The
Venmo Credit Card is a good card to consider if you want to earn bonus rewards on transportation, travel, groceries, entertainment, dining/nightlife, bills/utilities, health/beauty, and/or gas. You’ll get 3% back in whichever of those categories you spend the most in each month. You’ll also earn 2% back on purchases in your second-biggest spending category.
This card has a
$0 annual fee, so it can be free to own. You just need to make sure to pay your statement balance in full each month, so you can avoid expensive interest charges.
What I Like About the Venmo Credit Card
2% - 3% cash back on your biggest expenses
The
Venmo Credit Card gives 2-3X more rewards on purchases in your top two spending categories than the average credit card offer. Plus, there’s no limit to how much you can earn.
You can learn more about the spending categories eligible for bonus rewards below. Making sure at least two of them jive with your spending habits is crucial.
| Spending Category | Examples |
| Dining & Nightlife | Restaurants
Fast food
Bars |
| Travel | Airlines
Hotels
Timeshares
Property rentals up to 30 days |
| Bills & Utilities | Telecommunications
Utilities
Streaming services
Subscription products |
| Health & Beauty | Drug stores/pharmacies
Health clubs
Golf/tennis clubs |
| Grocery | Supermarkets
Delis
Bakeries
Warehouse clubs |
| Gas | Fuel from service stations |
| Transportation | Rental cars
Taxis/rideshare services
Buses
Trains
Tolls
Parking |
| Entertainment | Movie theaters
Concerts and plays
Video game stores
Book stores
Music stores
Toy stores/hobby shops |
$0 annual fee
Lots of credit cards forgo annual fees, so this isn’t all that special. Still, it does save you
$29.67 per year compared to the average credit card offer and hundreds annually compared to the most expensive cards, according to our database of 1,500+ cards. That’s a win.
Handy QR code on your card
People can scan your card to find your Venmo profile and send you money. Fortunately, you don’t have to worry about them scanning your card and scamming you out of money. It’s a one-way street.
Low-risk application
If you apply for this card and don’t end up getting approved, there’s no hit to your credit score. There’s only a hard pull on your credit when you get approved.
What I Don’t Like About the Venmo Credit Card
High APR
Carrying a balance from month to month with this card is an easy way to wipe out your savings from rewards. If you fail to pay your full statement balance by the due date every month, you will accrue interest charges at a rate of
18.74% to 30.74% (V), depending on your overall creditworthiness when you apply. That’s pretty much guaranteed to be higher than average for your credit score, and it’s likely to be a lot higher than the average APR among new credit card offers overall.
Fortunately, you can avoid expensive interest charges. If you pay the full balance listed on your monthly statement each month, you’ll be covered by a grace period that prevents interest.
Reserved for certain people with good/excellent credit
You can
check your credit score for free here on WalletHub to see if you’re likely to qualify for the
Venmo Credit Card, or any other credit card for people with good credit or better. Your chances of approval are best if you have a credit score of 700 or higher.
You’ll also have to sign in to your Venmo account to see if applying is even an option in your case. Not everyone is even given the chance.
Mixed reviews
The
Venmo Credit Card has nearly three times as many 1-star reviews as it does 5-star reviews. Make sure to read about other people’s experiences with the card before you apply, so you can avoid applier’s remorse.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
