Venmo unveiled a branded credit card to a limited number of its users yesterday, with plans for a US-wide launch in a few months. The card features a scannable QR code, some pretty good cash back rewards, and is simple to use.
While Venmo issues you a physical card, the card is managed on Venmo’s app, allowing you to manage your account exclusively on their phone. The card includes:
- No annual payment
- APR ranging from 15.25% to 24.24% (depending on your credit)
- Visa Traditional and Visa Signature benefits (if you qualify for a higher credit limit)
To qualify for the card, you must live in the US, be 18 years old, and have had the Venmo app for 30 days with some activity within the last year. If you’ve been pre-selected for the offer, you’ll be able to apply for it within the app.
- Your unique Venmo QR code is printed on the card and loads your profile when scanned with your phone. The app allows you to make payments, receive payments, and have those payments added to your Venmo account balance or directly to your credit card bill. It also allows you to split a bill, as other Venmo users can scan your card’s QR code and pay their part of the bill directly into your account.
- If you lose your card, you can freeze it within the Venmo app and continue to use your virtual account.
- The card comes in an array of “hey, this ain’t you parent’s credit card” colors (Cotton Candy, Night Life, Denim, Campfire, Tropical Islands), and has a RFID chip for contactless payment.
- The card offers personalized rewards with a dynamic 3-2-1 earning structure. Cardholders earn 3% back on their highest spending category each month, 2% back on their second highest spending category and 1% back on all other purchases. What’s unique about this structure is the cash back rewards are applied automatically, adjusting for whatever category you spent on the most in a given month. The categories include grocery; bills and utilities; health and beauty; gas; entertainment; dining and nightlife; transportation; and travel. If your spending does not qualify for these categories, you will be given cash back at a rate of 1%.
Note: Venmo charges fees for certain account transactions, such as instant cash withdrawals and peer-to-peer payments made using a credit card account.
Who should get the card?
This card is a good option if you’re a regular Venmo user that wants to maximize cash back without the hassle of managing your rewards. Three percent is a pretty good rate, especially if you’re making regular purchases on bills and utility bills; health and beauty; or entertainment—categories not commonly offered in other reward cards.