{"id":174,"date":"2023-02-17T00:42:50","date_gmt":"2023-02-17T00:42:50","guid":{"rendered":"https:\/\/modestmoneytips.com\/?p=174"},"modified":"2023-02-17T00:42:50","modified_gmt":"2023-02-17T00:42:50","slug":"review-of-the-venmo-credit-card-earning-up-to-3-cash-back","status":"publish","type":"post","link":"https:\/\/modestmoneytips.com\/index.php\/2023\/02\/17\/review-of-the-venmo-credit-card-earning-up-to-3-cash-back\/","title":{"rendered":"Review of the Venmo Credit Card: Earning Up to 3% Cash Back"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/modestmoneytips.com\/wp-content\/uploads\/2023\/08\/stack-of-money-1024x683.webp\" alt=\"\" class=\"wp-image-454\" srcset=\"https:\/\/modestmoneytips.com\/wp-content\/uploads\/2023\/08\/stack-of-money-1024x683.webp 1024w, https:\/\/modestmoneytips.com\/wp-content\/uploads\/2023\/08\/stack-of-money-300x200.webp 300w, https:\/\/modestmoneytips.com\/wp-content\/uploads\/2023\/08\/stack-of-money-768x512.webp 768w, https:\/\/modestmoneytips.com\/wp-content\/uploads\/2023\/08\/stack-of-money-696x464.webp 696w, https:\/\/modestmoneytips.com\/wp-content\/uploads\/2023\/08\/stack-of-money-1068x712.webp 1068w, https:\/\/modestmoneytips.com\/wp-content\/uploads\/2023\/08\/stack-of-money.webp 1500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Venmo Credit Card Overview<\/strong><\/p>\n\n\n\n<p>Venmo offers a digital wallet, making transactions between friends and family seamless. Its rise in popularity stems from fee-less transfers and easy splitting of expenses. Beyond its app and debit card, Venmo provides a Visa credit card that offers up to 3% cashback on purchases, and it comes without an annual fee.<\/p>\n\n\n\n<p>In this analysis, we&#8217;ll delve into the Venmo Credit Card&#8217;s major features, juxtapose it against similar no-fee cashback cards, and assist you in determining if it&#8217;s right for you.<\/p>\n\n\n\n<p><strong>Understanding the Venmo Credit Card<\/strong><\/p>\n\n\n\n<p>Available only to those using the Venmo app, the Venmo Credit Card, a product of Synchrony Bank, comes without an annual fee and isn&#8217;t a secured card \u2013 no initial deposit needed. A significant draw for users is the 3% cash back on your top spending category, followed by 2% on the second-highest. All other purchases fetch 1%.<\/p>\n\n\n\n<p>The card also allows you to divide expenses among Venmo peers, letting you benefit from both purchase protections and credit card rewards. It also doesn&#8217;t charge an annual or overseas transaction fee &#8211; advantageous for international trips.<\/p>\n\n\n\n<p><strong>Eligibility for the Venmo Card<\/strong><\/p>\n\n\n\n<p>A personal Venmo account in good standing for at least a month is a prerequisite. After registering on Venmo via the Android or iOS app and being eligible, you can then apply for the credit card directly within the app. During this process, being pre-approved might be a possibility.<\/p>\n\n\n\n<p>Application requires:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Name<\/li>\n\n\n\n<li>Email<\/li>\n\n\n\n<li>Phone number<\/li>\n\n\n\n<li>Address<\/li>\n\n\n\n<li>SSN&#8217;s last four digits<\/li>\n\n\n\n<li>Birthdate<\/li>\n\n\n\n<li>Yearly net income<\/li>\n<\/ul>\n\n\n\n<p>Notably, joint or authorized users aren&#8217;t permitted with the Venmo Credit Card. Each household member must obtain their card. The application process and subsequent hard credit inquiry are standard, determining your eligibility and spending ceiling.<\/p>\n\n\n\n<p><strong>Key Features of the Venmo Credit Card<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cash Back Tiers<\/strong>: Earn 3% on your most frequent purchase category, 2% on the next, and 1% on all else.<\/li>\n\n\n\n<li><strong>Cashback Categories<\/strong>: Could be any two from utilities, dining, entertainment, gas, groceries, health and beauty, transportation, and travel.<\/li>\n\n\n\n<li><strong>Automatic Rewards<\/strong>: Without any opt-in, Venmo automatically assigns the 3% and 2% cashback.<\/li>\n\n\n\n<li><strong>Rewards Redemption<\/strong>: Rewards get directly deposited into your Venmo account with no minimum limit.<\/li>\n\n\n\n<li><strong>No Hidden Costs<\/strong>: No annual or foreign transaction fee.<\/li>\n\n\n\n<li><strong>Spend Tracking<\/strong>: Venmo app provides insights into your spending patterns and allows for balance payments. Cryptocurrency purchases are also visible.<\/li>\n\n\n\n<li><strong>Unique Card Design<\/strong>: A QR code is present for ease of transactions between Venmo users. Plus, five card designs to pick from, all of which support contactless payments.<\/li>\n\n\n\n<li><strong>Virtual Card<\/strong>: For online shopping, a different virtual card number is provided for enhanced security.<\/li>\n\n\n\n<li><strong>P2P Fee Waiver<\/strong>: Sending money via the credit card attracts a 3% fee, but this is waived from 11\/1\/2022 to 12\/31\/2023.<\/li>\n\n\n\n<li><strong>Visa Advantages<\/strong>: Depending on the variant, Visa Traditional or Visa Signature\u00ae benefits are applicable.<\/li>\n<\/ul>\n\n\n\n<p><strong>Comparing Costs<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Annual Fee: None<\/li>\n\n\n\n<li>Foreign Transaction Fee: None<\/li>\n\n\n\n<li>Purchase APR: Ranges between 18.24% to 27.24%<\/li>\n\n\n\n<li>Cash Advance Fee: Greater of $10 or 5%<\/li>\n\n\n\n<li>Late Payment: Max $41<\/li>\n<\/ul>\n\n\n\n<p><strong>Weighing the Pros and Cons<\/strong><\/p>\n\n\n\n<p><em>Advantages<\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Up to 3% cashback<\/li>\n\n\n\n<li>Auto-reward redemption<\/li>\n\n\n\n<li>No extra charges<\/li>\n\n\n\n<li>Personal QR code on the card<\/li>\n\n\n\n<li>Simplified reward system<\/li>\n<\/ul>\n\n\n\n<p><em>Limitations<\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>3% fee on P2P money transfer can be high<\/li>\n\n\n\n<li>Rewards can only be redeemed to Venmo account<\/li>\n\n\n\n<li>Requires a Venmo account<\/li>\n\n\n\n<li>Absence of a signup bonus<\/li>\n<\/ul>\n\n\n\n<p><strong>Who&#8217;s it for?<\/strong><\/p>\n\n\n\n<p>The card suits those frequently using credit cards and regularly transferring money to friends or relatives. Its automatic reward system is its standout feature, eliminating the need for manual activation.<\/p>\n\n\n\n<p><strong>Looking at Alternatives<\/strong><\/p>\n\n\n\n<p>Cards like Chase Freedom Unlimited and Bank of America\u00ae Customized Cash Rewards may offer different advantages depending on your needs.<\/p>\n\n\n\n<p><strong>Venmo Credit Card vs. Debit Card<\/strong><\/p>\n\n\n\n<p>Venmo\u2019s Mastercard Debit Card might be better for those concerned about interest rates and credit checks. For those eyeing cashback, the credit card stands out.<\/p>\n\n\n\n<p><strong>Frequently Asked Questions<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Is there a signup bonus for the Venmo Credit Card?<\/em> No, but you begin earning up to 3% cashback immediately.<\/li>\n\n\n\n<li><em>Is it worth it?<\/em> If cashback on frequent categories is a priority, it&#8217;s an excellent choice.<\/li>\n\n\n\n<li><em>How to get the card?<\/em> Eligible Venmo users can apply through the app.<\/li>\n\n\n\n<li><em>Spending limit?<\/em> Minimum is $250, but it varies based on individual credit profiles.<\/li>\n<\/ul>\n\n\n\n<p><strong>Conclusion<\/strong><\/p>\n\n\n\n<p>For those already leveraging Venmo for transactions, the credit card is a valuable addition, offering up to 3% cashback. The absence of transaction fees for overseas purchases is a bonus. If Venmo isn&#8217;t a mainstay or the rewards aren&#8217;t aligning with your expenses, considering alternatives like the Chase Freedom Unlimited might be better.<\/p>\n\n\n\n<p><strong>Rating<\/strong><br>8.7\/10<\/p>\n\n\n\n<p><em>Strengths<\/em>: High cashback rates, no hidden fees, unique QR code feature.<br><em>Weaknesses<\/em>: High P2P transfer fee, limited reward redemption options, mandate of a Venmo account, no introductory bonus.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venmo Credit Card Overview Venmo offers a digital wallet, making transactions between friends and family seamless. Its rise in popularity stems from fee-less transfers and easy splitting of expenses. Beyond its app and debit card, Venmo provides a Visa credit card that offers up to 3% cashback on purchases, and it comes without an annual [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-174","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-credit-cards"},"_links":{"self":[{"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/posts\/174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/comments?post=174"}],"version-history":[{"count":2,"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/posts\/174\/revisions"}],"predecessor-version":[{"id":455,"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/posts\/174\/revisions\/455"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/media\/454"}],"wp:attachment":[{"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/media?parent=174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/categories?post=174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modestmoneytips.com\/index.php\/wp-json\/wp\/v2\/tags?post=174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}