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Venmo Credit Card launches, offers personalized cash back structure

The new 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, this new product might be worth considering.

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The end of summer and first days of fall have been rich with updates and new launches from credit card issuers. Wayfair and Citi announced two new credit cards replacing the old offer, Wyndham and Barclays launched three credit cards for road trippers and X1 Card, a new smart credit card, opened its waitlist.

Another tech-first product was launched by Venmo on Oct. 5. The new Venmo Credit Card, issued by Synchrony Bank on the Visa network, was first teased in 2019 and is now live, offering a competitive earning structure, personalized approach to cardholder spending and no annual fee.

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 will 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.

See related: How to choose a P2P payment service

The cardholder’s spending will be 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 new 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.

Note, however, that not all Venmo customers can apply for the card at the moment. According to The Points Guy, only some users with the latest version of the app who have had a Venmo account for at least 30 days and have been active in the last 12 months are now eligible.

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
14.22%
Airline
15.53%
Cash Back
16.03%
Reward
15.84%
Student
15.98%

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