What’s Special About the Long-Awaited Venmo Credit Card?

Friday, October 9th, 2020
Updated: October 9th, 2020
The content is accurate at the time of publication and is subject to change.

This week marked the launch of another credit card. This time we are talking about the new cash back credit card from Venmo, a mobile payment service owned by PayPal. The card got a very simple name – Venmo Credit Card.

The company announced its plans to roll out its first credit card a year ago – in October 2020. In the whole, the new card issued by Synchrony Financial was supposed to be second in the line of Venmo cards and to accompany the Venmo Mastercard – tap-to-pay debit card by The Bancorp Bank.  But, unfortunately, at that time no details about the features of the card were disclosed, and we only had to guess. So now, after a year, we are finally able to satisfy our curiosity.

The card, as well as the Venmo app, targets millennials. For example, approved applicants can choose from 5 color options for the card cover. To make it even more personalized, Venmo also puts a user’s unique Venmo QR code on the front. The code can be scanned by other users in the app to help them quickly send money or split a purchase.

Another important card feature is that it can be used immediately after approval, even before receiving the physical card by mail. This is definitely an advantage if, for example, you want to make a large online purchase and do not have time to wait two weeks for the card to arrive.

But, probably, the most interesting benefit of the card is its rewards program. All cardholders can earn increased cash back in 8 spending categories: Grocery, Bills & Utilities, Health & Beauty, Gas, Entertainment, Dining & Nightlife, Transportation and Travel. The top spending category should bring 3% cash back, the second highest category – 2% cash back, and all other purchases earn 1% cash back. In addition to this, the Venmo card grants its holders with benefits provided by Visa, including travel perks.

As for rates and fees, the card offers no annual fee but comes without 0% intro APR on purchases. The standard APR is 15.24%-24.24%, based on the account cardmember’s creditworthiness.

As expected, the card went live in the second half of the year. However, so far, it is only available to a limited number of people using the Venmo app. Venmo promises to provide the opportunity to apply for the card to all available to all eligible Venmo customers in the U.S. soon.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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