Venmo credit cards

The Venmo Credit Card is Here and It’s Not So Bad

Nearly a year ago, Venmo announced plans to release a credit card in partnership with Synchrony. Like most people (presumably), I completely forgot about this ambition until it became a reality earlier this week. At long last, the Venmo Credit Card is here — or nearly here as applications are currently only being offered to select users. So what does the card have to offer for non-Gen Zers? Actually quite a bit.

Venmo credit cards

First of all, the card will carry no annual fee, which is always a win in my book. Additionally, it won’t charge foreign transaction fees. And then there’s the unique card design, that might attract some but might be a turn off to others. Not only does each card feature the user’s Venmo QR code on the front but also comes in some very loud colors. That said, if bright neons aren’t your thing, the black and greys of the “Nightlife” design may be more appealing. Personally, I actually like the “Tropical Islands” color scheme, even if I still think the front design is ugly as sin.

But enough about looks — how are the rewards? Well, instead of having a set multiplier for spending categories, the Venmo Credit Card takes a dynamic approach. When you use your Venmo card, purchases in your largest spending category will earn 3% cashback while those in your second most-used category will yield 2% in rewards. Per usual, everything else will earn 1%. Each month, the cashback rewards earned will then be deposited into your Venmo account, where they can be sent to others, deposited back to your bank account, or presumably spent via your Venmo Card debit card.

While I like this personalized approach to rewards categories, there are some downsides to note. For one, looking at the terms and conditions page, the 3% and 2% rewards categories are limited to $10,000 in annual spend (this limit will reset on your cardholder anniversary date each year). It’s also important to note that there are a select number of eligible spending categories. These include:

  • Grocery
  • Bills & Utilities
  • Health & Beauty
  • Gas
  • Entertainment
  • Dining & Nightlife
  • Transportation
  • Travel

To be fair, that’s a pretty comprehensive list. Of course, I could make a case for some to be combined, such as putting “transportation” either with “gas” or “travel.” Still, there are sure to be holes for some cardholders.

Speaking of holes, that’s really what I think this card is best for: plugging holes in your current credit card set-up. For me, that might mean using the card exclusively for “bills & utilities,” since none of my current cards offer multipliers in this category. Then again, I’m not sure how much spending I would have in that category that really makes this card worth my time. Of course, I’m surely not the target market — and, for Gen Zers, I think this could actually be a pretty good choice. Overlooking the gimmicky design, the no annual fee aspect and unique-ish rewards structure could make it a great starter card. With that in mind, those wanting to apply will want to open a Venmo account and await applications to roll out further.

Author
Founder ~ Moneyat30
Kyle is a freelance writer - including being the head writer for Fioney.com. He also serves as editorial director for the Disney fan site LaughingPlace.com and the founder of Money@30.com. In 2015, Kyle and his wife Bekah moved from Los Angeles to Springfield MO in pursuit of greater financial freedom. Together, the pair enjoy travel, coffee, and spending time with their dog Rigby. Additionally, as of 2023, they become first-time homeowners.
Other Articles by Kyle Burbank
person standing in front of exploding fireworks
Hey You Kids, Get Off My Lawn!
With last Friday being July 4th, I decided to take a week off from posting. However, I wanted to share a story from that night (or, really, early the next morning). Backing up, last year, we learned that our neighbors loved fireworks. So we were prepared for a few hours of noise and helping our...
Venetian rewards gems
Travel Tuesday: The Venetian Surveying Guests on Possible Rewards Credit Card
Late last year, I had a chance to cross another Las Vegas Strip property off my list with a stay at The Palazzo at The Venetian. Whether because of that or because I opened a players club card with them as well, this week The Venetian sent me a survey regarding a potential rewards credit...
Allbirds 4th of July sale logo
Allbirds is Celebrating Independence Day with a 50% Off Sale
One funny thing about summer is how a sunny day can quickly turn into a heavy downpour. This is even more prominent in certain parts of the country where you may be headed on a summer vacation (I'm looking at you, Florida!). So, given that weather reality, it makes perfect sense that Allbirds would be...

Leave a Reply

Featured Articles
Hey You Kids, Get Off My Lawn!
With last Friday being July 4th, I decided to take a week off from posting. However, I wanted to share a story from that night (or, really, early the next morning). Backing up, last year, we learned that our neighbors loved fireworks. So we were prepared for a few hours of noise and helping our...
Travel Tuesday: The Venetian Surveying Guests on Possible Rewards Credit Card
Late last year, I had a chance to cross another Las Vegas Strip property off my list with a stay at The Palazzo at The Venetian. Whether because of that or because I opened a players club card with them as well, this week The Venetian sent me a survey regarding a potential rewards credit...
Allbirds is Celebrating Independence Day with a 50% Off Sale
One funny thing about summer is how a sunny day can quickly turn into a heavy downpour. This is even more prominent in certain parts of the country where you may be headed on a summer vacation (I'm looking at you, Florida!). So, given that weather reality, it makes perfect sense that Allbirds would be...
An Amex Platinum Card Revamp is Coming — And I'm Worried
Earlier this week, Chase confirmed pretty much every rumor that had been swirling for the past couple of months by announcing details on a major refresh for its uber popular Sapphire Reserve card. When this refresh launches next week (or in October for current cardholders), it will bring new credits, a reimagined rewards-earning system, and...