Venmo Credit Card Reviews: Is It Worth It? (2024)Reviews, rates, fees, and rewards details for The Venmo Credit Card. Compare to other cards and apply online in secondsJohn KiernanWalletHubNo membership feesHigh rewards rateBonus rewards categoriesNo foreign feeNo initial rewards bonusNo intro APR on purchasesNo balance transfers allowedRequires good/excellent credit
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Gas Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Venmo Credit Card has a rating of 3.0/5 according to our proprietary credit card rating system. This rating reflects how appealing Venmo Credit Card's terms are compared to a pool of more than 1,500 credit card offers tracked by WalletHub. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is 'Earn Gas Rewards'. To break it down further, Venmo Credit Card earned a score of 5.0/5 for Fees, 2.6/5 for Rewards, 2.9/5 for Cost, and 2.7/5 for User Reviews. Info about the Venmo Credit Card has been collected by WalletHub to help consumers better compare cards. The financial institution did not provide the details.
WalletHub Rating Breakdown
User Reviews
2.7/5
74 reviewsRead and write reviews
Market Comparison
Market Comparison
3.0
The Market Comparison is a key component of the WalletHub Rating, as it measures how appealing the terms of a card are compared to a pool of over 1,500 credit card offers monitored by WalletHub. To ensure cards are evaluated for their most relevant purpose, we score each card across various cardholder needs and select the rating for the need with the highest score, which is “Earn Gas Rewards” for this card.
Fees
5.0
Rewards
2.6
Cost
2.9
Other Features
0.0
3.0/5
Compared against 1,500+ credit cards
KEY TERMS
Accepted Credit Scores
Accepted Credit Scores
Excellent Credit, Good Credit
Annual Fee
$0
APR on Purchases
20.49% - 29.49% (V)
Balance Transfer
Balance Transfers Not Allowed
Rewards
Automatically earn 3% cash back on your top spend category and 2% on your second.
Eligible categories for earning 3% & 2% back in rewards: transportation, travel, groceries, entertainment, dining & nightlife, bills & utilities, healthy & beauty, gas.
Earn 1% on all other eligible purchases.
Venmo Credit Card's Additional Info
Your card comes with its own unique QR code on the front, making it easier to perform transactions with other Venmo users.
The Venmo Credit Card is available for select customers to apply using the latest version of the Venmo app.
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Gas Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
User Reviews
2.7
Market Comparison
3.0
fees: 5.0
rewards: 2.6
cost: 2.9
Other Features: 0.0
4.9WalletHub Rating
WalletHub Rating
4.9
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
5.0
User Reviews
3.4
Market Comparison
5.0
fees: 5.0
rewards: 5.0
cost: 5.0
Other Features: 5.0
4.1WalletHub Rating
WalletHub Rating
4.1
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
5.0
User Reviews
3.6
Market Comparison
4.0
fees: 3.8
rewards: 3.4
cost: 4.7
Other Features: 0.0
(37)
(2,104)
(803)
annual fee$0
annual fee$0
annual fee$0
rewards rate 1 - 3% Cash Back
rewards rate 2% Cash Back
rewards rate 1.5 - 5% Cash Back
bonus offerNone
bonus offer $200
bonus offerNone
Purchase Intro APRNot Offered
Purchase Intro APRNot Offered
Purchase Intro APR0% for 15 months
transfer intro aprNot Offered
transfer intro apr0% for 18 months|Transfer Fee:3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer
transfer intro apr0% for 15 months|Transfer Fee:Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after)
Can't find what you are looking for? Submit your question about Venmo Credit Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this offer. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. In addition, WalletHub independently collected information for some of the cards on this page.
The starting credit limit for the Venmo Credit Card is $250 or more; everyone who gets approved for this card is guaranteed this limit. However, depending on your credit standing, you could get a much higher credit limit. The higher your credit score and income are, the higher your starting credit limit is likely to be.
Keep in mind that you can ask to get a credit limit increase by calling (855) 878-6462 or the number you see on the back of your card. But it's best not to do that more than once a year. The issuer will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases.
You can get a Venmo Credit Card cash advance at an ATM. To do so, insert the card in the ATM, then enter your PIN and choose the cash advance option. After that, input the amount, and collect the cash and your card.
What you should know about Venmo Credit Card cash advances:
Cash advances come with high APRs: The Venmo Credit Card cash advance APR is 29.49% (V), which will start accruing interest immediately, with no grace period.
You can only apply for the Venmo Credit Card online, through either venmo.com or the Venmo mobile app for iOS and Android. You cannot apply for this card over the phone.
Please note that you must have a Venmo account that has been open for at least 30 days prior to your Venmo Credit Card application.
How to Apply for the Venmo Credit Card Online
Log in to your Venmo account, using your credentials.
Click on “Learn More” under the Venmo Credit Card section, on the left side menu. Then, click on the “Apply now” button.
Pick the color of the card that you want and click on “Next.”
Enter your name, address, and date of birth. Then, enter the last 4 digits of your Social Security number, and your annual income. Next, click on “Agree & continue.”
Read the card's terms and conditions, and click on the “Agree & apply” button.
Keep in mind that you need at least good credit to get approved for the Venmo Credit Card. You can check your credit score for free on WalletHub to see where you stand.
The cash advance limit for the Venmo Credit Card is up to 10% of your credit limit, according to customer service. So, the exact amount of cash that can be withdrawn from this card is different for each account.
You can find your exact limit by logging in to your Venmo Credit Card account or by viewing your monthly statement.
Remember that cash advances are costly transactions and should be reserved only for emergencies. More specifically, the Venmo Credit Card will charge...
No, you can't borrow money from Venmo. The company explicitly states that they do not offer loans to their users, but they do offer peer-to-peer payments and other financial services including digital direct deposits, a Venmo debit card and a Venmo credit card.
Don't be discouraged, though. There are several mobile apps that allow you to borrow money, with loan or cash advance amounts up to $750.
The Venmo Credit Card reports to the credit bureaus 30 days after your monthly billing period ends. For example, if the billing cycle closes on May 15th, the report will be made on June 14th. The Venmo Credit Card reports the card's credit limit, account balance, payment history, and more to the three major credit bureaus: Experian, TransUnion and Equifax.
Once the Venmo Credit Card card reports your account information to a credit bureau, it may take a few days before the updates...
You can transfer money from your bank account to someone else's Venmo card via an ACH transfer. You will need the routing and account numbers for the recipient's card.
Share your insights and review for the Venmo Credit Card
5
35%
4
5%
3
5%
2
5%
1
49%
2.7
37 reviews
37 reviews
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Nunya Bidness @squaaaaaawk
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3 Star Rating
It's okay, but the customer service is extremely indifferent. It takes forever for payments to post, even when you send them directly from your bank.
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danrcain @danrcain
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1 Star Rating
Verified Customer
This credit card is a scam! I had a $12,000 limit and only a $4,000 balance before I was in a major car accident. I knew that my limited income while recovering would barely cover the bills after needing to purchase a new car. I felt that having at least some available credit, I might be able to provide for my family. NOPE. They dropped my limit to within $25 of my current balance, essentially maxing me out when I needed to use my card the most. They said my credit score had dropped and therefore they reduced my limit. Not a little, but to the maximum! Now I’ll have to get a second job while recovering from my accident. This is the most shameful card I’ve ever been involved with. Do not get this card. Venmo and Synchrony are terrible.
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amy_8364026 @amy_8364026
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1 Star Rating
DO NOT DO BUSINESS. When you have a zero balance and are in good standing, having always had good standing with the account, they hold your money and will not let you use it until the next month, even with a zero balance.
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pugmogg @pugmogg
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1 Star Rating
Too bad I can't give a negative number! Worst card ever. I had a lower credit score when I first got the card. I did a consolidation loan which caused my credit score to dip about 50 points. Part of that consolidation loan paid off my $1800 balance on this card. I had a $3300 credit limit. I had a big payment for an item today, and my card was declined. When I checked, I found out that my $3300 credit limit is now $780 with only $30 available. I called customer service and was told that an email was sent to me on March 4, 2024. I have received zero emails about this. I asked the customer service representative about why the limit was lowered. Her response was, "I'm having a problem on my end." Then she hung up on me! I called back and was told that Synchrony Bank had made the decision to change my limit due to credit reporting. I have a 754 credit score (higher than when I got the card!) with no derogatory remarks, no late payments, nothing! I asked for a supervisor to explain why this happened. She would only say that it was a bank decision, but I could request a credit increase. I asked her to do that and was immediately told that the increase was denied. I told her to close the account if that is the way they treat their customers. I paid an almost $1800 balance about 3 weeks ago, and this is my reward. Stay as far away from this card and bank as possible! I will happily take my business elsewhere!
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kr rk @ksrksr
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1 Star Rating
Abysmal third-world customer service skills. Illegal practices when sending bills to mailing addresses and email. Paid my bill on time and still charged a late fee even though I received zero notifications. Do not apply for this third-rate card.
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rmustangs @rmustangs
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1 Star Rating
Worthless Card, I paid it in full and they placed a hold on my card for 14 days because I'm a new customer. Don't waste your time.
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Ben Coe @BPCoe
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1 Star Rating
Worst card I've ever used. Stupidly, the only way to access it is through their app. Because of this, I've missed a couple of payments and received late fees. I keep track of all my other credit cards through traditional websites, which makes it easy to notice due dates. You're an online company. Why on earth would you not give people access through a website? I don't want to have to check your dumb app every time. Stay away.
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Manya Fine @mfine0612
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1 Star Rating
They lowered my credit limit significantly without letting me know. I spoke to a representative who told me I should get a letter within 20 days. Customer service is abominable.
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janaksutton @janaksutton
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1 Star Rating
I used my card and then made a large payment, which Venmo held for two weeks before updating my available balance. They said it was because I had just opened the account. I have 25 years of credit history and multiple cards with Synchrony Bank, yet they refused to override the hold on the Venmo credit card payment. An ACH only takes three days to clear, so I am puzzled as to why they would try to hold funds this long; it is completely unnecessary. The customer experience has been extremely poor.
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larry carroll @lcarroll42
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1 Star Rating
I would highly recommend against the Venmo Credit Card. They will take all of your money in fees and interest. In my experience with Venmo, I had a fraudulent charge of $1,400 against my card, which Venmo initially refunded to my account. However, after 60 days, Venmo charged my account the full amount of the fraudulent charge plus all accumulated interest from the $1,400 fraudulent charge, and have since refused to provide an explanation as to why Venmo decided to put the fraudulent charge back on my account. In this case, I even pressed charges as my card number was used in Pennsylvania while I was in Georgia, yet Venmo still added the amount back to my account (and said I owed that amount which was fraudulently charged), and have continuously refused to explain why they reversed the credit to my account after 50 different attempts to speak with customer service. This card has high interest, ridiculous fees, and awful customer service. Do not get a Venmo credit card!
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