Up To 3% Cash Back On Unique Categories
The Venmo Credit Card provides a unique opportunity to earn more than the standard 1% cash back on select categories such as entertainment and health & beauty. Many other cash-back cards earn elevated percentages based on categories such as office supply stores, dining and travel. However, if you happen to spend the most at a cosmetics or beauty supply store using the Venmo Credit Card, you could earn up to 3% cash back a unique value in the market.
An especially intriguing cash back opportunity lies in the ability to earn additional cash back on bills and utilities in particular electricity and water bills. If youre like me, youve seen these bills increase significantly due to all of the time being spent at home. The cash back you earn on the Venmo Credit Card could help alleviate some of those monthly expenses.
Additionally, your top categories arent set in stone they change depending on where you spend each month. For example, you might spend more on travel and entertainment one month but then gas and groceries the next. Either way, you always earn up to 3% cash back on your highest spend category.
Related: TPGs Venmo guide for beginners
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Who This Card Is For
The Venmo Credit Card is for loyal Venmo account users who want another way to pay for their purchases. The card may work for you if you consistently make most of your purchases in one or two of its eight top spend categories.
Alternatively, it can be a good fit for people who regularly split purchases with others and want to use those payments to pay off their credit card bill. Since you can get reimbursed from your friends and family using Venmo and apply those payments directly to your credit card balance, this card can help you avoid the temptation of spending the money elsewhere.
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Venmo Debit Card Security Protections
Under the Mastercard network, purchases made with the Venmo Debit Card are covered by zero liability protection, meaning you wont be held accountable for unauthorized transactions. With Mastercard Global Service, you can report a lost or stolen card and receive an emergency replacement. Mastercard ID Theft Protection monitors your credit file and alerts you to suspicious activity as long as you activate it. And if you lose your card and then find it, you also have the ability to disable or enable your card within the Venmo app.
Venmo offers its own set of protections as well. Under the Protected Purchase Program, purchases made at authorized merchants using the Venmo Debit Card are covered in full in certain circumstances, including if you did not receive the item or if the item does not match its original description.
How Long Does It Take To Send And Receive Money
Any money sent from one Venmo user to another should immediately appear in the recipients account. For external bank transfers, its a little bit more complicated, with speeds varying depending on whether you are willing to pay a fee or not.
If you add funds to your Venmo balance from your bank account, it can take three to five business days for the transaction to go through. Conversely, transferring money in the opposite direction can take from one to three business days.
If youre in a rush to transfer money out, there is an option to opt for an instant transfer. These transactions typically take up to 30 minutes to complete and involve Venmo taking a 1.5% fee, which is capped at a maximum of $15 per transfer.
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Venmo Credit Card Vs Paypal Cashback Mastercard
The PayPal Cashback Mastercard® is a straightforward cash-back card that offers a flat-rate 2% cash back on all purchases. The cash back you earn goes directly into your PayPal account and the card has no annual fee.
If you use PayPal more than Venmo, or vice versa, it’s probably worth going with their respective credit cards. While the Venmo Credit Card’s cash-back earning is based on spending categories, 3% cash back on your eligible top spend category and 2% on the next top category, it could be worth it over a flat 2% cash-back rate across the board. You can analyze your spending habits to see which one might yield more rewards.
Venmo Card: Pros & Cons
In this table, you can find out more about the pros & cons of the Venmo card:
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The Social Side Of Venmo
Venmo has dominated the P2P payment market by making the transfer of funds a fun and interesting exercise. Users can jazz up the exchange by using emojis to describe the traded items in question. For example, if one friend fronts his pal the cost of a glass of wine, the friend can issue a Venmo payment, with the addition of a wine glass emoji as a playful gesture.
This takes the awkwardness out of asking your friend to pay back their portion of the bar tab, marrying the social element and the financial element, explains Venmo spokesman Josh Criscoe.
Bottom Line: Venmo Debit Card Review
The Venmo debit card has a fair amount going for it.
You can use the card to get access to your Venmo funds faster via their in-network ATMs or by utilizing the card itself.
The card offers some easy cashback rewards and is free to use.
That being, there may be cards that offer better rewards, and having to constantly reload the card through Venmo may be somewhat annoying.
Still, if youre an avid Venmo user and just want a simple, easy-to-use card that offers decent rewards, the Venmo debit card might be perfect for you.
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Blue Cash Everyday Card From American Express
This cash back card benefits bigger spenders. For the first $6,000 you spend, you will earn 3% cash back on U.S. supermarket purchases , which could especially benefit large families. Blue Cash Everyday cardholders can also earn 2% cash back at U.S. gas stations and eligible U.S. department stores and 1% cash back on all other purchases.
How The Venmo Debit Card Compares With Its Competitors
The Venmo Debit Card isnt the only debit card to offer its users rewards for their spending. For example, theres the Discover Cashback Debit, which earns 1 percent cash back on up to $3,000 in purchases each month. Then theres Venmos competitor, Cash App , which released a Visa debit card, Cash Card, in May 2017just over a year before Venmo did.
Cash Apps Cash Card is tied to users balances and also offers a rewards program. In the past, Cash Cards rewards were unofficially reported to include 10 percent cash back at Whole Foods, Burger King, Petco and more.
Both Venmo and Cash App set limits on card usage. The Venmo Debit Card has a daily purchase limit of $3,000, which is significantly lower than the Cash Cards $7,000 limit per day. Other terms apply.
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Venmo Debit Card Fees Explained
If youre careful, the Venmo debit card can be used completely free of fees.
The card has no annual fee, and with access to any Moneypass ATM, you can even withdraw cash without costing you anything.
That being, you can run into fees should you overdraft. If you pay more than you have in your Venmo account, you may pull too much from your bank account and wind up with an overdraft fee from your bank.
There is also a $2.50 ATM fee for out-of-network ATMs.
These fees are easily avoided with a bit of planning, but you should be aware of them.
Venmo Credit Card Drawbacks
- No welcome bonus
- Good credit is necessary to get this card
- After the first year, there is a $10,000 annual cap for combined 3% and 2% cash back earning, at which point only 1% cash back will be earned
- A significant amount of spending may earn only 1% cash back if you use the card to spend in a variety of categories
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Your Card Your Color Your Qr Code
There is a lot of excitement around cool-looking credit cards these days, and if you dont have one in your wallet, you might be feeling a little left out. Who wouldnt want a statement piece to pull out at the register?
The Venmo Credit Card fits the bill, as it comes in five exciting colors and takes personalization to a whole new level by printing each customers personal Venmo QR code on the front of the card.
If youre familiar with the Venmo app, you know that each customer has their own QR code, allowing people to pay them directly by scanning the code with their smartphone. With the Venmo Credit Card, you can also scan the code to activate your card when it arrives in the mail, to split payments among friends who also have Venmo, and to send money to other Venmo users.
These features make the Venmo Credit Card incredibly convenient.
How Interest Is Calculated
When We Charge Interest
Purchases. Generally, we charge interest on your purchases from the date you make the purchase until you pay the purchase in full. See exceptions below.
- We will not charge you interest during a billing cycle on any purchases if:
- You had no balance at the start of the billing cycle OR
- You had a balance at the start of the billing cycle and you paid that balance in full by the due date in that billing cycle.
- We will credit, as of the start of the billing cycle, any payment you make by the due date that we allocate to purchases if:
- You had no balance at the start of the previous billing cycle OR
- You had a balance at the start of the previous billing cycle and you paid that balance in full by the due date in the previous billing cycle.
Cash Advances. We charge interest on your cash advances, and their related fees, from the date you make the transaction until you pay them in full. You cannot avoid paying interest on cash advances or their related fees.
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Using The Venmo Credit Card How Can I Shop
Venmo Credit Cards can be used anywhere Visa® cards are accepted. The Venmo app automatically adds the card as a payment method so youll always have it with you to send payments to friends and merchants.
You have three ways to use your Venmo Credit Card account: you can use your Venmo app to make purchases you can use your virtual card number to make online purchases or you can use your physical card in stores and online.
Physical cards are your fantastic plastic. Your card number can be used both in person and online. You can check out at stores quickly and easily with this chip-enabled device that supports contactless payments.
The Venmo app displays your virtual card number in the Venmo Credit Card section. As soon as youre approved, you can use this number to shop online and pay using the Venmo app before you even receive your physical card.
Venmo Credit Card: The Basics
Although the Venmo Debit Card is a Mastercard, the Venmo Credit Card is a Visa credit card issued by Synchrony Bank. It earns cashback rewards on any purchase you make, though the process to earn bonus rewards is unique compared to other cashback cards. The Venmo Credit Card links with the Venmo app, so its easy to manage all your Venmo services from the same place.
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Your Card Is Personalized
If youve used the Venmo app before, you know that each account has a dedicated QR code to simplify the process of paying an individual. You can easily open your phones camera and scan the code to directly pay that Venmo user.
The same now goes for the Venmo Credit Card.
The card comes in five designs, with each card printed with a customers unique QR code on the front. The QR code can be scanned via a mobile phone camera to activate the card, or in the Venmo app by friends to send a payment or split purchases.
Venmo Credit Card Highlights
- Earn 3% cash back on your top eligible spending category
- Earn 2% cash back on your next top eligible spending category
- Earn 1% cash back on all other purchases
- Eligible spending categories include travel, transportation, grocery, entertainment, dining and nightlife, bills and utilities, health and beauty, and gas
- Get instant access to your Venmo balance
- Cash back shows up in your Venmo balance and can be used for purchases, as statement credit towards your credit card bill, to send to friends and family, or send to your linked bank account
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How Venmo Makes Money
Venmo derives a significant pot of revenue from the per-transaction fees it charges merchants. Thanks to PayPals infrastructure, Venmo is compatible with at least 2 million merchants, consequently enabling Venmo to rake in two discrete types of income streams.
The first type of revenue is facilitated through a “smart payment button” that can integrate into other apps for in-app purchases. For example, in 2018, Uber added a service that allows its app users to pay for rides and Uber Eats using Venmo, without ever leaving the Uber app. Furthermore, the cost of rides and food items can be divided among multiple users via the Uber app.
The second source of merchant revenue is derived from the Venmo debit card, which draws directly from a users Venmo balance. This card operates through Mastercard and can be used at any business that accepts Mastercard. This function has helped Venmo expand beyond its exclusive P2P platform, empowering customers to transact directly with online retailers and brick-and-mortar establishments.
In both revenue-generating scenarios, Venmo charges merchants a 1.9% fee, plus 10 cents per transaction. Companies are willing to pay these rates due to the wealth of new customers Venmo brings to their doors. Furthermore, Venmo users are more likely to elevate the profiles of participating companies over their social media accounts.
Greenlight Debit Card For Kids Vs Venmo Debit Card
The Greenlight debit card is a card designed to teach children how to manage their finances.
Like Venmos, Greenlights card pulls from an account linked to a checking account. With Greenlight, parents link their accounts to the card and use that link to give their children an allowance.
Greenlight also provides the same 1% cashback on all purchases Venmo does, but without the bonus rewards.
Greenlight differs from Venmo in that it offers a savings program as well. Greenlight offers 1% interest on savings with its standard card and 2% if you go for Greenlight Max.
Another unique feature of Greenlight is the ability for parents to set which stores the card works at.
This is obviously nice if trying to keep protect and teach children but wouldnt make much sense in any other context.
One final difference, Greenlight has annual fees. Depending on the tier, Greenlights cards run from $4.99 to $9.98 per month.
If youre trying to teach kids about money, Greenlights unique features may make it a better choice. Otherwise, Venmo is the way to go.
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Can You Use A Credit Card On Venmo
Many or all of the products here are from our partners that pay us a commission. Its how we make money. But our editorial integrity ensures our experts opinions arent influenced by compensation. Terms may apply to offers listed on this page.
Seventy years ago, Americans were confused by the newfangled being introduced to the public. Today, there are all kinds of ways to pay for goods and services, including Venmo. But can the funds used to pay through Venmo come from someplace other than your bank, like a credit card?
To answer that here, we’ll cover:
- What Venmo is
- How the payment app works
- Your options to use a credit card with Venmo
Earning Rewards With The Venmo Card
Most of the time, cash back is a privilege for those with rewards credit cards. However, some banks offer cash back debit cards, and others may offer limited-time cash back deals with specific merchants.
The latter is the case with the Venmo card. Though similar cards require users to activate cash back deals on their debit card, Venmo automatically applies offers to your account.
Venmo card holders earn Venmo Rewards in the form of cash back through a partnership with Dosh, a rewards platform that allows you to earn rewards with activities like shopping, dining out and booking hotels.
You can find current offers in the Venmo card section of your app. At the moment, participating merchants include brands like Sephora, Wendys, Dunkin Donuts, Chevron, Sams Club and Macys.
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