In a world where credit card offers flood your inbox, standing out is a daunting challenge. The competition is fierce, and to make it into your wallet, a credit card must offer exceptional value. Today, we take an honest look at the Unlimited Cashback Venmo Credit Card and explore whether it has what it takes to earn a spot in your credit card lineup.
Venmo Credit Card: Unveiling the Features
Let’s dive into the standout features of the Venmo credit card, starting with the top-tier Prime features and working our way down to the mid-level offerings. We’ll also touch on some drawbacks to provide a comprehensive assessment of the card.
Prime Features
1. 3% Unlimited Cash Back: The Venmo Unlimited Cashback Credit Card offers an impressive 3% cash back in your highest spending category. What sets this apart is that the 3% cashback is unlimited, regardless of how your spending habits change over time.
- Pro Tip: The Venmo credit card is accepted at wholesalers like Costco, Sam’s Club, and Walmart, making it an excellent choice if these are among your top spending categories.
A Tier Features
2. 2% Cash Back on Your Second Highest Category: In the A Tier, we find a 2% cash back offer on your second-highest spending category. The best part is that Venmo automatically tracks and credits your account without the need for activation.
3. Cash Back Rewards into Cryptocurrency: Venmo allows you to convert your cashback rewards into cryptocurrency investments within the app. You can choose from Bitcoin, Ethereum, Bitcoin Cash, or Litecoin, providing a seamless way to invest your cash back.
C Tier Features
The C Tier features may not be as exciting, but they have their place:
4. 1% Unlimited Cash Back on All Other Purchases: You’ll receive a standard 1% cash back on all spending categories that don’t fall into your top two. It’s not outstanding but still better than no cash back at all.
5. QR Code Feature: Venmo incorporates a QR code on the credit card for convenient payment splitting with friends. While this may not be a frequently used feature, it can be handy in certain situations.
6. Unique Credit Card Design: The Venmo credit card sports a unique design that resembles a QR code. Whether you like this look or not is a matter of personal preference.
Drawbacks
Before you commit to the Venmo credit card, there are a few cons to consider:
1. No Sign-Up Bonus: As of now, Venmo doesn’t offer a sign-up bonus, which puts it at a disadvantage compared to many other cards in its category. Keep an eye on current offers, as this may change.
2. Customer Service Concerns: Some users have reported subpar customer service experiences with Venmo, which can be frustrating when you need assistance or have questions about your account.
3. Limited Credit Card Navigation: Venmo’s credit card management is exclusively within the Venmo app; there’s no online banking or credit card use, which may be a drawback for users who prefer more accessible online options.
Final Verdict
On its own, the Venmo credit card might not be the best choice as your sole daily driver. The 3% cash back on the top category is enticing, but the drop to 2% on the second category and just 1% on all others falls short of the competition. Without a sign-up bonus and potential customer service issues, it may not be the most attractive option.
Maximize Your Rewards: To get the most out of this card, consider pairing it with a rotating category 5% cash back card like the Discover It Card or the Citi Custom Cashback Card. This combination allows you to scale your rewards and make the Venmo card work for you effectively.
Frequently Asked Questions (FAQs)
What is the Venmo Credit Card?
The Venmo Credit Card is a co-branded credit card offered by Venmo, a digital payment platform owned by PayPal. It is designed to provide cashback rewards and unique features to users who frequently use Venmo for their financial transactions.
What are the main features of the Venmo Credit Card?
The Venmo Credit Card offers several noteworthy features, including:
- 3% unlimited cash back in your top spending category.
- 2% cash back in your second-highest spending category.
- The option to convert cashback rewards into cryptocurrency investments.
- 1% cash back on all other purchases.
- A QR code feature for easy payment splitting with friends.
- A unique credit card design.
Are there any sign-up bonuses for the Venmo Credit Card?
As of the time of this writing, the Venmo Credit Card does not offer a sign-up bonus. However, it’s worth checking the latest offers, as they can change over time.
How does the cashback system work with the Venmo Credit Card?
The Venmo Credit Card provides cash back based on your spending categories. You will receive 3% cash back in your highest spending category, 2% cash back in your second-highest category, and 1% cash back on all other purchases. These cashback rewards are automatically tracked and credited to your account each month.
Can I use the Venmo Credit Card at wholesale retailers like Costco or Sam’s Club?
Yes, the Venmo Credit Card is accepted at wholesale retailers such as Costco, Sam’s Club, and Walmart. If these are among your top spending categories, you can benefit from the 3% cash back in those categories.
How can I manage my Venmo Credit Card account?
The Venmo Credit Card can be managed exclusively within the Venmo app. There is no online banking or credit card portal outside of the app. You’ll need to have the Venmo app installed to monitor and manage your card account.
What cryptocurrencies can I convert my cashback rewards into with the Venmo Credit Card?
You can convert your cashback rewards into one of four supported cryptocurrencies within the Venmo app: Bitcoin, Ethereum, Bitcoin Cash, or Litecoin.
Is there an annual fee for the Venmo Credit Card?
As of the time of this writing, the Venmo Credit Card does not charge an annual fee. It is a no-annual-fee credit card.
Is the Venmo Credit Card available to everyone?
Eligibility for the Venmo Credit Card depends on your creditworthiness, as with most credit cards. Venmo and its issuing bank will assess your credit history and financial situation when you apply.
Are there foreign transaction fees with the Venmo Credit Card?
The Venmo Credit Card does not typically charge foreign transaction fees. However, it’s essential to review the card’s terms and conditions to confirm the details regarding foreign transactions.