Venmo has become synonymous with splitting bills and sending quick payments to friends.
Yeah, that's just the basic definition of Venmo. But with the Venmo credit card, this definition turns into something else and even becomes extraordinary in most cases.
The Venmo credit card is a Visa credit card that integrates seamlessly with the Venmo app, offering cashback and other perks tailored to the social media-savvy generation.
In this guide, we'll be reviewing the Venmo credit card, together with its numerous benefits and drawbacks to help you make an informed decision on whether you should consider applying for the card or not.
Table of Contents
What is the Venmo Credit Card?
The Venmo Credit Card is a Visa® credit card issued by Synchrony Bank that integrates seamlessly with the Venmo app. It allows you to earn cash back on your purchases, split bills with friends easily, and manage your finances all in one place.
Also Read: Venmo Debit Card Review
How to Apply For A Venmo Credit Card
If you're eligible for a Venmo credit card, you should be able to apply for one without hassle. For the convenience of everyone, I've covered a step-by-step process to apply and get a Venmo credit card below.
Step 1: Eligibility Check
Before diving in and to save time, you need to make sure you meet the basic eligibility requirements:
- Be at least 18 years old.
- Be a resident of the United States or its territories.
- Have a good credit score (typically 670 or higher).
- Possess a valid Social Security number.
- Have an existing and verified Venmo account that's been open for at least 30 days and is in good standing.
Step 2: Application Process
There are two ways to apply:
- Venmo App: Open the Venmo app and navigate to the "Cards" tab. Look for the "Apply Now" button for the Venmo Credit Card. Fill out the application form, providing your personal and financial information.
- Venmo Website: Visit the Venmo Credit Card website. Click on "Apply Now" and proceed with the online application form.
Step 3: Required Information
Be prepared to provide the following information during the application process:
- Personal information (name, date of birth, address, phone number, email address)
- Employment and income details
- Social Security number
- Venmo account information
Step 4: Credit Check
Once you submit your application, Venmo will perform a credit check to assess your creditworthiness. This may temporarily affect your credit score.
Step 5: Decision and Next Steps
You'll receive a notification within a few days informing you of the application status. If approved, you'll receive your Venmo Credit Card within 7-10 business days. You can then activate the card through the Venmo app or website.
Venmo Credit Card Benefits
As earlier mentioned, the Venmo credit card comes with a couple of benefits, which include:
Earning Cash Back the Venmo Way
Unlike traditional credit cards with rigid reward categories, the Venmo Credit Card keeps things flexible. You automatically earn 3% cash back on your top spending category each month, 2% on your next highest spending category, and 1% on everything else. No more choosing between gas and groceries—Venmo tracks your spending and rewards you accordingly.
But wait, there's more! You can also choose to boost your cash back in certain categories for a limited time. Just activate the offers you're interested in within the Venmo app, and watch your rewards pile up.
Your Venmo Account, Supercharged
The Venmo Credit Card isn't just about earning rewards; it's about making your Venmo experience even smoother. Use your card to make purchases, and the funds are instantly reflected in your Venmo balance. No more waiting for transfers or worrying about having enough cash to cover your share of the bill.
Splitting the Bill Just Got Easier
Remember those awkward moments when someone forgets their wallet, or the bill comes and you scramble to figure out who owes what? With the Venmo Credit Card, splitting the bill is a breeze. Simply use your card to pay, and then use the Venmo app to instantly split the cost among your friends. Everyone can pay their share right then and there, no more chasing people down for IOUs.
Seamless Integration with Venmo
Your Venmo Credit Card balance is instantly reflected in your Venmo app, so you can use it to pay friends, split bills, and make purchases.
No Annual Fee
There is no annual fee for the Venmo Credit Card.
Visa Benefits
You'll enjoy all the standard Visa benefits, such as purchase protection and fraud liability protection. Visa Signature® cardholders also get additional perks like travel insurance and access to exclusive events.
Venmo Credit Card Drawbacks
While the Venmo credit card comes with numerous perks, it, however, comes with drawbacks, especially for those with a rocky credit history.
Creditworthiness
A credit score is what we always have in mind when looking to apply for a credit card.
Like any other credit card, the approval of the Venmo Credit Card is subject to your creditworthiness. Synchrony Bank will evaluate your credit history, income, and other factors to determine your eligibility.
In fact, according to NerdWallet, the Venmo Credit Card requires good to excellent credit to qualify (corresponding to a FICO score of at least 690). So if your credit score is not in that range, you'd definitely face difficulties in getting the Venmo credit card.
High APR
The Venmo credit card has a variable APR of 15.49% - 25.49%, depending on your creditworthiness. This is higher than the average APR for rewards credit cards, meaning you could accrue significant interest charges if you carry a balance.
No introductory APR
Unlike many other credit cards, the Venmo card doesn't offer an introductory 0% APR period on purchases or balance transfers.
Limited rewards
Although the flexible cashback system is appealing, the base earning rates (3%, 2%, 1%) are lower than what some competing cards offer. Additionally, rewards are only redeemable as Venmo balance, restricting their use for travel or other purchases outside the app.
Venmo Credit Card Fees
While the Venmo Credit Card boasts the advantage of no annual fee, there are still other fees to be aware of:
Transaction Fees
- Cash advance fees: Using your Venmo Credit Card for cash advances (like ATM withdrawals) will incur hefty fees. These typically include a flat fee (around $5) and/or a percentage of the advance amount (around 5%). So, avoid using your Venmo Credit Card for anything other than regular purchases.
- Foreign transaction fees: While there's no dedicated foreign transaction fee, international purchases will be subject to a 1% conversion fee charged by the issuer. So, your travel rewards card might be a better option for frequent overseas spending.
Interest Charges
Variable APR: The Venmo Credit Card's APR ranges from 15.49% to 25.49%, depending on your creditworthiness. Carrying a balance on your card at such high-interest rates can accrue significant charges, so paying your statement balance in full each month is crucial.
Other Potential Fees
- Late payment fees: If you miss a payment, you'll be charged a late fee, typically around $30.
- Returned payment fees: If a payment is returned for insufficient funds, you'll face another fee, usually around $30.
What is the Starting Limit for Venmo Credit Card?
When you apply and get approved for a Venmo credit card, the starting limit you'll get should begin at $250 which is the minimum the Venmo credit card offers as a line of credit. However, this minimum will depend on your account history.
Can I Transfer Money from my Venmo Credit Card to my Bank Account?
No, you cannot transfer money from the Venmo credit card to your bank account.
Venmo Credit Card Payment
Rest assured, you can use your Venmo credit card to make payments through the Venmo app. You can send payments to friends and relatives through your Venmo credit card.
Can I Use my Venmo Credit Card to Pay Someone?
Yes, you can use your Venmo credit card to pay someone through the Venmo app.
Venmo Credit Card Customer Service
To contact Venmo credit card customer service, you have a few options:
- Call Synchrony Bank: For inquiries specifically about the Venmo Credit Card, you can call Synchrony Bank at 855-878-6462. Their agents are available 24 hours a day.
- Help Center: You can also visit the Venmo Help Center page and type your question in the search field. From there, you can send a message to the company through the contact form.
- Social Media: Another option is to reach out to Venmo customer support through their Twitter page, @VenmoSupport. You can tweet them from Monday to Friday, 8 am–10 pm, or on Saturday and Sunday, 8 am–5 pm CT.
- Live Chat: For the fastest service, you can use the Venmo live chat feature in the mobile app. Simply follow the prompts until you reach a solution or engage in a live chat with a representative. The chat support is available Monday to Sunday, 8:00 am-10:00 pm CT.
Is the Venmo Credit Card Good? My Final Verdict
If you're a regular Venmo user who likes to earn rewards and simplify your finances, then the Venmo Credit Card is definitely worth considering. It's a great way to earn cash back on your everyday spending, split bills with friends easily, and manage your finances all in one place.