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Venmo Credit Card Review 2022: Should You Get One?
GOBankingRates ScoreQuick Take: For habitual Venmo users, having a credit card directly connected to their Venmo account may offer a level of convenience — but the Venmo card does not offer the best cash back compared with some other cards. Its annual percentage rate is on the higher end. It does, however, offer an interesting rewards program for those looking to dip their toes into cryptocurrency. In short, those who qualify for a better card don't need the Venmo credit card.
How did we calculate this? Pros
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Venmo Credit Card OverviewThe Venmo credit card is a branded card issued by Synchrony Bank and licensed by Visa USA Inc. to be used in conjunction with an established Venmo app account. The credit card can be used as a payment method with the app and also shares features with the Venmo app, such as the ability to split purchases. Venmo Credit Card Highlights
Venmo Credit Card FeaturesHere’s a look at some of the features of the Venmo credit card:
Modern FinanceThe Venmo credit card is a modern card meant to work in modern financial situations. For example, it has a personal QR code to accept payments from friends with a simple scan. It also comes with all the online shopping convenience you could want via your Venmo account. You can use your Venmo card anywhere that takes Visa — which is just about everywhere. And you can get started using it as soon as you are approved with a virtual card. Customize push notifications about your credit card status in the Venmo app so that you’re never left to guess what your balance is or when your payment is due. Venmo Credit Card Cash Back CategoriesVenmo customizes your cash back automatically, based on the way you spend. You’ll get 3% cash back on your top spending category, 2% on your next category and 1% on all other eligible purchases. For example, if you spend the most on groceries, you can get 3% back on all those purchases. If the next thing you spend the most on is gas, you’ll receive 2% back on that. The rest of your purchases will earn 1%. No guesswork is required — Venmo will identify your top spending categories for you. Ability To Purchase CryptoA unique feature of the Venmo credit card is the ability to purchase cryptocurrency with your cash back. This is a fee-free way to purchase cryptocurrency as long as you enable the automatic purchase feature. The purchases are then withdrawn each month from you cash-back balance. Four cryptocurrencies are available: bitcoin, ethereum, bitcoin cash and litecoin. Advantages of the Venmo Credit CardHere are some of the benefits the Venmo credit card has to offer:
Disadvantages of the Venmo Credit CardConsider these drawbacks when deciding whether to apply for a Venmo credit card:
Should You Get the Venmo Credit Card?You should get a credit card from Venmo for two main reasons:
Since you can already use any credit card with Venmo, there is little benefit in opening a Venmo card just for use with the app. Unfortunately, this Venmo credit card review concludes that it is just not that compelling for those who already have a decent cash-back credit card. Cynthia Measom and Daria Uhlig contributed to the reporting for this article. Information is accurate as of Aug. 23, 2022. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. This article has been updated with additional reporting since its original publication. Emily Cahill is a writer with over three years of experience creating digital content. Previous to that, she worked as a freelancer in publishing while attending Trinity College for English/Rhetoric. She specializes in SEO-driven content that highlights the unique properties of a product or service while making them digitally “findable,” particularly for the finance, geek culture, and lifestyle niches. Learn More Is the Venmo credit card an actual credit card?The Venmo Credit Card is a Visa® credit card issued by Synchrony Bank. You can split Venmo Credit Card transactions with friends on Venmo and use the money in your Venmo account to make payments towards your bill. The Venmo Credit Card and the Venmo Debit Card also have unique rewards programs specific to each card.
What is the Venmo credit card limit?The starting credit limit for the Venmo Credit Card is $250 or more. Everyone who gets approved for this card is guaranteed a credit limit of at least $250, and particularly creditworthy applicants could get limits a lot higher than that.
What credit score do you need for Venmo Visa?What Credit Score Is Needed for a Venmo Credit Card? Are you thinking about applying for the Venmo credit card? The minimum recommended credit score for this credit card is 670.
Can you get a credit card with Venmo?Once your Venmo Credit Card account is opened, you can expect your card in 7-10 business days. You can find more about activating and using your Venmo Credit Card here. If you have additional questions, please reach out to Synchrony Bank at 855-878-6462.
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