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Hey credit warriors, a few months ago we covered the launch of the new Venmo credit card. At that time the card was only available to select, targeted users of the Venmo app who had had their account open for more than 30 days. But now Venmo has opened this card up to everyone.
To jog your memory here is a clip from my video where I completely trash their marketing.
But anyway, this card could be pretty cool for some people, so I’ll give you a quick run down of this card for those who are interested. Rewards are earned in a 3,2,1 system where you earn 3% cash back on you your highest spending category, 2 percent on your second highest and 1% on everything else. The categories are as follows:
Grocery
Bills & Utilities
Health & Beauty
Gas
Entertainment
Dining & Nightlife
Transportation
Travel
So you can see they cover all the usual categories that major credit cards cover and a few unusual ones like bills and utilities. But there is a catch, the 3% and 2% categories are limited to $10,000 in spending per year. So the maximum you could earn would be $300 in cash back from those categories, if you used the card for one category and that became your three percent category. Then it goes down to 1% and that is unlimited. Now this may be a limitation but for some people it wont be. More on that later.
The card is personalized in that you can pick the color and it has your Venmo QR code printed on the surface, which is convenient since if you whip out your card to pay the bill at a restaurant and you have a few people there with you, they can just scan the code and send you some money on venmo to cover their portion.
You can keep track of all your spending and in which categories you are spending from the Venmo app and it looks like they have done a pretty good job at designing the interface. On the fees front there is no annual fee and also no foreign transaction fees. The card is a visa so there is higher acceptance than American Express for example, especially abroad.
Now who would the Venmo card be good for? Well because of the low limit on the spending in the 3% and 2% categories, just $10,000 per year, I would say low spenders. I think this card would be especially attractive to college students and young people who are just starting out in their first job earning reasonably low salaries. If you are earning say, $25,000 per year, after you take out rent, and other things you typically can’t put on a credit card, you may not have much more than $10,000 spending to put on the Venmo card. So the limit really may not be an issue for you. These types of people also tend to split checks more often, I know I have been there, earning close to nothing living in New York city, every dollar counts. So I think the QR code on the card and link with your venmo account would be really useful.
Or someone who is going to get this card and literally just use it for one category and maybe even though they are a high spender, their spending in that one category is under $10,000 a year. Categories like Bills and Utilities, Health and Beauty and Entertainment, don’t have as many choices for high cash back earning cards as some of the more commonly supported categories like grocery, dining and travel, where you can easily earn 4 or 5% or more if you have the right strategy.
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36 comments
Awesome news! Hoping this starts a “rewards revolution” where we see more cards with rewards that match our spend / allow us to choose the categories 😃💵✈️
hi
if this card isn’t metal and doesn’t really beat the citi double cash, im gonna skip
This is great
Thanks Shifu!
Origins I was expecting to say this was a trash card. But…No annual fee with 3% back on groceries up to $10k a year this might be next non Chase card I get. Anyone know if with just a PayPal account we can get this card?
Does Venmo do a hard pull?
This card is for amateurs
Credit Shifu,
I got approved for this card i was one that got chosen before they opened it up to everyone. It's a great card with no annual fee just to fill in where needed. It is taking a while to get the card probably because of that unique qr code that they have to print. I didn't get a high limit but I don't know how high of limits they actually give to customers since it is a venmo card. But way better utility than the apple card. Because you don't have to use the app to get the bonuses.
Here's the problem. I'm already covered equal or better in all categories that matter.
Grocery: 3% Blue Cash Everyday
Bills & Utilities: 5% US Bank Cash+
Health & Beauty: N/A
Gas: 5% USAA Cashback Rewards Plus
Entertainment: 3% Marvel Mastercard
Dining/Nightlife: 4% US Bank Altitude Go
Transportation/Travel: N/A
Frfr
I've had the card for a little over the month and it's been alright. Nothing spectacular, but it's a fine card.
Biggest plus is that when you split a transaction with someone else, it gets posted as a statement credit on the card rather than being deposited into your venmo balance. So the $40 meal I split with someone posts as $20 on my card, rather than $40 with $20 living on my unattached venmo account. Also, rewards get directly sent to your venmo balance, which makes them easier to use.
Biggest downside is that you pay the balance on the card first from your venmo balance, then your linked bank account; ie, you can't pay from your bank account directly. This is fine if you keep a lot of money in your venmo or if you're using your venmo as your primary checking, but neither of those apply to me.
As for how I'm using it, I'm focused on 3% back on one category then being okay with 2% on dining that gets split with others. It's a really easy to use and notice cash back system and I'm pleased with it.
100th like!
I recently got this card last month. I like it. But the physical card feels very cheap. Lol. Cheaper than normal plastic credit cards.
My utility bills charge a fee if pay with a credit card so don't need Venmo credit card
This is trash I thought it was unlimited three and 2% I’m good this is trash I’ll keep my city double cash in my PayPal cash back credit card that both give me unlimited 2% cashback this is not even better than my quicksilver which has 1.5 unlimited percent cashback that’s crazy Venmo disappointed me they did not know how to talk to Synchrony Bank Consumer Relations from Synchrony Bank Consumer Relations five credit cards from Synchrony Bank Consumer Relations and yes five I am did you know about the new Synchrony Bank Credit Lending Care It’s supposed to have unlimited 2% cashback it’s gray it’s like a grayish color I know you like everybody on credit cards and we’re both in New Jersey so I wanted you to get the heads up on the Synchrony Bank Credit Lending Care supposed to come out sometime this year I don’t know if in the third quarter or the second quarter of this year
Don’t bother with this card… so many other cards that offer 5% back, and you get to choose your own categories.
I have the venmo card. I'll be using it for strictly gas purchases to get 3% cashback.
I got an offer from citi to get 3% cash back for the first 12 months
Do you think rent would count in the bills/utilities category?
Doesn't seem like a card that's worth for most people. The Citi Double Cash serves as a good baseline for a minimum of 2%. Then stack cards like the Freedom Flex and others on top to get even higher % on certain categories.
PLEASE REVIEW THE US BANK CASH+ CREDIT CARD I THINK ITS REALLY UNDERRATED
I don’t trust MaxRewards will all the data breaches!!
I was reached out by their marketing to promote it, in their fine print it looked like the 2&3% cash back limit of $10,000 only applied after the 1st year anniversary. MSers may have a bit of fun before that first year is up!
Hi Credit Shifu. The thumbnail makes it seem as if a pigeon pooped on your head.
Would you get 3x back paying your tax bill with this card?
Hello can you please help of the bare minimum score to apply, and then the strongest overbearing score to get it? Same for hard inquiries.
@The Credit Shifu I called the credit card provider and you can actually get 3% if the "other" category is your top spent.
Anyone have any DP on what scores are getting approved and which bureaus they do the hard pull? Saw somewhere that they're inquiry sensitive.
The venmo credit card has 9 spend categories. One of the spend categories is "Others". Purchases at a physical Walmart Supercenter doesnt fall into the "Grocery" category. Does it fall under the "Other" category? If yes, will it give 3% cash back if my top spend is at the Walmart Supercenter?
This looks like an amazing card to fill out a category with a minimum 3% like dedicate it to gas or utilities of you don't have a better card!
Up to !!!!
Signed up with max rewards through your site. Funny to see through the site, venmo offers 3% to costco 😱🤙I looked it up and I guess it's true!
So a no annual fee card, no foreign transaction fee card with a $100 sign up bonus that allows you to spend 3% at even whole sale clubs like Costco 🤔 not too shabby! Thx again for your time and knowledge
This card is AWFUL. Have used it in several book, record, and "entertainment" shops, and it still only gave me 1 point per dollar. Just get it for the nice credit line, and to increase your overall credit limit.
I purchase many things via online retail direct from the manufacturer. Perhaps these will fall into the other cateragory for 3%
I am going to use the Venmo card as my new gas credit card.