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Maybe you’ve used Venmo to split the bill after a meal with a friend. Or for sharing a taxi ride with a coworker. Or for paying a roommate for your half of the rent. 

Most people use Venmo to send or receive money. But the digital payment service has expanded to offer many different features, including the Venmo Credit Card.

Here’s what you need to know about the Venmo Credit Card — and if it’s worth getting. 

Is the Venmo Card worth it?

If you’re an active Venmo user, having a Venmo Card could make managing your finances easier. It connects with the Venmo app, allowing you to track your spending and split bills effortlessly.

The Venmo Credit Card is available anywhere that accepts Visa credit cards. You can also send or receive money from someone by scanning the QR code on your card.

You can also earn cash back rewards on your purchases. You can deposit cash rewards in your bank account, use them to complete Venmo requests, or even buy cryptocurrency.

Pros:

• No annual fee
• Straightforward cash back rewards 
• Ability to use rewards to buy crypto

Cons: 

• Venmo account required 
• Rewards must be transferred to your Venmo account 
• No welcome bonus 
• No introductory 0% APR offer

Key features of the Venmo Card

The Venmo Credit Card is a solid cash back card with no annual fee. You won’t have to worry about earning enough cash rewards to cover the cost of owning the card.

Other key features include the cash rewards program and integration with the Venmo app. 

Tiered cash back rewards

The Venmo Card gives you cash back each month based on your spending habits. Earn 3% cash back on your top eligible spend category, 2% on the next category, and 1% on the rest of your purchases. There’s no limit on the cash rewards you can earn.

Unlike other cash back cards, you won’t have to select a spending category that will earn you the most rewards. The Venmo card will automatically separate your purchases into categories and transfer your rewards directly to your Venmo balance at the end of each statement period.

You can use your cash to make purchases or send money to other Venmo accounts. You can also transfer the cash you earn to your bank account or debit card linked to your Venmo account. Crypto enthusiasts can redeem cash rewards to buy digital currency without transaction fees.

Integration with Venmo 

This credit card works incredibly well with the functionality of the Venmo app.

Let’s say you’re eating dinner with your friends at a restaurant, and you’re paying the bill. Your friend can scan the QR code on your card to send money instantly to your Venmo account. You can also send money to others directly from your Venmo Card without paying the typical 3% fee Venmo charges for sending money with a credit card.

Instead of transferring your Venmo funds to an external account to pay your credit card bill, you can pay it right from your balance. If you’re curious about your spending habits, you can track your purchases and cash rewards from the Venmo app.

The Venmo Card also has standard Visa benefits like zero liability protection, roadside assistance, and emergency cash transfers.

Drawbacks of the Venmo Card

While the Venmo Card may make sense for regular Venmo users, there are some key disadvantages. 

Many cash back cards offer generous welcome bonuses. For example, you might earn $250 in extra cash back if you spend $1,000 in the first three months of opening your account. The Venmo card doesn’t have a welcome bonus. 

The Venmo Card’s rewards options are solid. But other cards offer more generous cash back. Some might offer 2% cash back on all purchases, not just for categories you spend the most in. Others might offer cash back as high as 5% for certain spending categories. 

If you’re looking for lucrative perks like travel insurance or airport lounge access, the Venmo Card isn’t for you. The additional benefits you’ll get outside of the cash rewards are minimal. 

Should you get a Venmo Card? 

A Venmo credit card could be a smart choice if you already use the Venmo app and don’t want to think too much about how to maximize your rewards.

The key benefit of the Venmo card is that you’ll automatically earn higher cash back where you spend the most, without having to track your spending or choose the category yourself.

But don’t get a Venmo card just because you use the app. Choosing the right credit card means looking at your spending habits. You should choose a card that provides the highest rewards for your purchases. That may be the Venmo credit card – but it may not.

If you don’t use the Venmo app or rarely use it, this card probably doesn’t make sense. And if you don’t mind selecting spending categories each month, you might be able to earn more cash back with other cards.

Alternatives to consider

Looking for straightforward cash back rewards with no annual fee? Here are some cards to consider.  

Blue Cash Preferred® Card from American Express: For those looking for a higher cash back rate

• Earn 6% cash back at U.S. supermarkets (up to $6,000, then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back on transit, 3% cash back at U.S. gas stations, and 1% cash back on everything else 
• The Blue Cash has a $0 introductory annual fee for the first year, then costs $95 after. See rates and fees. 

Wells Fargo Active Cash® Card: For those looking for a solid flat-rate card

• You won’t have to do much thinking with the Wells Fargo Active Cash Card: You’ll earn unlimited 2% cash rewards on purchases, with no rotating categories or requirements to think about. 
• You can also earn a decent cash rewards bonus if you spend a certain amount in the first months of owning the card. 

PayPal Cashback Mastercard: For those who prefer PayPal to Venmo

• Earn 3% cash back when you shop with PayPal and 2% on all other purchases. You can shop with PayPal at several brands, including Target, Walmart, Apple, Nike, and eBay.
• You also won’t have to pay an annual fee. 

The bottom line

The Venmo credit card isn’t the right fit for everyone, but it could be a nice addition to your wallet if you frequently use the Venmo app. 

For everyone else, it may be worthwhile to shop around for a card with higher cash-back reward rates.

Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.

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