2021 Review: The Venmo Visa Signature Credit Card – Pay Your Friends, Earn Rewards
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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
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.
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.
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 are personalized to your spending habits, providing the highest rates for the two categories you spend the most in.
The bonus rewards cover a variety of different topics, take a look:
|Dining & Nightlife||Bills & Utilities|
|Health & Beauty||Entertainment|
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 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
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 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|
|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.
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.
Alternatives to the Venmo Visa Signature Card
American Express is a Credit Card Insider advertiser.
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.
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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