The Venmo Credit Card provides the Venmo community with a dynamic rewards experience that only Venmo can provide, maximizing cash back potential. Each month, customers automatically earn cash back on the categories where they spend the most, earning up to 3% cash back* on their top spend category, up to 2% back on the second highest, and up to 1% back on all other purchases.
Top spend categories change based on the customer’s monthly spending habits, allowing customers to get the most out of their purchases, with no expiration on cash rewards earned. Cash back is automatically deposited into a customer’s Venmo account, allowing them to use the funds however they see fit, including making statement payments, sending money to friends via the Venmo app, making purchases at millions of online and mobile retailers that accept Venmo at checkout, or transferring the funds to a linked bank account or debit card.
How Does the Venmo Credit Card Work?
The Visa-branded Venmo Credit Card is a safe mode to pay on contactless terminals. Venmo customers who are eligible can apply for the card utilizing the most recent version of the Venmo app.
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When you are approved for the card, and even before it comes, you will accept a virtual card number that you can utilize instantly. The card number will be on both the Venmo app and the plastic card you receive for spending online or in-store.
The quick response code on the card’s face matches the one on your Venmo app. scanning the QR code on the card activates it, allowing friends to pay you or receive payment on the spot.
At the conclusion of each statement period, you’ll get money returned to your Venmo account from card purchases. You can earn up to 3% cashback in your top eligible spending category, 2% back in your second-largest eligible category, and 1% back on all other eligible purchases. Using your Venmo account to send money to other Venmo users earns 1% cashback.
What is Venmo credit card limit?
The Venmo credit card APR (annual percentage rate) limit is 15.24%, 21.24%, or 24.24% for a new account. The APR is always based on your FICO credit scores and other various factors. A variable APR occurs once you are no longer considered a new customer. The spending limit of the Venmo credit card is $10,000 annually, and if you spend the entire amount in a year, you will get a 3% cash or $300 back.
Venmo increases the credit card limit once you pay them back in full after taking your first credit. Additionally, if your credit card scores are good, then the credit limit is automatically approved to a higher level for you. You can take a $10,000 credit annually and get $300 cashback at the end of the year. The upper limit for receiving credit card rewards is limited to $10,000.
How to apply for the Venmo Credit Card?
The Venmo credit card is available to Venmo users to apply directly via the Venmo app. You can apply by logging into your Venmo app and getting up the menu bar. You should notice an option for a Venmo credit card, as is the Venmo debit card listed.
Venmo Credit Card Minimum Credit Score – You can apply for the Venmo Credit Card with a satisfactory credit score of 670 or better.
Venmo credit card Payment limit
A daily transaction limit is set for paying through Venmo cards, whether a debit or credit card. Additionally, payments through Venmo credit card charge 3% of the transferred amount. The daily transaction limit is $4999.99 from person to person and $2999.99 for authorized merchant purchases.
Venmo credit card starting limit
Based on your credit scores and other considering factors, your credit card spending limit is determined when opening the account. Your following credit threshold limits are determined based on how well you pay off your credit.
Venmo credit card cash advance limit
If you pay using a Venmo credit card, these payments would be considered cash advances. You would be charged a 5-10% cash advance fee when paying with a credit card.
Does Venmo credit card have a limit?
There is no lower Venmo credit card limit, and there is no upper Venmo credit card limit of $10,000 at which rewards are given. After the first year, this card policy is implemented.
Venmo Credit Card Benefits
- Personalized Rewards Experience- The card provide a unique, intelligent rewards that is able to handle and personalize each customer’s spending habits. The top spending categories vary each month depending on where clients spend the most. Customers earn cashback in eight distinct spending categories: Health & Beauty, Grocery, Bills & Utilities, Entertainment, Gas, Transportation & Travel, Dining & Nightlife.
- Easily Track and Manage Finances- The Venmo Credit Card offers customers a simple way to handle their cards and spends directly in the mobile app. Customers can track activities in real-time, spending categories, split and share purchases, view cashback status, make payments, manage credit cards, and much more – all in the app. Further, customers can select to receive real-time cautions to aid them to see when and where buys are made and when cashback is used to their account.
- Custom Card Design- Each card is printed with a customer’s unique QR code on the front and is available in five brilliant, colorful styles, resulting in a unique card design for each customer. The QR codes can be scanned through the mobile camera to activate the card or by friends to send payments or split purchases in the Venmo app.
- Shop Virtually- Customers can use their virtual card to shop online at any time, even before their physical card comes in the mail.
- Safer, Touch-Free Payments- The Venmo credit card is equipped with an RFID-enabled chip, so customers can click to pay at the end of the sale, authorizing minimal contact rather than inserting the chip at the POS or swiping their card.
- Worry-Free Card Management- If the card is misplaced or stolen, customers can easily and quickly freeze their physical card instantly from the app and continue to utilize their virtual card to make purchases online.
- Powered by Visa- The Venmo credit card provides cardholder advantages, including Visa’s zero liability policy that covers cardholders from being held responsible for unauthorized payments completed with their account or account information, in addition to emergency cash transfers and travel security services.
- No annual fee- You will not pay an annual fee for using this card.
Pros of Venmo Credit Card
- Easily split costs with friends using the Venmo app and the card’s QR code.
- Using the Venmo App, convert cash to cryptocurrency.
- Earn the most cash back for the monthly categories where you spend the most.
- Do not pay an annual fee.
- Receive 3% and 2% cashback rewards for spending categories like food, travel, and groceries.
- Handle your credit card via the Venmo app.
Venmo Credit Card Requirements
There are four major prerequisites for using Venmo:
- You’ll need a cell phone in the United States that can send and receive text messages from shortcodes.
- You must update your Venmo app to version 7.32.0 or higher.
- You age must minimum 18 years old to participate.
- You must be physically present in the United States to qualify.
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You’ll need to connect a U.S. bank account or debit card suitable for Instant Transfer if you ever wish to transfer money from your Venmo account to your bank account (which most customers do). To make a payment, if you don’t have a Venmo balance, you’ll need to connect a U.S. bank account, credit card, or debit card. If you have a Venmo balance, you’ll need to add a U.S. bank account, credit card, or debit card to make payments larger than your Venmo balance.
When it comes to your Venmo cash-back, it’s probably advisable to deposit it in your Venmo account or use it to pay down your credit card amount. Given the high transaction fees and the fact that your crypto cannot be moved off the site, you’d be much better off using another card if you’re interested in investing in crypto.