Disclaimer: CompareCredit works to keep its information accurate and up to date. All information and offers in this article are up to date as of May 2021. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. When considering and applying for a new credit card, please review the most up to date Terms & Conditions of the financial institution.
Venmo, it’s that snappy app that allows you to send/receive money quickly with your friends and family. Well, did you know that you can use your Venmo account to make purchases at different locations? Well, you can. And now, maybe more impressively, you can be approved for a Venmo Credit Card and start earning cash back on all your purchases while utilizing the easy-to-use Venmo app to manage your card and still split the dinner bill with your friends.
Our team of experts has broken down the Venmo Credit Card for you, so you can decide whether it’s a good fit for you or not.
Venmo Credit Card Benefits Offered to You
- Easy to Use Cash Back Rewards – Venmo makes it super easy to earn cash back on your purchases, and a lot of it. Each month Venmo will analyze your top spending categories (out of a list of eight categories) and reward you 3% cash back on your top category and 2% on your second highest spent category. No enrolling, no hard-to-follow calendars, just use your card normally and you’ll start stacking up the cash back.
- Easy App Integration – All the snappy features you’re used to when using the Venmo app come with the Venmo Credit Card, making it easy to manage your monthly bill. Additionally, your Venmo Credit Card comes with a QR code on it to make splitting the bill with your friends even easier to do. Plus, all that cash back you’ve earned can be used in multiple ways. You can use it to pay your monthly statement, make purchases through the app at vendors that accept Venmo, or you can send it to a friend through the app.
Venmo Credit Card Drawbacks
- No Welcome Bonus & Cash Back Cap – Unfortunately, there is no welcome bonus or intro offer with this card. After the first year, your cash back bonuses are capped at $10,000 spending. With the automatic cash back rewards, it can be pretty easy to hit the cap and only see 1% cash back the rest of the year.
- Venmo App Use Required – If you are not a frequent Venmo app user, or don’t have any interest in using the Venmo app, you’ll be disappointed to learn this card requires you to use the app (and frequently).
- Limited Cash Back Categories – You’ll only be able to use your top two spending categories for the bonus cash back rewards. Leaving a lot of categories to only receive 1% cash back on.
Our Final Recommendation for Best Credit Card for You
If you like using the Venmo app or are looking for an easy-to-use cash back rewards program, then the Venmo credit card is an excellent option for you. It will seamlessly integrate into your everyday spending patterns and habits.
But if you’re not a Venmo user or are looking for a credit card with better cash back reward options, then we would suggest looking at a different cash back card.
Compare the Venmo Credit Card to One of Our Favorites
With the limited bonus cash back categories and cash back cap after the first year, there are several other cards that may be better suited for you if you’re looking to earn significant cash back.
We suggest either the Citi Double Cash Reward card offering 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. on all purchases or the Bank of America Cash Rewards card,, allowing you to earn3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% on every purchase in the category you choose.