What is the Venmo credit card and how does it work?

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(Pocket-lint) – Did you know that Venmo offers a credit card? It’s aptly called the Venmo Credit Card, and it’s a Visa card that you can manage right in the Venmo app.

How does the Venmo credit card work?

The Venmo credit card is a Visa card issued by Synchrony Bank. It is managed directly in the Venmo app. You can not only apply for the card in the app, but also view your spending activities, track rewards, make payments, and more. It comes in one of five designs and features a QR code on the front that others can scan when they want to send or request money. It also has an RFID chip for tap-to-pay transactions at physical payment terminals.

But you can also use a virtual version of the card to shop online – it’ll work before your physical card even arrives in the mail.

Remark : The Venmo credit card is different from the Venmo debit card, a Mastercard issued by Bancorp Bank which was launched in 2018.

Does Venmo offer cashback?

Yes. Venmo offers cashback, which is based on your spending activity in your statement. For example, Venmo will sort purchases by categories, like travel, utilities, groceries, etc., and then you can earn 3% cash back on your “top spend” category, which is where you spend the most money. more money. You can receive 2% on your second highest spending category and 1% on everything you spend during the billing period.

Cash rewards are transferred to your Venmo account at the end of each billing period. You can use it like your Venmo balance, whether it’s paying friends, shopping online, or transferring money to your bank or debit card to your account.

Are there any fees?

There is no annual fee, but there are fees for late and returned payments as well as interest. Check out Venmo’s FAQ page for a breakdown of the fees.

How to Apply for the Venmo Credit Card

Interested users can apply through the Venmo app. You must be at least 18 years old, live in the United States, and have a free Venmo account. Your Venmo account must also be in good standing with Venmo and must be at least 30 days old.

Who can get the Venmo credit card?

The Venmo credit card is now available for customers in the United States. It was first released in 2020 and received a wider release a year later.

Want to know more about Venmo?

Check out our other Venmo guides below:

Written by Maggie Tillman.