Venmo Credit Card 2022 Review – Udariyan

Introduction

Venmo Credit Card

If you frequently use Venmo and Venmo credit card to make quick payments to split bills, you may be tempted to add a little more technology into the mix by requesting approval for their partnership credit card , which is issued in conjunction with Synchrony Bank and works on the Visa network. This no-annual-fee option comes to you without an extra hassle, meaning that there’s nothing extra that users need to do when making payments – all they have to do is swipe and go.

However, since users of the payment platform lack a physical card, scanning the new QR code located on the front of each Venmo credit card can certainly come in handy. Then – presto! – customers who wish to split a bill can pay right then and there after glancing at their phones’ screens. This reduces dining hall lines by quite a lot. As far as arranging your own personal budget goes, though, it’s up to you whether or not you make payments towards your credit card bill or leave them where they are with Venmo.

The Venmo card can help lessen the burden of keeping track of your spending as it automatically tracks which expenses are in categories that earns you bonus money back when using your debit card. Right now, there’s a promotion of 3% cashback on dining, nightlife, travel and 2% on bill payments such as utilities and health care. Other spending earns 1%.

Read more: How to Sign Up for a Venmo Business Profile 

Highlights

  • 15.24% – 24.24% variable APR on purchases
  • No annual fee
  • Automatically earn up to 3% cash back on your top spend category
  • Earn 2% on the next category
  • Earn 1% on the rest of your purchases
  • The Venmo Credit Card lets you earn custom cashback rewards and syncs seamlessly with the Venmo app
  • Keep tabs on card activity in the app, right with all your Venmo spending – every purchase, payment, split, and reward

Take a look

  • Annual fee: $0
  • Through Nov. 15, 2021 earn a $100 cash back bonus after you spend $1,000 in the first 6 months of account opening.
  • No 0% introductory APR offer
  • Earn 3% rewards in your top spending category from a list of eight, 2% in your next top category and 1% on all other purchases
  • Use your rewards to make Venmo payments, as a statement credit, to make purchases with the card or transfer to your bank account
  • Track spending, make payments to other Venmo users and manage your account in the Venmo app
  • No foreign transaction fees

Rewards

Depending on how you plan to use the Venmo card, your spending rewards are as follows:

  • Earn 3% cash back on your top spending category from a list of eight
  • Earn 2% cash back on your next top spending category from the list
  • All other purchases earn 1% cash back

Spending categories that are eligible for 3% or 2% cash back

  • Grocery: This includes grocery stores and wholesale clubs.

  • Bills and utilities: Phone and internet service providers, streaming services, magazine and newspaper subscriptions, electricity, gas, water, trash disposal and other utilities.

  • Health and beauty: Drugstores, cosmetic stores, health clubs and other membership facilities like tennis, golf and swimming clubs.

  • Gas: Purchases at service stations that sell fuel.

  • Entertainment: Watch Movies theaters, theatrical and concert promoters, video rental and game stores, books and newsstands, amusement parks, music stores, and toy and hobby stores.

  • Dining and nightlife: Dine-in, takeout and delivery from restaurants and fast-food establishments. Bars also are included.

  • Transportation: Rental cars, cabs and ridesharing services, limos, buses, trains, tolls, parking meters and garage parking.

  • Travel: Airlines, hotels and vacation rentals. Also includes resorts, bed and breakfasts, cabins, hostels and timeshares.

Redeem the Rewards

Cash-back earned will be deposited into your account soon after purchase. Once you’ve accumulated enough cash-back, your earnings can be put towards making a payment on the same day, making a purchase through our website, sending money to other Sprint customers on Venmo or simply keeping it under your account balance.

Rewards Potential

Forbes Advisor say that uses personal data feeds from public sources such as the IRS, CPS and U.S. Treasury in order to determine both household income and spending averages across numerous categories for consumer research purposes.

The average consumer spends most of his/her income on grocery because they are the biggest portion of the budget. That’s where consumers spend almost $5,700 annually. The second-largest category of spending was dining at home with an estimated $4,400 annually or almost $400 more than on groceries.

Read more: NYCO Credit Card Pay Online

Interest Rates

  • APR: 15.24% – 24.24% variable

Fees

  • Annual Fee: $0
  • Foreign Transaction Fee: None
  • Balance Transfer Fees: N/A
  • Cash Advance Fee: Either $10.00 or 5% of the amount of each cash advance, whichever is greater

Benefits of the Venmo Credit Card

Personalized rewards across a wide range of categories

The Venmo Credit Card doesn’t require any complicated opt-in or activation process. You have the option of changing your category as often as you like, enabling you to earn more rewards every month!

Easy redemptions

anytime you buy anything through the Venmo app, you get cash back, but only if you use a linked debit card. Easy way to get your every day shopping like lunches and stuff paid for!

Manage the card on the Venmo app

If you need to pay your balance, see your rewards activity, change notifications, set up auto pay, or track your spending trends or transactions, you can do so through the Venmo app. If your physical card is lost or stolen, you can disable it in the app and continue to shop with the virtual card. There’s no separate website to log into. 

How the card accumulates

Venmo Credit Card vs. PayPal Cashback MasterCard

Compare Venmo Credit Cards With Other Cards

PayPal Cashback MasterCard is a credit card integrated with a payment app. There are no annual fees and you earn unlimited 3% cash back on PayPal purchases and 2% cash back on all other purchases. If our sample household uses this card, they will earn $528.20 total compared to the estimated $418 they’d earn using the Venmo Card.

Venmo Credit Card vs. Chase Freedom Flex

Rewards-earning power without any annual fee? Consider the Chase Freedom Flex Card. This card earns 5% cash back on rotating categories that change every three months, up to $1500 a year. It also earns Chase miles when you use your card for travel. That could be even more valuable if you have a premium rewards card like the Chase Sapphire Reserve or Ink Preferred NYCO Credit Card.

Pros

  • No annual fee
  • Rewards structure automatically adjusts with your spending
  • Syncs with Venmo app so you can pay with your Venmo balance using the card

Cons

  • No welcome bonus
  • Bonus categories are capped at $10,000 in spending after the first year
 

Our Verdict

Although Venmo has a convenient peer-to-peer payment service, the Venmo Credit Card co-branded with Visa is not the card for you. If you are looking for a card that earns 2% cash back on everything you buy, then the Venmo Credit Card will likely not be your optimal choice.

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