Venmo’s New Credit Card Offers Customizable Cash Back. Here’s Who Should Consider It

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Venmo Credit Card
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Venmo Credit Card
Editor’s Score: (N/A)
Learn more externa link icon At our partner’s secure site.
Venmo Credit Card
Editor’s Score: (N/A)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    15.24% – 24.24% Variable APR
  • Recommended credit score:
    670-850 (Good to Excellent)
Rewards rate:

Earn up to 3% on your eligible top spend category. Earn up to 2% on your second eligible top spend category. Earn 1% on all other eligible purchases and on Venmo person-to-person transactions.

NextAdvisor’s Take

Pros
  • No need to choose categories; earn rewards automatically based on your spending habits
  • No annual fee
  • Cash rewards are automatically added to your Venmo account at the end of each statement period
Cons
  • 3% fee to use your card for person-to-person payments in the Venmo app
  • No intro offer
  • Rewards limited to cash redemptions
The Bottom Line
If you already use Venmo to pay friends, split bills, or get paid, the Venmo Credit Card* could be worth a look. You’ll earn rewards in your most-used bonus categories, with no annual fee. Just keep in mind the rewards cap after your first year, and make sure you’re prepared to manage your account via the Venmo mobile app.

Additional Card Details

  • 3% cash back in your top spend category, among: transportation, travel, grocery, entertainment, dining & nightlife, bills & utilities, health and beauty, and gas
  • 2% cash back in your second top spend category
  • 1% cash back on all other eligible purchases and on person-to-person transactions
  • Venmo account must be open for at least 30 days and in good standing before you can apply
  • Choose your card color from five different options
  • Apply Venmo payments that you receive from friends directly to your credit card bill, or to your Venmo account which can later be used to pay your credit card
  • No annual fee
  • No foreign transaction fees
  • APR of either 15.24%, 21.24%, or 24.24%

Venmo Credit Card Full Review

Card Type

The Venmo Credit card is a cash back rewards card with tiered bonus categories.

Annual Fee

There’s a $0 annual fee for the Venmo Credit Card.

Welcome Offer

This card has no welcome offer, which is a drawback compared to other cash back cards.

Rewards

Even if you only use Venmo occasionally, the card’s simple rewards structure and easy redemptions can help you maximize cash back where you spend most. Earn up to 3% on your top spend category. Earn up to 2% on your second top spend category. Earn 1% on all other eligible purchases and on Venmo person-to-person transactions.

Eligible spend categories for the 3% and 2% bonus categories include: 

  • Transportation
  • Travel
  • Grocery
  • Entertainment
  • Dining & nightlife
  • Bills & utilities
  • Health and beauty
  • Gas

Fees 

This card’s regular APR is 15.24% to 24.24% variable. There’s no annual fee and no foreign transaction fee for purchases you make outside the U.S. 

If your payment is returned, you may incur a fee up to $29; if you pay late, the fee could cost up to $40.

How to Use the Venmo Credit Card

Maximizing your rewards with this card is simple: just use it for your regular purchases, and your rewards are calculated for you and added to your account at the end of each billing cycle. 

Categories are based on merchant category codes, so the specific purchases that count toward categories can vary, but here are some of the things included in the various spend categories: 

  • Dining and nightlife: Restaurants, take-out, and delivery 
  • Travel: Airlines, hotels, and resorts
  • Bills and utilities: Telecommunications, internet providers, subscription products or services, electric, gas, and other utilities
  • Health and beauty: Drugstore purchases, cosmetic stores, sports and recreation facilities that require a membership
  • Grocery: grocery stores, wholesale clubs, convenience stores, bakeries, delis
  • Gas: gas stations
  • Transportation: rental cars, taxis, rideshares, buses, trains, tolls, parking meters, parking garages 
  • Entertainment: movie theaters, theater and concert tickets, video rental and game stores, books, newsstands, amusement parks, music stores, toy and hobby stores

If you already have a card that earns rewards in some categories, you may also want to pick specific eligible categories to focus your spending with this card. For example, if you already earn 4% cash back on dining and entertainment with a Capital One Savor Cash Rewards Credit Card, you may opt to use your Venmo card specifically for drugstore purchases and monthly utility bills, to maximize categories where you don’t already earn rewards.

As with any credit card, make sure you pay off your credit card balance on time and in full each month to avoid paying interest.

Because this card is so closely tied to Venmo, some other details may differ from other cards in your wallet. You can choose from five different color options, and the card itself has your unique Venmo QR code on the front. When your friends scan your QR code, it’ll direct them to your Venmo profile to send or receive payments. You can apply Venmo payments that you receive from friends directly to your credit card bill, or keep them in your Venmo account, which can later be used to pay your credit card.

Venmo Credit Card Compared to Other Cards

Our Choice
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Venmo Credit Card

Venmo Credit Card

Editor’s Score: (N/A)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    15.24% – 24.24% Variable APR
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon At our partner’s secure site
Learn More externa link icon
Chase Freedom Flex℠

Chase Freedom Flex℠

Editor’s Score: (4.7/5)
  • Intro offer:
    $200
  • Annual fee:
    $0
  • Regular APR:
    17.24% – 25.99% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Chase’s secure site
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Bank of America® Customized Cash Rewards credit card

Bank of America® Customized Cash Rewards credit card

Editor’s Score: (4.3/5)
  • Intro offer:
    $200
  • Annual fee:
    $0
  • Regular APR:
    16.99% – 26.99% Variable APR on purchases and balance transfers
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon At our partner’s secure site

Is the Venmo Credit Card Right for You?

The Venmo Credit Card offers the perks of a tiered rewards system without the hassle of choosing or tracking rewards categories. You don’t have to consciously spend in certain categories to reap the maximum benefits of this card, because the card tailors itself to your spending habits. 

Any spending beyond the 3% and 3% bonus categories earns a standard 1% cash rewards. After each billing cycle, your purchases will be automatically reviewed and your rewards assigned based on where you spent most. 

But because your account management is mobile-first (within the Venmo app) and the rewards program is centered on your Venmo balance, this card is best for people who use Venmo at least semi-regularly and are comfortable with managing their card account primarily on their phone.

Your rewards will go directly to your Venmo app, and can be either used to pay off your credit card directly, or transferred out of your account (with your existing Venmo account balance). If you plan to transfer the funds out of your account, it will be subject to Venmo’s normal transfer period (up to three business days for traditional transfer, or instant transfer for a fee). 

EDITORIAL INDEPENDENCE

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

Frequently Asked Questions

Is this different from the Venmo Debit Card?

Yes, the Venmo Debit Card is a debit card that connects with your Venmo account balance. The Venmo Credit Card works like a traditional credit card with cash back rewards.

What does the design on the Venmo card do?

The design on the front of your credit card is a unique QR code connected to your Venmo profile. Other Venmo users can scan your QR code to pay you or request payment, without having to find your profile through the app. You’ll also be able to activate your card through the QR code instead of calling a number.

Do I have to have a Venmo account to get the Venmo credit card?

Yes. You’ll need to have a Venmo account for at least 30 days and be in good standing to apply for the Venmo credit card. You’ll manage your card entirely through the Venmo app.

*All information about the Venmo Credit Card and Bank of America Customized Cash Rewards credit card has been collected independently by NextAdvisor and has not been reviewed by the issuer.