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2021 Review: The Venmo Visa Signature Credit Card – Pay Your Friends, Earn Rewards

Updated Sep 09, 2021 | Published Jul 29, 20218 min read

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Venmo Visa Signature® Credit Card

Min Credit Level Good
Annual Fee $0
Regular APR 15.24%–24.24% Variable
At a glance

The Venmo Visa Signature Credit Card expands on the Venmo service, allowing you to earn rewards not only for purchases but also for peer-to-peer payments. However, there’s still a fee for using the card to pay your friends. You’ll get some Visa Signature benefits, and your rewards will be tailored to how you spend.

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Our Rating: 5 Out of 5 Stars

We give the Venmo Visa Signature® Credit Card 5 out of 5 Stars. The added flexibility to the rewards is nice, the redemption is simple, and the Visa Signature benefits could be pretty useful.

Why We Like It

  • Flexible rewards (earn 3% cash back for your top spend category, 2% for your second top spend)
  • 1% cash back for peer-to-peer transactions
  • No annual fee
  • No foreign transaction fee

Why It Could Be Better

  • Spending limit after the first year with the card
  • No welcome bonus (usually)
  • Venmo charges a 3% fee for paying friends with a credit card
Apply Now

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Venmo Visa Signature® Credit Card
Apply Now

securely on the issuer's website

  • Min. credit levelGood
  • Annual Fee$0
  • Purchase APR15.24%–24.24% Variable

The Venmo Visa Signature Credit Card combines the ease of digital payments with the convenience of a credit card. The rewards program is both versatile and useful, allowing you to earn some cash back for things like bills and utility purchases, gas and groceries, or dining and nightlife.

The cash back rewards are automatically added to your Venmo account for you to divvy up as you see fit. If you, like me, rarely carry cash and are always Venmoing your friends for food or other group activities, the Venmo card could put money back in your pocket for the trouble.

However, Venmo charges a 3% fee for funding payments to friends with a credit card, something the Venmo Visa Signature isn’t exempt from. Unfortunately, that pretty much negates the 1% cash back for peer-to-peer transactions, and comes across as a bit deceiving.

It is a physical card, but Venmo users will be issued a virtual card number to use once approved.

Insider tip

Take note, before applying you’ll need a Venmo account that has been open for at least 30 days. It’ll also need to be in good standing.

Insider Advice: Getting the Most Out of Your Card

  • Get the Venmo app: The app is your key to everything your card can do. Deposit your rewards, pay your credit card bill, pay your friends, have your friends pay you… basically, you need the app to get the most out of your card.
  • Use the QR code: The Venmo card includes a unique QR code on the card itself to quickly scan using your phone camera. It’ll help ensure you’re paying the correct person, or the correct person is paying you.
  • Be mindful of the 3% fee: Despite offering 1% cash back for peer-to-peer transactions, Venmo charges a 3% fee for paying another person using a credit card. Keep that in mind when offering to Venmo a friend. Using a bank account rather than a credit card to fund the payment will save you some money.
  • Keep an eye on your spending: You’ll earn the most rewards for the two categories you spend the most in. Knowing what your top two spend categories are could prevent you from missing out on potential value. If you’re out to eat and someone says, “You can Venmo me,” it might be better for you to grab the bill if your top spend category is dining.
  • Use it for your bills: It’s pretty rare to earn such a high rate for bills and utility purchases, and assuming you’re responsible for a few, it would be nice to earn some rewards for them. But they’d have to be your top one or two spend categories to get above 1%.
  • Check out the eligible spending categories: The Venmo card earns rewards for a variety of different purchases, some of them relatively unique. The eligible spending categories include dining and nightlife, health and beauty, entertainment, travel, and more.
  • You can buy crypto on Venmo, but should you?: Venmo recently added the capability to buy, hold, and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin using your cash back or other Venmo funds. You can’t transfer it from Venmo to a private wallet, or use it to pay people. Buying and selling crypto on Venmo will incur fees.
  • Pair it with another card: Pairing the Venmo Visa Signature card with another cash back credit card that earns a flat rate for everything would maximize your return. Because this card works a bit differently, it wouldn’t be a bad idea to focus on the more rare categories, such as bills and utilities or perhaps health and beauty, and then use the other reward card for more common purchases. This would also come in handy after your first year with the Venmo card when the $10,000 spending limit kicks in. Take a look at some of the best credit cards for earning rewards.
Insider tip

Venmo also offers the Venmo Debit Card. It’s linked to your Venmo account and offers fee-free ATM withdrawals, at participating ATMs.

The Rewards

The rewards are personalized to your spending habits, providing the highest rates for the two categories you spend the most in.

Earning

Spending Rewards
  • 3% cash back in your top spend category
  • 2% cash back in your second top spend category
  • 1% cash back on all other purchases and peer-to-peer transactions
  • Spending limit: Beginning after your first anniversary year, 3% and 2% rewards are limited to $10,000 spent per anniversary year.

The bonus rewards cover a variety of different topics, take a look:

Spend Categories
Transportation Travel
Groceries Gas
Dining & Nightlife Bills & Utilities
Health & Beauty Entertainment
Other

The peer-to-peer rewards would have been a nice feature, but because of the 3% fee for using credit cards to pay other people, it’s better to use a bank account for such transactions. Otherwise, you’ll end up paying more than what you get back in rewards.

While initially there’s no spending limit, remember to keep an eye on your spending once the limit kicks in after a year. If you hit the $10,000 spending cap, it’d be a good idea to switch to another rewards credit card that earns a higher rate than 1%, like the Citi® Double Cash Card – 18 month BT offer (Review) or the Wells Fargo Active Cash Card (Review).

Redeeming

Redeeming is pretty simple with this card. Your cash back will be added to your Venmo account at the end of each statement period, so you don’t have to worry about your rewards expiring.

Funds in your Venmo account can be used in several different ways:

  • Deposit into a linked bank account
  • Pay the card bill
  • Buy cryptocurrency
  • Pay friends for activities
Insider tip

Venmo just added the ability to buy four different types of cryptocurrency with your cash back. The four coins you can currently get are Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. You can hold and sell crypto on Venmo, but you can’t transfer it from Venmo or use it to pay people. Fees are determined based on the current exchange rate at the time of the transaction.

The Benefits

The kind of card you’re issued, either Visa Signature or Visa Platinum, will determine the kind of benefits you’ll receive. You may get more protections than what’s listed here, so take a look at the Guide to Benefits when you get the card to know for certain. The issuer doesn’t disclose exactly what determines which card type you’ll be issued, but typically, if your credit limit is $5,000 or above you’ll receive a Visa Signature. If it’s less than $5,000, you’ll get the standard Visa credit card.

  • Roadside Dispatch: Call 1-800-847-2869 if you run into car trouble away from home. Get help with towing, tire changes, locked cars, and more. Pay-per-use program.
  • ID Navigator Powered by NortonLifeLock: Get alerts if your information is mentioned on the dark web or of any changes to your credit file. If your wallet is stolen, get help with canceling and replacing your key documents like credit and insurance cards.
  • Zero Liability: You won’t be held liable for unauthorized purchases (contact the card issuer immediately if you suspect fraud).
  • Visa Concierge (Visa Signature): Call 1-800-953-7392 for help with non-emergency tasks like making dinner reservations, finding entertainment tickets, and booking travel.
  • Visa Luxury Hotel Collection (Visa Signature): Get access to the best available rates, room upgrades when available, continental breakfast, complimentary in-room WiFi, and more.
  • Travel and Emergency Assistance Services (Visa Signature): Call 1-800-992-6029 for assistance finding medical or legal help when you’re away from home.
  • Silvercar discount (Visa Signature): Get up to 15% off Audi car rentals through Silvercar.
  • Troon golf discount (Visa Signature): Get 10% off at over 95 Troon golf courses around the world.
  • Sonoma County Vintners (Visa Signature): Use your card at one of 50 Sonoma County wineries to get a complimentary tasting, savings on wine purchased the same day in the tasting room, preferred pricing on non-wine purchases, and more.

The Terms & Fees

Purchase APR Balance Transfer APR Cash Advance APR
15.24%–24.24% Variable None 24.24% Variable
Annual Fee Foreign Transaction Fee
$0 None
Balance Transfer Fee Cash Advance Fee
None 5%, $10 minimum
Penalty APR Late Fee Returned Payment Fee
None Up to $40 Up to $29

The Bottom Line

The Venmo Visa Signature® Credit Card is not a bad card by any means. The rewards offer a nice degree of flexibility, and coupled with the lack of an annual fee, it’s a pretty attractive offer.

The benefits are a bit thin, but some of them could come in handy. And you might get a few more than what we have listed if you’re issued the Visa Signature version of the card.

If you’re looking for a solid rewards card and use Venmo often already, it probably wouldn’t be a bad choice. However, Venmo charges a 3% fee for funding peer-to-peer transactions with a credit card, so that completely negates the 1% cash back rate offered for that transaction type.

But there are other cash back cards that are a little simpler, and some of them also boast a fair amount of flexibility.

Insider tip

Take a look at the Citi® Double Cash Card – 18 month BT offer (Review) (or the newly released Wells Fargo Active Cash Card (Review)), or the Bank of America® Customized Cash Rewards Card (Review). All of these cards offer great, flexible reward programs.

How Do I Apply for the Venmo Visa Signature Card?

Just follow the link below to fill out an application. You’ll typically hear back instantly with the credit card issuer’s decision.

Before applying you’ll need a Venmo account that has been open for at least 30 days. It’ll also need to be in good standing.

What Credit Scores Do I Need To Qualify for the Venmo Visa Signature Card?

You should have good credit before applying for the Venmo Visa Signature Card.

To qualify for good credit, your FICO credit scores need to be at least 670 and/or your VantageScores need to be at least 700.

However, credit card issuers will consider more information when weighing your creditworthiness. Issuers look at your income and monthly rent or mortgage payments, along with other things. The additional information could lead to your approval even if your scores are lower than what’s recommended, or it could lead to your denial even if your scores are high enough.

Apply Now

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Venmo Visa Signature® Credit Card
Apply Now

securely on the issuer's website

  • Min. credit levelGood
  • Annual Fee$0
  • Purchase APR15.24%–24.24% Variable
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Alternatives to the Venmo Visa Signature Card

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  • Min. credit levelGood
  • Annual Fee$0
  • Purchase APR0% for 15 billing cycles, then 13.99%–23.99% Variable
  • No annual fee
  • $200 cash rewards bonus for spending $1,000 in the first 90 days
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
  • Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases
  • You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same
  • No expiration on rewards
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99%–23.99% Variable APR will apply. A 3% fee (min $10) applies to balance transfers
  • If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase
Why We Picked It

The Bank of America® Customized Cash Rewards Card (Review) has more flexibility than most reward cards.

Whereas the Venmo card automatically chooses your 3% and 2% cash back categories based on how you spend, the Bank of America card gives you your pick of a 3% category. You’ll also earn in static 2% bonus categories, so it’s similar to the Venmo card, just with a bit more predictability. But it does lack a compelling set of benefits, so the Venmo card wins in that regard.

This program make it a little easier to strategize when pairing with another card. Unlike the Venmo card, you’ll always know what purchases you’ll earn the most rewards for.

Rewards
Spending Rewards
  • 3% cash back in one category of your choice:
    • Gas
    • Online shopping
    • Dining
    • Travel
    • Drugstores
    • Home improvement/furnishings stores
  • 2% cash back at:
    • Grocery stores
    • Wholesale clubs
  • 1% cash back on all other purchases
  • 3% and 2% rewards only up to $2,500 spent per quarter, then 1% cash back
Introductory Bonus
  • $200 cash rewards bonus for spending $1,000 in the first 90 days
Key Features
  • Free FICO credit score: See your TransUnion-based FICO Score 8 credit score as it changes over time, along with a month-to-month comparison.
  • Extended Warranty: Eligible purchases will have their manufacturer’s warranty doubled by up to one additional year.
  • 24-Hour Travel Assistance: Call Travel Assistance Services when you need help away from home. This benefit is available when traveling 50 miles or more away from home, unless you live in New York in which case there is no mileage requirement.
  • Purchase APR: 0% for 15 billing cycles, then 13.99%–23.99% Variable
  • Balance Transfer APR: 0% for 15 billing cycles, then 13.99%–23.99% Variable
  • Balance Transfer fee: 3%, $10 minimum
  • Annual fee: $0
  • Min. credit levelGood
  • Annual Fee$0
  • Purchase APR0% for 15 months, then 14.99%, 19.99%, or 24.99% Variable
Why We Picked It

The Wells Fargo Active Cash Card (Review) is a newer card, but already one of the strongest contenders for the best flat-rate credit card available.

It can be broken down into three top-notch features for a card with no annual fee: 2% cash back for every purchase, an intro APR period for both balance transfers and purchases, and a tantalizing welcome bonus. In those ways, it’s a great card to pair with the Venmo Visa Signature Credit Card.

It’s more straightforward than the Venmo card. Rather than having to be aware of what you’re buying to maximize your rewards, you can just use the card for everything. And the benefits are nothing to sneeze at either, for such an inexpensive card. It too is a Visa Signature, so you can expect similar benefits.

Rewards
Spending Rewards
  • 2% cash back on all purchases
Introductory Bonus
  • $200 cash rewards bonus after spending $1,000 in the first 3 months
Key Features
  • Free FICO credit score: Check your FICO Score 9 online whenever you’d like, based on your Experian credit report.
  • Visa Signature Concierge: Get 24/7 assistance with non-emergency tasks like travel planning, restaurant reservations, and gift hunting.
  • Visa Signature Luxury Hotel Collection: Pay with your card to get perks at select hotels around the world, like a $25 food/beverage credit, complimentary WiFi and breakfast for two, automatic room upgrades when available, VIP Guest status, and more.
  • Cellular Telephone Protection: Provides reimbursement for damage or theft of cell phones, up to $600 per claim and two claims per 12 month period, with a $25 deductible. You must pay your phone bill with the card to be eligible.
  • Roadside Dispatch: Call 1-800-847-2869 if you need help on the road, with some services at set prices like towing, tire changing, jump starting, and lockout service.
  • Travel and Emergency Assistance Services: Includes help with medical and legal referrals, emergency transportation, ticket replacement, lost luggage location, emergency translation, and more.
  • Purchase APR: 0% for 15 months, then 14.99%, 19.99%, or 24.99% Variable
  • Balance Transfer APR: 0% for 15 months, then 14.99%, 19.99%, or 24.99% Variable
  • Balance Transfer fee: 3% for 120 days from account opening, then up to 5%; min: $5
  • Annual fee: $0
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  • Min. credit levelGood
  • Annual Fee$0 introductory annual fee for the first year, then $95
  • Purchase APR0% on purchases for 12 months, then 13.99% - 23.99% Variable

Rates & Fees

  • Earn 20% back on Amazon.com purchases on the Card within the first 6 months of Card Membership, up to $200 back.
  • Plus, earn $150 back after you spend $3,000 in purchases on the Card within the first 6 months of Card Membership. You will receive cash back in the form of statement credits.
  • $0 intro annual fee for the first year, then $95.
  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
  • 6% Cash Back on select U.S. streaming subscriptions.
  • 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
  • 1% Cash Back on other purchases.
  • Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%
  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
  • Terms Apply.
Why We Picked It

The Blue Cash Preferred® Card from American Express (Review) is one of the best cards currently available for groceries, gas, and streaming services.

It’s hard to beat the reward rate this credit card offers: A whopping 6% cash back at U.S. supermarkets (up to $6,000 spent annually, then 1%) and on select U.S. streaming services, as well as 3% for U.S. gas stations. There is an annual fee but with the rewards the card earns, it’s hard to notice (something I can attest to).

The benefits are pretty strong too, with a nice selection of travel and shopping protections, the Amex Offers shopping portal, and more. It’s another card that would pair well with a flat-rate card like the Wells Fargo Active Cash Card (Review).

Enrollment required for select benefits; terms and limitations apply.

Rewards
Spending Rewards
  • 6% cash back:
    • U.S. supermarkets (up to $6,000 spent annually, then 1%)
    • Select U.S. streaming services
  • 3% cash back:
    • U.S. gas stations
    • Transit
  • 1% cash back on all other purchases
Introductory Bonus
  • 20% back for Amazon purchases in the first 6 months, up to $200 back; $150 back for spending $3,000 in the first 6 months (earned as a statement credit)
Key Features
  • Amex Offers: Find offers for extra cash back at a changing selection of merchants.
  • $120 Equinox+ Credit: Get up to $10 per month for a stand-alone monthly membership to the Equinox+ app. Will not apply if you purchase the membership through the Equinox app or a third party.
  • ShopRunner membership: ShopRunner provides free two-day shipping and returns at participating online retailers.
  • Shopping protections: Return Protection, Extended Warranty, Purchase Protection
  • Travel protections: Car Rental Loss and Damage Insurance, Global Assist Hotline
  • Purchase APR: 0% for 12 months, then 13.99% - 23.99% Variable
  • Annual fee: $0 introductory annual fee for the first year, then $95

Enrollment required for select benefits; terms and limitations apply.

Blue Cash Preferred® Card from American Express (Rates & Fees)

American Express is a Credit Card Insider advertiser.

Apply Now

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  • Min. credit levelGood
  • Annual Fee$0*
  • Purchase APR0%* for 12 billing cycles on purchases*, then 14.99% - 23.99%* Variable

Rates & Fees

  • Earn 20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening. That’s a $200 value redeemable towards merchandise, gift cards, cash back, travel and more
  • Earn 4X points on takeout, food delivery and dining
  • Earn 2X points at grocery stores, grocery delivery, gas stations and on streaming services
  • $15 credit for annual streaming service purchases such as Netflix and Spotify
  • No annual fee*
  • 1X point per $1 on all other eligible purchases
  • Low Introductory APR on purchases and balance transfers
  • Points never expire
Why We Picked It

The U.S. Bank Altitude® Go Visa Signature® Card (Review), like the Venmo card, earns in a nice selection of bonus categories.

However, it drops the flexibility in exchange for a straightforward, “this is what you’ll earn rewards for,” structure. It earns the most for restaurants, and has some nice additional categories as well like streaming services, groceries, and gas. It’s a pretty solid, all-around rewards card that’s a little less to think about than the Venmo card but just as rewarding.

It’s also a Visa Signature, so you can likely expect similar benefits to the Venmo Visa Signature. However, U.S. Bank doesn’t specifically outline what they are.

Rewards
Spending Rewards
  • 4X points per dollar at Restaurants
  • 2X points per dollar for:
    • Grocery stores
    • Grocery delivery
    • Streaming services
    • Gas stations
  • 1X point per dollar on all other purchases
Introductory Bonus
  • 20,000 bonus points for spending $1,000 in the first 90 days
Key Features
  • $15 annual streaming services credit: Good for services like Netflix, Hulu, Spotify, YouTube TV, Apple Music, Amazon Music, and Pandora
  • Free credit score: Check your VantageScore 3.0 credit score whenever you’d like, based on your TransUnion credit report.
  • Purchase APR: 0%* for 12 billing cycles on purchases*, then 14.99% - 23.99%* Variable
  • Balance Transfer APR: 0% for 12 Billing cycles, then 14.99% - 23.99%* Variable
  • No foreign transaction fee
  • Annual fee: $0*
Apply Now

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Venmo Visa Signature® Credit Card
Apply Now

securely on the issuer's website

  • Min. credit levelGood
  • Annual Fee$0
  • Purchase APR15.24%–24.24% Variable

Do you use the Venmo Visa Signature Credit Card? Has it made using the service easier or more profitable? Let us know your thoughts!

Not interested in the Venmo card? Take a look at these great cash back credit cards. Best Cash Back Credit Cards of September 2021

For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.

Written by

Evan Zimmer

Evan graduated from SUNY Oswego with a degree in journalism and creative writing. In his professional writing career, he strives for precision and comprehension in his work. He’s written news articles, blog posts, and copy, working across a slew of different mediums. With in-depth research and great care for accuracy and detail, he now works to bring you the most up-to-date credit information.

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The responses below are not provided or commissioned by bank advertisers. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers. It is not the bank advertisers' responsibility to ensure all posts are accurate and/or questions are answered.

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