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Venmo Credit Card offering increased cash back for limited time

The mobile-first credit card by Venmo rewards users in categories where they spend most

Summary

If you’re looking for a simple cash back credit card but want to earn more than regular flat-rate cash back cards offer, now is a good time to look into the Venmo Credit Card.

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On Oct. 5, 2020, Venmo announced the new Venmo Credit Card, issued by Synchrony Bank on the Visa network. It was first teased in 2019 and is now live, offering a competitive earning structure, personalized approach to cardholder spending, and no annual fee.

Currently, the card is also offering an exciting sign-up bonus which doubles the card’s cash back rates through the end of the year.

What the Venmo Credit Card has to offer

The Venmo Credit Card is a cash back card with a dynamic 3-2-1 earning structure. Cardholders earn 3% back on their highest spending category each month and 2% back on their second-highest spending category, up to $10,000 in purchases in these two categories combined annually. All other purchases, including P2P payments, earn 1% back.

At the moment, new cardholders can earn 6% cash back in their eligible top spend category, 4% on the next and 2% on all other purchases. This welcome offer will be active through Dec. 31,  2021. To be eligible for the double cash back bonus, you must apply before July 31, 2021.

See related: How to choose a P2P payment service

The cardholder’s spending is evaluated to create a personalized cash back earning structure in the following categories:

  • Grocery
  • Bills and utilities
  • Health and beauty
  • Gas
  • Entertainment
  • Dining and nightlife
  • Transportation
  • Travel

As you can see, the card offers some common and lucrative categories, such as grocery, dining and travel, as well as more rare ones, like bills and utilities and health and beauty.

The personalization on the new card goes even further: It’s available in five designs, and each card has the cardholder’s unique QR code on the front. Card users can scan the code via a mobile phone camera to activate the card or in the Venmo app to allow their friends to split purchases or send a payment.

As expected, the Venmo Credit Card offers mobile-first experience, with features like real-time activity tracking organized by spending categories, splitting and sharing purchases, managing cash back and payments available via the app. You can also start using the card everywhere Visa credit cards are accepted, even before your physical card arrives.

Should you apply for the Venmo Credit Card?

If you appreciate simplicity when you’re looking for a cash back credit card, the credit card from Venmo can be a good option for you. Like a flat-rate cash back credit card, it doesn’t require bonus category activation or figuring out your spending habits, instead rewarding you at a higher rate in categories where you spend the most.

If you’re interested in the card, now is a good time to apply. The double cash back rates will only last through the end of the year, and you have till July 31, 2021, to apply to take advantage of this generous offer.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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Credit Card Rate Report
Business
14.16%
Airline
15.46%
Cash Back
16.14%
Reward
15.91%
Student
16.78%

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