New Venmo Credit Card Offers Personalized Rewards - NerdWallet (2024)

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UPDATE Oct. 19, 2021: This article was originally published on Oct. 5, 2020, and has been updated to reflect the latest features of the card.

With the Venmo app, you can see the myriad ways in which your friends owe each other money, but now there’s another feature: the Venmo Credit Card.

Issued by Synchrony, the $0-annual-fee Venmo Credit Card offers cash-back bonus categories that change monthly to match your spending habits, along with a card user experience that’s managed through the Venmo app. As a Visa card, the Venmo Credit Card is widely accepted worldwide.

» MORE: NerdWallet's best cash-back credit cards

Features of the Venmo Credit Card

Personalized, automated bonus cash-back categories

Every month, your cash-back earnings shift to match the categories where you spend the most, based on the current month's activity. You’ll earn 3% back in your top category, 2% back in your second-place category and 1% on all other purchases. (See eligible bonus categories below.)

There is no sign-up bonus. The card's eligible 3% and 2% spending categories are as follows:

  • 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: Movie theaters, theatrical and concert promoters, video rental and game stores, books and newsstands, amusem*nt 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 (including resorts, bed and breakfasts, cabins, hostels and timeshares).

Purchases that don’t fall into one of the above categories will not be eligible to earn 3% or 2% cash back, and that applies even if you use the card to send money to other Venmo users through your Venmo account.

Rewards customization is not unique among credit cards, but typically the ones that do feature it require you to "opt in" or actively select your preferred bonus categories from a list of several. The automation element is a growing trend in business and personal credit cards. (One example is the relatively new HMBradley credit card.)

Flexible reward redemption options

The cash back you earn will appear in your Venmo account balance. You can apply your rewards toward a credit card bill, send money to others through the Venmo app, pay for online purchases from merchants that accept Venmo at checkout or transfer the money to a linked bank account or debit card.

There is no minimum amount of cash back you must earn in order to redeem rewards, and cash back doesn’t expire.

» MORE: NerdWallet's best credit cards for online shopping

Virtual and physical cards

Once your application is approved, you’ll have immediate access to a virtual card that you can use for online purchases until the physical card arrives in the mail. You can access the virtual card in the Venmo app, or add it to a digital wallet like PayPal wallet. Currently, you can’t add the Venmo Credit Card to Apple Pay.

The physical Venmo Credit Card features tap-and-go contactless payment capabilities, as well as a unique QR code on the front of the card. When you receive your new card, you activate the card by scanning the QR code with your phone.

Much like the Venmo app, the card facilitates splitting purchases between multiple people, too. If you front the cost of a purchase with your Venmo Credit Card, the transaction appears on your app immediately with the option to split the cost. Then, your friends can scan the QR code on your card through their Venmo app to send their share. You can adjust your settings in the app to tell it where you want the money from your friends to go, whether that’s into your Venmo account balance or toward a credit card bill payment.

» MORE: Credit cards you can use instantly after approval

App-based card management

Within the Venmo app, you can track your spending activity in real time, see your cash-back earnings and pay your credit card bills. You can set up alerts that notify you of where and when purchases were made and when you earn cash back, which can help you stay on top of potentially fraudulent activity. If your physical card is lost or stolen, you can freeze it in the app and still use your virtual card to make purchases.

» MORE: Full review of the PayPal Cashback Mastercard

New Venmo Credit Card Offers Personalized Rewards - NerdWallet (2024)


New Venmo Credit Card Offers Personalized Rewards - NerdWallet? ›

How does the Venmo Credit Card's personalized rewards work? The Venmo Credit Card automatically tracks your spending and adjusts your top earning categories each billing cycle based on your purchases. You'll earn 3% cash back on your top category, 2% on your second highest category, and 1% on all other purchases.

Does Venmo credit card have rewards? ›

The Venmo Credit Card gives you custom cash back* rewards — maximized to what you spend. We'll track your spend categories as they change, so you can just sit back and cash in.

What is the $200 bonus on the Venmo card? ›

You'll get a higher 2% cash back rate on all purchases and you can earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. Plus, there's a 0% intro APR for 15 months from account opening on purchases and balance transfers. After that, a 20.24%, 25.24%, or 29.99% Variable APR applies.

Can I change my Venmo card color? ›

If you would like to choose a new color for your debit card, select the pencil icon. Review your info - to make changes tap the pencil icon, or tap Confirm to continue. Select Done.

Is the Venmo credit card a real credit card? ›

The Venmo Credit Card is a Visa® credit card issued by Synchrony Bank. You can split Venmo Credit Card transactions with friends on Venmo and use the money in your Venmo account to make payments towards your bill. The Venmo Credit Card and the Venmo Debit Card also have unique rewards programs specific to each card.

Do you get Amex rewards for Venmo? ›

Open the Amex app, tap the Account tab, scroll down to Payment Tools, and select Send & Split. Tap the Add Money button, choose an amount, then tap Add Money. The amount you can add is subject to American Express approval, and the charge to your Card is not eligible to earn rewards.

Is Venmo Rewards legit? ›

The social payment app is widely used for things like splitting bills at restaurants or reimbursing others for a shared expense. But they have also become an easy target for consumer scams. Venmo's online help center warns users about fake prizes and cash rewards, calls from Venmo or payments from strangers.

How do I get a rainbow card on Venmo? ›

And existing card holders can request the rainbow card as a replacement for their current card, if they choose. The card will be first offered to top cardholders on Friday, and will then be available to all Venmo users starting on March 4th, the company says.

Can you have 2 different cards on Venmo? ›

Users can have up to 4 active or deleted cards in their account at any given time over a 6 month rolling period. The 4 card rolling limit means that once you add a card to Venmo, it will count against your card limit for 6 months, even if you delete it.

What is the Venmo credit card limit? ›

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.

What credit score is needed for a Venmo credit card? ›

While Venmo's audience skews younger, the Venmo Credit Card requires good to excellent credit to qualify (corresponding to a FICO score of at least 690).

Can you use a Venmo credit card like a regular credit card? ›

You can use your Venmo Credit Card everywhere Visa® cards are accepted.

Can you pay friends with a Venmo credit card? ›

Can I use my Venmo Credit Card to make payments to other Venmo users? Your Venmo Credit Card is automatically added as a payment method on Venmo. That means you can use your card to make payments to friends and authorized merchants using the Venmo app.

What are the benefits of a Venmo card? ›

Venmo Credit Card Benefits
  • More rewards on what you buy most. Earn cash back rewards¹ based on your personal spending each month in these categories: ...
  • No annual fee. ...
  • Track it all in the app. ...
  • Accepted worldwide. ...
  • Your virtual card at your fingertips. ...
  • Use credit with friends. ...
  • Made just for you. ...
  • Earn rewards on recurring payments.

What is the $5 dollar reward on Venmo? ›

Reward: Eligible Participants will receive $5 cash back (“Reward”) upon completion of an Eligible Transaction during the Offer Period. The Reward will be added to Eligible Participants Valid Account and will be paid within fourteen (14) days after the Offer Period ends.

Is it worth it to use a credit card on Venmo? ›

When using a credit card on Venmo, you'll be charged a 3% fee when making a payment. No fee will be charged if using a debit card or bank account. So, even if you pay with a rewards credit card like a 2% back card, you will likely lose money on Venmo payments linked to credit cards.

Can I get money from my Venmo credit card? ›

Can I use my Venmo Credit Card to get a cash advance? Yes. Learn more about cash advance fees in the terms and rates.


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