Venmo is a popular mobile payment app that allows users to send and receive money from others quickly and easily. In addition to its standard service, Venmo offers a credit card option for those who want to use the app to make purchases and earn rewards. The Venmo Credit Card is a Visa card that can be used anywhere Visa is accepted. It offers a rewards program that allows users to earn points on every purchase they make with the card. These points can be redeemed for various rewards, including cash back, statement credits, and gift cards.
One of the main advantages of the Venmo Credit Card is that it integrates seamlessly with the Venmo app, making it easy for users to track their spending, pay their bills, and redeem their rewards. Additionally, the card has no annual fee and a relatively low APR, making it a good choice for those looking for a simple, affordable credit card option.
Overview Of The Venmo Credit Card
Synchrony Bank's venmo credit card review offers cash back at millions of locations worldwide. The Venmo Credit Card rewards cardholders with 3% cash back on restaurant purchases, 2% on Venmo purchases, and 1% on all other purchases. New cardholders who spend $50 within 90 days receive a $50 sign-up bonus. Venmo Credit Card has no annual fee. For international purchases, it charges 3%. Purchases are 17.49%, and cash advances are 25.24%. For purchases of $299 or more, it offers 0% APR for the first six billing cycles.
Pros Of The Venmo Credit Card
Here are some potential pros of the Venmo Credit Card:
- High rewards rate for dining and Venmo purchases: Customers can get a 3% rebate at dining establishments and a 2% rebate on all Venmo purchases made with their credit card. When compared to most other cash-back credit cards, that also offer 1-2% money back on all items purchased, this is a very generous rewards rate.
- No annual fee: The Venmo Credit Card does not have a yearly fee, meaning cardholders can use the card and earn rewards without incurring additional costs.
- Sign-up bonus: New cardholders can earn a sign-up bonus of $50 when they purchase within 90 days of opening their account. This can be a nice bonus for people just starting to use the card.
- Promotional financing: The review of venmo credit card offers promotional financing for specific purchases made with the card, such as 0% APR for the first six billing cycles on purchases of $299 or more. This can be a valuable option for cardholders who need to make a large purchase and want to pay it off over time without accruing interest.
- Wide acceptance: The Venmo Credit Card is accepted at millions of locations worldwide, so cardholders should have no problem using it to make purchases wherever they go.
Cons Of The Venmo Credit Card
Here are some potential cons of the Venmo Credit Card:
- Foreign transaction fee: The Venmo Credit Card charges 3% for purchases made outside of the United States. This can be expensive for people who travel internationally or make frequent purchases from foreign merchants.
- High cash advance APR: Cash advances have a 25.24% APR on the Venmo Credit Card, much higher than purchases. Cardholders who take out cash advances pay a much higher interest rate than for purchases.
- Limited redemption options: While the Venmo Credit Card offers cash-back rewards, the rewards can only be redeemed through Venmo. Cardholders cannot save rewards for other tips, such as gift cards or travel.
- No introductory APR: The Venmo Credit Card does not offer an introductory APR for purchases or balance transfers, so cardholders will start accruing interest immediately. This can be a drawback for people who want to use a new credit card to make a big purchase or transfer a balance from a higher-interest card and pay it off without interest.
Conclusion
Overall, the Venmo Credit Card is a solid choice for those looking for a simple, convenient way to make purchases and earn rewards. Its integration with the Venmo app makes it easy to track spending, pay bills, and redeem rewards, and the lack of an annual fee and low APR make it an affordable option. The rewards program is generous and offers a variety of redemption options, including cash back, statement credits, and gift cards. While the Venmo Credit Card may not have all the bells and whistles of more premium credit cards, it is a good choice for those who want a straightforward, no-frills credit card that is easy to use and understand.
