Venmo is releasing a new cash back credit card that offers more customization for credit card rewards. But while this no annual fee cash back card might look interesting with its colorful design, does Venmo make the Venmo credit card a cashback card you need to have?
00:00 – start
00:41 – who can apply
1:38 – sign up bonus
1:59 – earning rates
5:41 – annual fee/ FTF
6:05 – redemption
6:24 – other benefits
6:43 – Not worth it
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28 comments
I thought about using it to beat the "convenience" fees on some bills, my apartment for example charges a 2.5% fee for paying with cards. With the Venmo card I would cashback ~0.5%. My heating charges a 2.1% so I would make ~0.9% cashback…. Does that make sense? the ~ is from also receiving 3% back on the fee itself.
Great analysis! I think it’s probably for gen z who use venmo for most of their payments and don’t care for carrying multiple cards at once. Definitely not for the enthusiast
Companies jump on the credit card game but few create a niche or unique product that they excell in. Altitude Reserve seems to be one of the few that got it right.
You changed the thumbnail, didn't you? 😁
Killin’ it!
Venmo and Cash App are extremely dangerous if your credentials become compromised, and they don’t offer support. Please take extreme care if you don’t have unique and complex passwords. Also don’t attach those accounts to any checking account you don’t want drained if the app credentials are hacked.
no sub… synchrony…. 10k cap…. NO TY…. i actually like the qr code tho lol ‼️
I get 3% cash back medical/dental on my BBVA Compass Clear points card.
For someone in the game, I feel like this is a one-category card simply to maximize that one group of spending. If you owned a house and had a bunch of utilities, maybe get this? Especially if you're too busy getting other cards and US Bank won't touch you.
Hard Pass, Symphony!
Gave you a pity thumbs up for that boomer sooner hat 😉 GO Pokes!! Love your content keep it up!
Do you think rent would count in the Bills & Utilities category?
LOVE THE ROTATING IDEA, THAT EACH MONTH 3% CAN BE ON DIFFERENT CATEGORY! VERY SMART OF THEM!
With the banks getting so tight, it's changed my behavior to not waste CC application slots on cards like Venmo, even the app isn't as CC friendly as it use to be.
Would be cool if it gave 3% back for plastiq, so you could net a tiny bit of cash back for paying student loans & car loans after the 2.85% fee for folks trying to fill in gaps in their cash back. Utilities is also not a bad category to fill gaps, but no 0% apr & no sign on bonus is a pass vs say the us bank cash + card.
That customizable card idea is brilliant. I forgot all about that! Take care Dustin and keep the family safe!
Nice breakdown of this new card. I think the idea is interesting because it might be a good option to "smooth out" bonus categories for cash backers with fewer cards. For instance, if your Discover IT and Chase Freedom Flex are not on a fuel quarter, use this for fuel and get 3% instead of 1% (or 2% if you have a 2% card in the mix). If one of them is on fuel and another on dining…use this card for your home utility bill. The card can flex to cover gaps. That part sounds just fine. No annual fee and no foreign transaction fees…sounds great. Synchrony Bank?!? Hard pass!
Also, as you mentioned, there are some dedicated cards out there that can do the 3% thing better than this one does. Guess it just depends on how many of them you want to grab. Since USBank dropped the no annual fee Altitude GO for 4x on dining; I believe fuel has solidified its claim as the most underserved bonus category for the "average joe/jane" that is looking to maximize cash back on their daily spend. Keep up the good work. Always enjoy your card breakdown content.
Why don't people like Synchrony Bank?
I get 100% cash back when I don't spend.
That Entertainment Category is interesting considering Sites like FanDuel & Draftkings code as Entertainment
Is the card metal?
BORING !!!!!
Omg I had to shut him off.
Dustin,
I just got approved for this card i was selected in venmo to. I got 250 dollars it is low but I am ok with that easy to pay off each month I will throw a few bills on it in the 3 percent category or buy groceries pay it off and buy more groceries. It is easier to get imo so excited to get decent rewards. I have fair credit so it might be easier for some to get it and manage the bill and build credit they will probably up the limit later. Not sure what the max limit is on it that someone could get approved for or the min. It is a decent card for fair credit people. Anything with rewards that does change depending on your spending could be nice to have. I don't spend that much on cards yet so for me it's a good choice and it costs nothing to own. It is definitely more available than the apple card.
I love my Venmo card
The Venmo card sounds like something I could use for groceries.
I only spend about $300 for groceries every month.
Not a big credit card user but I do use them for gas so this is a good option for me at 3%.
So yeah, why is no one talking about Venmo's promo?