Updated November 21, 2022 –Venmo Credit Card Rewards 2022: If you are a fan of making use of Venmo to make fast payments or share bills with family and friends You might be enticed to sign up for this Venmo credit card. It is issued in partnership in conjunction with Synchrony Bank, the no-annual-fee card is a part of the Visa network and offers rewards for any purchase made.
Similar to the app the card allows you to pay for something, like dining out with your friends, and afterward, you can pay the bill instantly. Dining companions with Venmo access are able to look up the QR codes found on the back of every Venmo credit card, pay you and then pay their portion while you eat the dessert. Then, you can use the money they pay towards your credit card bill or keep it in the account of your Venmo account.
The advantage of the credit card lies in the fact that unlike regular Venmo it is possible to skip the hassle of paying for the Venmo payments transferred to your bank account initially in order to pay the credit card charge.
One thing the Venmo card does right is that the cardholders don’t have to monitor their spending and decide if they want to join or which categories are the ones that earn the most and it’s calculated automatically for you every month. It does provide cash-back bonuses of 3 and 2% within the following categories: entertainment and dining and travel, as well as bills, utilities, health and beauty, grocery, gasoline, and transportation, as well as entertainment. Every other expenditure earns 1 percent.
Venmo Credit Cards Earning Rewards
The Venmo card is a reward card that earns reward points at these rates:
- Earn cash-back of 3% on your top spending categories from an eight-page list
- Earn 2 percent cash back for your next top purchase category from the following list
- Other purchases receive a cashback of 1%
The eight categories of categories that can be eligible for bonus rewards are as follows:
- Restaurants and nightlife, including dine-in and take-out, delivery bars, and drink shops
- Travel, including hotels, airline resorts, motels, and airlines as well as short-term rental services like Airbnb. It is important to note that cruises are not qualified
- Utilities and bills–including streaming services, internet service electric bills as well as magazines and newspaper subscriptions
- Beauty and health, including pharmacies and drugstores, tennis clubs, health clubs golf and swimming memberships
- Grocery, which includes supermarkets as well as wholesale clubs along with bakeries, convenience stores, and Delis
- The term “gas” includes any store that offers fuel. It is important to note that this does not exclude the purchase of gas from discounters and warehouse clubs.
- Transportation–Including rental cars, taxicabs, rideshare merchants, limousines, bus lines, passenger railways, tolls, parking meters, and parking garage fees
- Entertainment–Including movie theaters, theatrical and concert promoters, video rental and game stores, books and newsstands, amusement parks, music stores, and toy and hobby stores
Venmo Credit Card Redeem Rewards
Cash-back rewards are deposited in a timely manner to the member’s Venmo accounts within 3 business days following the close of that billing period. Once you have the account of your Venmo account, the money could be utilized to pay through Venmo and make purchases, transfer funds in the direction of other Venmo users, or transfer into your account at a bank or to a debit card that is linked directly to your Venmo account, just like the different Venmo balance.
You may also use your cash-back rewards to purchase cryptocurrency. You’ll have to choose the crypto redemption program and then set up an online cryptocurrency hub in order to utilize your rewards to purchase Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. If the cashback is credited to your Venmo balance at the close of each month, Venmo will then use it to purchase automatically your desired crypto, without charge for crypto transactions. Venmo will be charged a fee for each time you purchase or sell your crypto at other times.
The rewards earned through Venmo credit card will never expire as they remain in the same account that remains in good standing and open.
Forbes Advisor uses data from different government agencies to establish base income and spending levels across different categories. In the 70th percentile, households earning wages earn $100,172 annually and pay $52,820 in normal expenses. If 50% of the costs are credited to this card and the annual spending will be $26,410.
In the event the most significant category of spending is food which is $5,687 a year spent between warehouse clubs and supermarkets both falling within the Venmo card’s grocery category. the second most expensive category is dining out, which amounts to an estimated $4,406 per year. The Venmo Card will earn rewards of $171 in the 3%-earning category of grocery items while earning $84 from the category of restaurants with 2 percent. The balance of the credit card $16,317 will bring in $163 which would give you 418 dollars in rewards per year.