New Venmo Credit Card
Venmo and Synchrony Bank have teamed up to launch a new credit card, called simply the Venmo Credit Card. This marks Venmo’s first credit card, which is backed by the Visa network. Venmo already offers a debit card.
The Venmo Credit Card is now available for select customers to apply using the latest version of the Venmo app and will be available to all eligible Venmo customers in the U.S. in the coming months. A percentage of Venmo customers who’ve had a Venmo account for at least 30 days and who’ve been active in the last 12 months will be selected at random. The Venmo Credit Card lets you earn custom cashback rewards and syncs seamlessly with the Venmo app. However, for now there is no welcome bonus.
Venmo Credit Card Details
The card comes with an interesting rewards earning structure, no annual fee and more cool features for accepting Venmo payments.
The Venmo Credit Card offers the following earning rates:
- 3% cash back on the category in which you spend the most
- 2% back on the second-highest category
- 1% back on all other purchases
The first and second highest spending categories will be automatically detected each month based on where you spend the most. So you do not have to activate anything. There are a total or 8 categories available: grocery, dining and nightlife, travel, gas, transportation, bills and utilities, health and beauty, and entertainment. Throughout the month, you’ll be able to see what your top spending categories are and which earn 3% and 2% from the Venmo app.
The Venmo Credit Card has no annual fee.
The card comes with your own unique QR code on the front, so it’s a snap to Venmo friends. You can scan the QR code to activate the card and friends can also scan it to send you payments from the Venmo app.
You can also can receive a temporary account number after approval that allows you to shop instantly before your physical card arrives in the mail. If you ever lose or misplace your card, you can freeze the physical card from within the Venmo app and continue to use your virtual card.