Venmo now offers select users a Venmo Visa credit card issued by Synchrony Bank.
Those eligible for the new card will notice an option for “Venmo Credit Card” in the drop-down menu of most recent version of its app. Available by invitation only to some users of the Venmo app, the card will gradually be offered to the entire Venmo community, but not the general public.
The card doesn’t have any sign-up incentives, such as bonuses or introductory APR discounts. Nor are balance transfers from other cards available. However the card doesn’t have any annual fee or foreign transaction fee. See terms and conditions for details.
Account holders collect 3-2-1 cashback rewards from among eight eligible purchase categories.
- Bills & utilities
- Dining & nightlife
- Health & Beauty
The 3% rebate goes towards the highest spend category, 2% rewards on second-most spend category, and 1% cashback on all other items. The bonus rates are assigned automatically on a monthly basis, i.e. no need to manually pick the best one.
Per reward terms users can even get 1% rewards for sending money via Venmo.
“When using your Card Account to send money to other Venmo users through your Venmo account.”
Unlike many cards that emphasize travel rewards, this is a great card to earn 3% rewards on utility bills because of its broad scope.
“Telecommunications, internet service providers, ongoing delivery of television/radio/streaming content on a subscription or fee basis, subscription products or services (such as magazine/newspaper subscriptions), electric or gas power, water supply, and refuse disposal or other utility services.”
Some items do not earn rewards: “Cash advances, disputed transactions, unauthorized or fraudulent transactions, interest, fees, or any other transactions that Synchrony may determine in its sole discretion are not eligible to earn Cash Rewards.”
Venmo Credit Card keeps tabs on card activity in the app, along with Venmo spending – every purchase, payment, split, and reward.
The card comes with the cardholder’s own unique QR code on the front, which makes accessing Venmo a breeze. Once the code is scanned a Venmo profile pops allowing authorized users to pay or get paid.
Use the card online and wherever Visa is accepted. The purchase amount can even be split with others – just like regular Venmo payments. Easily apply funds from them as payments to your credit card bill or to your Venmo account.
The Venmo Credit Card is a chip-enabled card for greater security. You can use it as a contact-less card for a secure, touch free way to pay on enabled terminals.