Venmo Visa Credit Card Review

If you are a college student or a young professional, you must have used -- or at least heard about -- the mobile payment service Venmo when you split a bill with your friends. After releasing a debit card named Venmo Mastercard back in 2018, the wildly popular money-transfer app has released its own credit card this year. This app is available on both the App Store and Google Play.

Who is the Venmo Visa Credit Card for?

The Venmo Visa Credit Card offers the most value to existing users of the Venmo Mobile App since the card is tightly integrated with the app. It is great for customers who are looking for a customized, straightforward cashback reward program with no annual fee. Through the popular mobile app, Venmo Visa Credit cardholders can directly manage their visa card and track their spending activities, rewards, and payment history all in one place.

Notable features include viewing your spending transactions in real-time, sending money to your friends, splitting payments with other users, tracking real-time cashback alerts, and automatically paying off your credit balance. Users can also choose to pay with their physical cards or pay with Venmo through many e-commerce checkouts.

One of the best parts about this card is its dynamic cashback rewards program. Unlike many traditional credit card cashback programs, the Venmo Visa Credit Card offers cashback rewards tailored towards the cardholder’s individual spending habits. Users will receive 3% cashback on their top spend category, 2% on their second top spend category, and 1% on all other eligible purchases. 

Currently, only selected Venmo Mobile App users will be able to apply for this card through the app. However, the company is planning to roll out the program to all other Venmo customers in the coming months. It does not have a high requirement for credit score, as it differentiates cardholders through three different tiers of APR rates based on creditworthiness. Applying for this card requires that you reside in the US, are at least 18 years of age, and own a Venmo account in good standing that has been opened for at least 30 days.

If you are currently a Venmo customer who is looking for a credit card that offers a rich, customized, and hassle-free rewards program, the new Venmo Visa Credit Card is a great option for you to consider.

Welcome Bonus and Reward Rates

The Venmo Visa Credit Card does not offer any welcome bonus. However, it compensates that through its one-of-its-kind, individualized rewards program. This credit card categorizes cardholders’ daily spendings into 8 main categories:

1. Grocery
2. Bills & Utilities
3. Health & Beauty
4. Gas
5. Entertainment
6. Dining & Nightlife
7. Transportation
8. Travel

The amount of cashback that cardholders receive will be automatically transferred to the Venmo account at the end of each statement period, provided that the card account and Venmo account are open, in good standing, and linked to each other.

This card is designed to maximize the amount of cash back rewards that its cardholders receive with little active management, as the top spending categories will adjust automatically during each statement period.

Annual Fee

Another great benefit of obtaining the Venmo Visa Credit Card is that it does not charge any annual fee or foreign transaction fee. This makes the card very attractive to many people, since it offers an assortment of benefits and rewards without cost. Bare in mind that this card does charge the typical 5% transaction fee for cash advances, up to $40 for late payment and up to $29 for returned payment.

Benefits and Credits

As this credit card program is relatively new, the Venmo Visa Credit Card is currently only available to selected US Venmo customers to apply through its mobile app exclusively. However, the company is planning to roll out the credit card program to all other eligible US Venmo customers within the next couple of months. If you want to check if you are eligible to apply right now, simply go to your latest version of the Venmo app on your smartphone and see if there is an invitation to apply at the top of the main menu.

This card differentiates customers with varying creditworthiness by 3 “tiers” of purchase variable APR (15.24%, 21.24%, and 24.24%). Therefore, even if you have a credit score that is less than ideal, you might still be eligible for the Venmo Visa Credit Card. The card also charges a variable cash advances APR of 24.24%.

Additional Features

The Venmo Visa Credit Card makes card management easy and approachable by centralizing all the credit card activities under its user-friendly Venmo Mobile App. Cardholders will be able to view their categorized spending history in real time, make payments, track cash back activities, split purchases, sign up for spending alerts, and freeze the credit card all in one place. 

The Venmo Visa Credit Card also offers safe, touch-free payment experience. The card is equipped with RFID-enabled chip, allowing customers to tap-to-pay contactlessly instead of swiping/inserting cards during transactions.

Lastly, if you are a frequent user of the Venmo Payment App, you are probably familiar with the unique QR code that is assigned to each individual user. The Venmo Visa Credit Card has the QR code printed on the front, allowing cardholders to activate the card, make purchases, and split bills easily through any mobile phone camera. Cardholders will also be able to make online purchases with their virtual credit card, even before the actual card arrives in the mail.

Conclusion

If you are a current Venmo Payment App user who is looking for a credit card that has great rewards, minimal fees, and an easy-to-use interface, the Venmo Visa Credit Card is a solid option for you. With a dynamic, intuitive cash-back program, $0 annual fee, and centralized app for card management, the Venmo Visa Credit Card is easily one of the best options in the credit card market right now.