction fees. |
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