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One of the most popular payment apps has officially entered the credit card marketplace. The Venmo Credit Card is currently only available to select users. But Venmo has announced that all eligible users will be able to apply in the coming months.
This card’s features include a blend of traditional credit card benefits, such as cash back rewards on every purchase, and more unique, Venmo-specific perks. And since there’s no annual fee, you can add it to your wallet free of charge.
Here’s a complete look at the most important features of the Venmo Credit Card and how the application process works.
Venmo Credit Card rewards
The main draw of the Venmo Credit Card is its cash back, especially because it earns bonus cash based on where you spend the most. After every statement period, Venmo will add up how much you spent in each of its spending categories and credit you:
- 3% back in your top spending category
- 2% back in your next-biggest spending category
- 1% back on all other purchases
The eight spending categories offered by the Venmo Credit Card are:
- Dining and nightlife
- Bills and utilities
- Health and beauty
Purchases that fall outside these categories earn 1% back. Note that after your first year using the card, the combined spending in the 3% and 2% categories is capped at $10,000 a year. Once you’ve hit $10,000 in spending that earned 3% or 2% back, all other purchases that year will earn 1% back.
The flexibility of the Venmo Credit Card’s rewards is a big advantage compared to other cash back credit cards. You’re not tied down to the same bonus categories every billing cycle. If your biggest spending category is groceries one month and travel the next because you book a vacation, you’ll earn 3% on both.
The Venmo Credit Card is clearly designed for a seamless experience. As soon as you’re approved, your card will be available in the app. You’ll be able to use it for online and in-store shopping (where digital VisaÂ® cards are accepted) before the physical card has arrived.
Your personal Venmo QR code will be printed on your Venmo Credit Card. Instead of pulling up your QR code from the app, you can let other Venmo users scan the QR code on your credit card to go to your profile and either send or request money.
Splitting purchases is also convenient with this credit card. When you make a purchase with your card, you can request money from friends towards the cost and apply their payments to your Venmo account or directly to your credit card bill.
Applying for the Venmo Credit Card
If you’re eligible to apply, there will be a Venmo Credit Card section at the top of the main menu of your Venmo app. Select that to start the application process. Like any credit card application, there will be a hard credit check. Your credit score and history are both factors in whether your application is approved.
Venmo is currently only offering its credit card to a portion of users who have had accounts for at least 30 days and been active in the past 12 months. If you haven’t been selected, then you’ll need to wait until Venmo opens up applications to all eligible users.
There are only a few requirements for the Venmo Credit Card:
- You must be at least 18 years old.
- You must have a Venmo account in good standing.
- Your Venmo account must be open for at least 30 days prior to your application.
You could be approved for either of these two versions of the card: The Venmo VisaÂ® Credit Card or the Venmo Visa SignatureÂ® Credit Card. The only difference between these cards is the extras that you get from Visa. The Visa SignatureÂ® card has more to offer, such as Visa Luxury Hotel Collection benefits and Visa Concierge service.
Is the Venmo Credit Card worth getting?
Like most credit cards offered by tech companies, the Venmo Credit Card is light on perks. Introductory offers, in particular, are an area where the top credit cards offer much more value. At least for the moment, the Venmo Credit Card doesn’t have a sign-up bonus or a 0% intro APR.
It does offer competitive cash back rates, though. If you already have one or more rewards credit cards, you could add the Venmo Credit Card to earn 3% back in a category where your other cards wouldn’t get you anything extra. Let’s say your other cards earn 1% on bills and utilities. You could open the Venmo Credit Card just for bills and utilities spending to pick up an extra 2% in that category.
The Venmo Credit Card probably won’t be the most valuable credit card you can find. But it’s convenient to have if you use Venmo often, and it could be a good choice to combine with other cards and maximize your rewards.
Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.
But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards weâve ever seen (up to 5%!), and somehow still sports a $0 annual fee.
Thatâs why our expert â who has reviewed hundreds of cards â signed up for this one personally. Click here to get free access to our expertâs top pick.
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