You might already have heard of Venmo, the mobile payment service that allows users to quickly and easily transfer funds to others via a mobile phone app. Ideal for splitting bills with friends for movies, rent, dinner, and more besides, its user-friendly, convenient service has proved a huge hit. Now, there's even more reason to jump on board the Venmo bandwagon - the Venmo credit card. Launched last year, the card makes splitting costs easier than ever before. Each card comes with a unique QR code that others can scan with their phones to quickly transfer their share of the bill, meaning you won't have to worry about chasing people down for money. Throw in a generous earnings structure, a bunch of rewards, and a user-friendly mobile platform, and the benefits of applying speak for themselves. If you needed any more reason to hit that apply button, here are 10 very good reasons to consider the Venmo credit card.
1. You'll qualify for cashback rewards
If you're looking for a card that rewards you for spending, the Venmo credit card is ideal. There are no complications, you don't have to opt in to benefit, no activation is required, and you don't have to track anything. For each monthly billing cycle, you'll simply earn bonus rewards on the two categories you spend the most on, whether that's travel, utilities, or groceries. The category you spend the most in will earn up to 3% cashback. Your second top spend category will earn up to 2% cashback. All other eligible purchases and person-to-person transactions will earn 1% cashback.
2. Redeeming your cashback rewards is easy
Some cash-back schemes sound generous, but the redemption process can take the gloss off. With the Venmo credit card, redeeming your cashback rewards is just as easy as earning them. Any cashback you earn will appear in your balance within three business days of the end of the billing cycle. You can then use it in the same way you would your account balance, whether that's to make a credit card payment, make purchases online through a merchant that accepts Venmo, send money to family and friends, or transfer it to a bank account or debit card. Providing your account is open, your rewards will never expire.
3. There's no annual fee
There's no point in getting a card for the cashback only to find it all gets swallowed up in annual fees. Fortunately, that won't happen with the Venmo credit card. There's no annual fee to worry about, and basic transactions like sending/ receiving money from a bank account or your Venmo balance won't cost you a dime. Foreign transactions fees have also been eliminated. Charges do apply for late or missed payments, however, so be sure to check the terms and conditions to avoid any unpleasant surprises.
4. You can split bills straight away
As Forbes notes, the Venmo credit card makes it easy to split payments with friends and family. Providing the payees are all Venmo-enabled, they'll simply need to scan the QR code located on the front of your card so they can pay you there and then. That way, you don't need to worry about chasing them down for payment later.
5. You'll qualify for a ton of Visa benefits
The Venmo credit card is a Visa card, so comes with all the usual Visa protections you'd expect, including roadside dispatch (covering services such as fuel service, tire change, jump start, lockout assistance, and winching); emergency cash, which will be wired to a location near you within just a couple of hours of approval; travel and emergency assistance services to connect you with local resources; and emergency card replacement.
6. It's possible to unlock extra benefits
If you get approved for the Visa Signature version of the card, you'll unlock a slew of additional benefits. These include Visa Signature Luxury Hotel Benefits, which comes with best rate guarantee, room upgrades, a $25 credit towards food and drink, and daily breakfast; Silvercar Rental discounts, which includes a 15 percent discount on Audi rental car services; a 10% discount at over 95 golf courses worldwide; and access to the Visa Signature Concierge.
7. You can access your card instantly upon approval
If you want to start enjoying the benefits of your new Venmo credit card instantly, you can. As Nerd Wallet points out, while your card is being shipped in the mail, you can start making purchases straight away using the convenient virtual version of the card. The virtual card is accessible via the app and can be added to most digital wallets, with the exception of Apple Pay.
8. It's easy to manage on the Venmo app
One of the main perks of the Venmo credit card is just how easy it is to manage via the Venmo app. If you want to check your rewards activity, set up autopay, track your payments, pay your balance, keep on top of your spending habits, or anything else, it can all be done through the Venmo app. If your card gets lost, you can quickly and easily disable it on the app. Once it's back in your hands, you can re-enable it in the same way. In the meantime, you can continue to use your virtual card for payments.
9. All Venmo customers can now apply
As per The Points Guy, when the Venmo credit card was initially launched, it was only available to a select group of Venmo customers who'd had an account for at least 30 days and who'd used their account in the last year. Now, the restrictions have been lifted, meaning anyone who downloads the Venmo app can apply for the card, regardless of whether they're long-standing Venmo customers or not.
10. You can use it anywhere Visa cards are accepted
Providing the merchant accepts Visa credit cards, you can use the Venmo credit card to pay bills both online and in-store, whether that's at home or abroad. The card can also be used within the Venmo app, where it is automatically added after approval as a payment method for payments to authorized merchants and friends. Just be aware that, as with most credit cards, you'll incur a 3% fee when you make a person-to-person transaction.
Written by Allen Lee
Read more posts by Allen Lee