Personalized rewards across a broad range of categories
The Venmo Credit Card doesn't require opting in or activating bonus categories. You don't really even need to "track" anything. For each monthly billing cycle, you'll simply earn bonus rewards in the top two categories you spend the most on (from the above list), and 1% back on other spending. Once the billing cycle ends, your earning opportunities reset.
Here’s how this could work: Let’s say you booked a trip this month requiring plane tickets and a hotel booking, so you spent the most on travel and would earn 3% cash back on those expenses. Your next highest spending was on bills and utilities, so that earns 2% back. The next month, you go on your trip and dine out often, turning that activity into your 3% cash-back category.
Some business and consumer credit cards also offer this automated personalization. The HMBradley credit card features it, but you must open an HMBradley deposit account first. The Citi Custom Cash® Card earns 5% cash back on up to $500 in spending each billing cycle in your highest eligible spending category (1% back after that), and 1% on other purchases.
Easy redemptions
Any cash back you earn will appear in your Venmo balance after your statement closes. From there, you can apply the money toward a credit card bill (much like a statement credit), make purchases from a merchant that accepts Venmo, send money to someone else through the Venmo app or transfer it to a linked bank account or debit card.
Use rewards to buy crypto
In August 2021, Venmo Credit Card’s reward redemption options expanded to include cryptocurrency.
You need to opt-in to enable the auto-purchase feature of the Cash Back to Crypto option, and you won't incur an additional transaction fee. But a cryptocurrency conversion spread will be built into each monthly transaction. That means Venmo will charge a small margin between the crypto market price and the current exchange rate.
If you’ve opted in and you have a cash back balance greater than $1, any cash back in your account will automatically be used to purchase the cryptocurrency of your choice. As of August 2022, you can buy one of four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Venmo charges a fee when you buy or sell, which varies according to the value of the cryptocurrency.
» MORE: Best crypto credit cards
Unique card design that makes splitting costs simple
Each physical card features its own QR code on the front, which comes in handy when you’re splitting a purchase with another person. They can scan the QR code from the Venmo app and be brought to your Venmo profile. From there, they can send money, or request money from you. Keep in mind that paying a friend over Venmo using the Venmo Credit Card means you’ll pay a 3% fee, which is the same as using any other credit card for peer-to-peer transactions.
Instant access upon approval
While your physical card is in the mail, you can begin making purchases with the virtual version of the card, which lives within the Venmo app and can also be added to digital wallets. Once the physical card arrives, you can activate it by scanning the QR code.
Manage the card on the Venmo app
If you need to pay your balance, see your rewards activity, change notifications, set up autopay, or track your spending trends or transactions, you can do so through the Venmo app. If your physical card is lost or stolen, you can disable it in the app and continue to shop with the virtual card. There’s no separate website to log into. (For some, this may count as a drawback; see below.)
