The card tailors your rewards to match your changing spending habits but the perks are otherwise sparse.
Venmo Credit Card*The information for the Venmo Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.basics
- Annual fee: $0.
- Welcome bonus: None.
- Rewards: 3% cash back in the top spend category, 2% cash back on the next category and 1% cash back on all other eligible purchases.
- Other perks and benefits: Waives the 3% Venmo fee typically charged when you send money with a credit card, allows you to convert cash back into crypto with no transaction fee, offers virtual card number and Visa Signature perks to select cardholders.
- Does the issuer offer a preapproval tool? Yes.
- Recommended credit score: Good to excellent.
Why trust our credit card experts
Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 50+ cards analyzed.
- 8 data points considered.
- 5-step fact-checking process.
Venmo Credit Card review
The Venmo Credit Card is a no-annual-fee card that automatically maximizes your rewards each month with little effort required. You’ll earn 3% cash back in the top spend category, 2% cash back on the next category and 1% cash back on all other eligible purchases. This is ideal if you don’t want to track or remember to activate bonus categories.
However, the card doesn’t offer a welcome bonus and it has few perks compared with other cash-back cards, although it does come with the option to take your cash-back earnings as crypto instead. Choosing crypto over cash comes with a few hoops to jump through though, including setting up a “cryptocurrency hub” and there are likely to be fees if you sell your crypto. When there are multiple excellent cash-back cards on the market that offer more perks and benefits than the Venmo card, it’s hard to make a case for choosing it over another option.
Pros
- Unlimited cash back: The Venmo Credit Card automatically applies the highest rewards percentage to the eligible categories where you spend the most.
- Waived Venmo credit card fees: For a limited time, cardholders can pay others with the card without paying the standard 3% fee through Dec. 31, 2023.
- No annual fees or foreign transaction fees: Keep more of your money with no annual fee and no fees for using your card outside the U.S.
Cons
- No welcome bonus: New cardholders won’t earn a lump sum of cash back for their initial spending on the card.
- Purchase interest rates are high: The card has a potential high APR depending on the type of account you’re approved for, your creditworthiness and other factors.
- No 0% APR offer: There is no 0% APR introductory offer for purchases or balance transfers.
Unsure what to look for in a cash-back card? We’ve covered the pros and cons of cash-back cards to help you narrow down the best option for you.
Venmo Credit Card rewards
The Venmo Credit Card offers a simple way to maximize your cash-back earnings. Unlike with some cash-back cards, you don’t need to keep track of and register for rotating quarterly bonus categories, and you won’t hit earnings caps in these categories. Instead, the card automatically applies the highest cash-back rewards to the top two categories where you spend the most each billing cycle.
You’ll earn:
- 3% cash back in the top spend category.
- 2% cash back on the next category.
- 1% cash back on all other eligible purchases.
The eligible cash-back categories include groceries, gas, transportation, travel, entertainment, dining and nightlife, bills and utilities, and health and beauty.
Venmo Credit Card rewards potential
Using government data and other publicly available information, we estimate that a U.S. household that would be in the market for this card has $25,087 in yearly expenses they are likely to be able to charge to a credit card. If a cardholder charged all of these expenses to this card, they could expect to be able to earn about $384.97 in cash back every year, according to this sample spending breakdown.
| SPENDING CATEGORY | SPENDING AMOUNT | CASH-BACK RATE | CASH-BACK |
|---|---|---|---|
Groceries | $4,942 | 3% | $148.26 |
Dining | $3,526 | 2% | $70.52 |
Other | $16,619 | 1% | $166.19 |
TOTAL | $25,087 | $384.97 |
Our sample cardholder could earn $384.97 back with the card, although your earnings will vary based on your spending habits. Your cash-back rewards from the Venmo Credit Card are automatically transferred to your Venmo balance at the end of each statement period and can then be used in multiple ways including to send payments, make purchases, send money to other Venmo users or deposit cash into your linked bank account.
You may also use your rewards to buy cryptocurrency without paying any transaction fees. Venmo offers numerous cryptocurrency options through its cryptocurrency hub.
Venmo Credit Card perks
The Venmo Credit Card comes with few perks, aside from the rewards, the waived Venmo transfer fees and the ability to buy crypto with your rewards without transfer fees.
But cardholders who qualify will receive a slate of complimentary Visa Signature benefits including Visa concierge service, access to roadside dispatch, rental car discounts, Visa Luxury Hotel Collection benefits and Sonoma County winery perks.
Venmo Credit Card missing features
While the Venmo Credit Card has powerful cash-back rewards, it lacks a welcome bonus. Being able to earn a lump sum of cash back, points or miles is one of the biggest upfront benefits of getting a new credit card, so this missing feature is a big drawback.
The card also lacks protections that other cash-back cards offer. For example, it does not have extended warranty protection or purchase protection, which covers items that get damaged or stolen shortly after you buy them.
How the Venmo Credit Card compares to other cash-back cards
Venmo Credit Card vs. Discover it® Cash Back
For a $0 annual fee, the Discover it® Cash Back offers 5% cash back on purchases at different places each quarter up to $1,500 spent each quarter when activated and 1% cash back on all other purchases.
Instead of a traditional welcome bonus, Discover will automatically match all the cash back earned at the end of the first cardmember year. The card also comes with a 0% intro APR for 15 months on purchases and eligible balance transfers. Then, a variable rate of 17.24% to 28.24% applies. There's a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms). The Venmo card has neither a low intro APR offer or a welcome bonus.
Venmo Credit Card vs. Wells Fargo Active Cash® Card
The no-annual-fee Wells Fargo Active Cash® Card is a solid choice for anyone seeking a simple cash-back card. You earn 2% cash rewards on purchases with no need to keep track of bonus categories or remember spending caps.The card also comes with $200 cash rewards bonus after spending $500 in purchases in the first three months of account opening and a 0% intro APR for the first 15 months on purchases and qualifying balance transfers, then a 20.24%, 25.24%, or 29.99% variable APR applies thereafter. Balance transfers made within 120 days qualify for the intro rate and fee of 3%. After that a fee of up to 5%, with a minimum of $5 applies. Plus, you’ll get cell phone protection for damage or theft up to $600 when you pay your bill with the card. A $25 deductible applies to eligible claims (up to two claims per 12-month period). This combination of attributes makes it a better choice for most than the Venmo card.
Venmo Credit Card vs. PayPal Cashback Mastercard®*The information for the PayPal Cashback Mastercard® has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The PayPal Cashback Mastercard®*The information for the PayPal Cashback Mastercard® has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. earns 3% cash back when checking out with PayPal and 2% cash back on all other purchases. There are no rotating categories to remember or register for, no annual fees and no restrictions on how much cash back you can earn. It’s not just for online shopping: PayPal is now accepted in many stores. You get your cash back within days of shopping, so you don’t have to wait until your statement date to access your rewards. Eligible PayPal purchases also include purchase protection at no extra charge. This makes the card a formidable competitor to the Venmo Card, but both lack many of the robust features found on similar cash-back cards.
Is the Venmo Credit Card worth it?
The Venmo Credit Card may be a fit if your spending varies from month to month and is frequently in one of the card’s categories that are eligible for the elevated earning rate. There are no earnings caps, and you don’t have to activate bonus categories. While the card’s benefits are limited, it could be right for someone who wants to maximize rewards with no hassle. Justbe sure to compare this card to other top cash-back credit cards on the market before you apply.
Venmo Credit Card is right for you if:
- You’re a regular Venmo user.
- You want to maximize your cash-back earnings with minimal effort.
- You don’t have your heart set on earning a welcome bonus.
- You’re happy with a no-frills card that offers few extra perks.
Methodology
Our credit card team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings.
Some of the factors evaluated in selecting the best rewards credit cards included:
- Rewards potential and redemption options.
- Welcome bonuses.
- Travel and shopping benefits.
- Intro APRs.
- Annual fees.
Frequently asked questions (FAQs)
We do not recommend cash advances as they often come with exceptionally high fees and a high interest rate, making them one of the most expensive ways to access funds. Your cash advance limit is typically a portion of your overall credit. With the Venmo Credit Card, your cash advance limit is either $10 or 5% of the amount of each cash advance, whichever is greater. For example, if you have a $4,000 credit limit, your cash advance limit would be up to $400. You’ll find your individual cash advance credit limit by logging into your credit card account or on your monthly statement.
You’ll initiate the transfer through the Venmo app. You can choose to pay the person from your Venmo account balance, linked bank account or Venmo Credit Card. Once they receive the money, they can use it to pay down their Venmo Credit Card, make purchases, send money or hold it for future use.
Your starting credit limit for the Venmo Credit Card is based on a number of factors. However, it will be at least $250. The card issuer may increase or decrease your credit limit based on how you use the card, your credit score and other factors.
The Venmo Credit Card is best for fans of the peer-to-peer payment platform who want a cash-back credit card, but don’t want to worry about activating promotions or keeping track of rotating bonus categories. The card automatically applies the highest cash-back rates to the two eligible categories in which you spend the most in each statement period.
*The information for the PayPal Cashback Mastercard® and Venmo Credit Card has been collected independently by Blueprint.The card details on this page have not been reviewed or provided by the card issuer.
