Are you looking for a credit card that offers personalized cash-back rewards and is easy to manage? The Venmo Credit Card may be just what you need. Synchrony Bank is the company that issues this card, and it comes in five different colors. However, the card is much more than just its appearance. This article will explore the Venmo Credit Card’s review, rewards, redemption options, and benefits.
List of Contents
Venmo Credit Card: Website
Regular Apr (%): 19.49% – 28.49% variable
Annual Fee: $0
Rewards Earning Rate: Earn 3% on groceries, earn 2% on bills and utilities, and 1% on everything else
Foreign Transaction Fee (%): 0%
Recommended Credit Score: 670-850 (Good-Excellent)
The Venmo Credit Card is a Visa contactless card that enables secure, contactless payments at contactless-enabled terminals. The card is available in various colors and includes a unique Venmo QR code that friends can scan to access your profile and make or receive payments from you.
The Venmo Credit Card offers various categories of cash-back rewards. These categories are updated each month automatically based on your spending habits. The card offers 3% and 2% cash back on bonus categories. The remainder of the card’s spending earns 1% cash back. The earning structure of the card can help you maximize cash-back rewards.
Benefits
The Venmo Credit Card has more benefits than just cash-back rewards and options for redemption. The card does not charge an annual fee and carries no liability for fraudulent purchases. The card also has protection for purchases and travel, which can be helpful in an emergency.
The benefits listed below are available to Venmo cardholders.
- Roadside dispatch (Visa Signature and Visa)
- Services for travel and emergency assistance (Visa Signature only)
- 24/7 Visa Signature concierge (Visa Signature only)
Pros and Cons
Pros
✔ J.D. Power customer satisfaction scores are the highest.
✔ Excellent average NCQA plan rating
✔ Members have access to complimentary mental health resources.
Cons
✘ Plans are marketed in eight states and the District of Columbia.
✘ Limited plan types
Pros Clarified
- Card Features a Venmo-Linked QR Code: The front of your credit card will feature a Venmo-linked QR code. Friends and family can scan the QR code on your Venmo card to pay their portion of a debt.
- Payments for Split Bills by Credit Card or Venmo: Credit cards are eligible for split bill payments. People who don’t use buddy payments to pay down their credit cards can use this app to keep from spending money on something else.
- Automatic and Retroactive Highest Spending Cash Reward Categories: Some credit cards require choosing a bonus cashback category when your statement begins. If you guess incorrectly, it will reduce your cashback. The Venmo Credit Card uses your two most significant spending categories from the past to give you the most cash back.
Cons Clarified
- Low Cash Back Rate on All Other Transactions: Numerous alternative credit cards give at least 1.5% cash back on all transactions. Because of this, it may not make sense to use this card for transactions that receive only 1% cash back.
- Exclusively for Selected Venmo Customers: Only those using the most recent version of the Venmo app may apply for the card.
Rewards Earning
The Venmo Credit Card makes it easy to earn rewards. You are not required to do anything besides charge purchases to the card. Each billing cycle, the card will automatically apply the higher reward rates to the categories where you spend the most and the second most.
You receive 3% cash back on your top spending category and 2% on your second-highest spending category. The eight permitted spending categories are dining and nightlife, travel, bills and utilities, health and beauty, groceries (including wholesale clubs), gasoline, transportation, and entertainment. You receive 1% cash back on other transactions when you use your card to send money to Venmo users through your Venmo account.
Rewards Redemption
You are not required to redeem your prizes. That is done automatically for you. Venmo calculates your incentives based on your top expenditure categories once your statement closes. The funds are then sent to your Venmo account within three business days.
When the cash rewards are in your Venmo account, you may utilize them like any other Venmo account balance. Your Venmo Credit Card and Venmo account must be open and in good standing, and the link must be active for the incentives to transfer automatically.
Maximizing Rewards
The amount of money you spend in your top spending categories during the year determines how much you may earn with this card. However, several credit cards provide better cashback rates on other purchases than the 1% cash returns offered by the Venmo Credit Card.
Cardholder Experience
Synchrony Bank issues the Venmo Credit Card. J.D. Power’s 2021 U.S. Credit Card Satisfaction Study received 788 points out of 1,000, which is lower than the national issuer average of 809.
You may modify your Venmo credit card account using the app or call Venmo credit card assistance at 855-878-6462.
Security Features
The Venmo app allows you to deactivate your card account if you cannot locate it or if it has been hijacked. If you discover your card and it has not been hacked, the app will allow you to unlock it. If your card has been hacked, you can request a virtual card in the Venmo app to continue buying until your actual card is restored. This function also allows you to use your card after acceptance but before the actual card arrives.
Is Venmo Credit Card Worth It?
The Venmo Credit Card offers excellent cashback benefits in your two highest spending categories, at 3% and 2%, respectively. Spending-based rewards are calculated automatically after the fact so that you can get as much cash as possible.
In addition to the convenience of getting paid for split purchases by friends and family using the QR code on the front of the card, this card may be helpful for frequent Venmo users. Only a few people with Venmo accounts can get a Venmo credit card. You needs to read the Venmo credit card review before deciding.
Conclusion
The Venmo Credit Card is great for personalized cash-back rewards and easy management. The card’s earning structure is unique, and the redemption options are versatile. Furthermore, the card offers additional benefits such as travel and purchase protection. However, it is important to note that you need to learn about a Venmo credit card review because it has fees. Overall, the Venmo credit card is worth considering if you want a new credit card.
FAQs
The Venmo Credit Card is a Visa contactless card that enables secure, contactless payments at contactless-enabled terminals. The card is available in various colors and includes a unique Venmo QR code that friends can scan to access your profile and make or receive payments from you.
No, the Venmo Credit Card does not have an annual fee.
The APR for the Venmo Credit Card ranges from 19.49% – 28.49%.
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Source: Investopedia