Venmo Credit Card Review April 2024
The Venmo credit card offers a lot in terms of cash back but there’s some downsides we found that they don’t state online.
Why Trust Me
I’d like to start by telling you why you should trust these reviews. You can go deeper on our About Page but here’s the high level.
I’ve been a personal finance writer for the better half of a decade. I’ve worked for the big publishers and they ALL get One. Thing. Wrong. They write for money from the credit card companies. We don’t. That’s why we’re better. We give you unbiased information with nothing to gain— whether you choose the card or not. Read more about how we make our money.
Up to bat—The Venmo Credit Card.
Venmo's bold leap from a simple payment app to a titan in the digital wallet space has left me curious.
With no annual fee and a tempting 3-2-1 cashback offer across varied spending categories, it promises a world of rewards. But don’t be too quick to hit “Apply”, the APR rate details are deeper than they seem, and the treasure of high cash back comes with the category-specific spending.
Is it the financial holy grail it seems to be?
What We’ll Cover
APR: They tiered the interest rates in a lose-lose situation.
Cash-back Rates: We look at all 8 of the categories and how you can get the most from your highest tier.
Actual User Insight: We found real Venmo cardholders and discovered some awesome hacks that we go in on. Some that can explode your cash-back earnings.
Crypto Cash-ins: This card has something extremely cool going for it, but the fees? alarming. We get into how it compares and whether it’s worth it or not.
Welcome Offer: They don’t have one…Or do they? I found out how some applicants are getting bonus cash and better cash-back rates.
Credit Score Requirements and Limits: There are certain un-written rules around credit score requirements and the card limit you can expect. I get into those too.
How I Reviewed The Venmo Credit Card
To unravel the essence of the Venmo Credit Card, I began with what's visible above the surface and delved deeper. I examined the fundamentals - the lack of an annual fee, any enticing welcome deals, the array of bonuses, and the rewards scheme, before venturing into the realm of the fine print. It's in this domain I really dove in for the nitty-gritty - the terms, conditions, and the all-important disclosures and fees. My aim? To give the most unbiased and in-depth review of the Venmo credit card, identify any restrictions, hidden gems, or potential pitfalls along the way.
With a treasure trove of insights in hand, my next quest was to gauge how it measures up against its rivals, assessing the landscape to understand their strengths and, crucially, what might have slipped through their analyses. Lacking personal experience with the card, I turned to the digital forum where candid, raw feedback thrives - notably Reddit and Quora. Here, the voices of actual cardholders, veiled behind their digital personas, offer the most genuine evaluations you'll find.
What came of it? An ensemble of findings, insights, and comparative analysis, all woven into a review that's as honest as they come, free from bias or affiliation. I challenge you to find a more straightforward review anywhere in the digital ether.