After a widely acclaimed operation of its debit card, millennials’ favorite mobile payment app Venmo launched its first credit card. Synchrony Bank issued the Venmo Visa credit card, which Visa USA Inc licenses. When the credit card first launched in 2020, it was only available to select existing users. Over the next few months and onwards, Availability expanded to a broader user base.
You can manage all the credit card features within the Venmo app. In other words, you can use your credit card as a payment method within the app, which also supports split payments like Venmo debit cards. Direct integration of the card into the mobile app targets the younger user base. Compared to the Venmo Debit Card, a Mastercard issued by Bancorp Bank, the Venmo Credit Card has more features. If this is new to you, then let me explain the details of this helpful credit card.
Why Should I Use A Venmo Credit Card By Synchrony?
With the card, you can make in-store and online purchases anywhere Visa credit cards are accepted. Besides the regular credit card features, here’s what the Venmo credit card has to offer more:
You’ll get a personalized rewards experience
It’s a flexible reward card with an intelligent rewards system that manages and customizes your spending. The top spends categories change every month depending on what customers spend most. The program rewards customers in eight different categories: Grocery, Bills & Utilities, Health & Beauty, Gas, Entertainment, Dining & Nightlife, Transportation, and Travel.
Finances are easy to track and manage
Using the Venmo Credit Card, you can manage your card and spend right from your phone. The app lets you track spending in real-time, split and share purchases, view cashback status, pay bills, manage your credit card, and many more. Plus, customers can get real-time alerts, so they know when and where they’re making purchases and when cashback is applied.
You can split transactions on your card just like on the Venmo app. Use the app to make a purchase and then accept partial payment. You can reduce your balance by putting this payment on your card.
Create a custom card
Each card comes in five vibrant, colorful designs and is printed with a QR code that’s unique to the customer. You can scan the QR code with your phone to activate the card or use the Venmo app to send a payment.
You can shop online
Virtual cards let customers shop online anytime – even before your physical card arrives.
A safer, touch-free payment system
Instead of inserting the chip or swiping the card at the point-of-sale, the Venmo Credit Card has an RFID-enabled chip, so customers can tap to pay.
Manage your cards without worrying
You can freeze your physical card directly from the app if it’s lost or stolen and keep using your virtual card.
Visa powers it
Cardholders get Visa’s Zero Liability Policy with the Venmo Credit Card. Along with emergency cash transfers, travel protection, and protection from unauthorized charges, it protects cardholders.
Venmo’s credit card allows you to buy cryptocurrency with your cash back. Once you enable automatic purchases, you can buy cryptocurrency fee-free. Each month, you’ll get money back from your cashback balance. In addition to bitcoin, there are three other cryptocurrencies available: Ethereum, bitcoin cash, and Litecoin.
How To Apply For The Venmo Credit Card By Synchrony?
If you already have the Venmo mobile app, you can apply through it. The only requirements are being 18 years old, living in the US, and having a free Venmo account. You must also have a Venmo account that is at least 30 days old and in good standing. Venmo credit card support is available at 855-878-6462 or through the Venmo app.
Who is Eligible To Get Venmo Credit Card From Synchrony?
It’s for Venmo users who want another way to pay for their purchases. You might like this card if you consistently buy stuff in one or two of its tops spend categories. In addition, people who regularly split assets with others can use the payments to pay off their credit cards. This card can help you avoid the temptation of spending the money elsewhere since you can get reimbursed by your friends and family using Venmo.
This card is best for people who are cashback strategists and want to maximize their earnings across all spending categories. Ideally, the head of the house should also have this credit card, as they are responsible for grocery shopping and other big purchases.
Drivers and commuters can stop incurring monthly gasoline and commuting expenses by using Synchrony’s credit card.
Does The Synchrony Venmo Credit Card Offer Cashback Rewards?
Yes, of course. Depending on your spending activity, Venmo rewards you with cashback. With Venmo, for example, you can sort purchases by categories, like travel, utilities, groceries, etc., and then earn 3 percent cash back in your “top spend” category.
The way you spend determines how much cash back Venmo gives you. Cashback is 3% on your top spending category, 2% on your next category, and 1% on everything else.
For instance, you can get 3% back on groceries if you spend the most. If your next most expensive thing is gas, you will get 2% back on that. And finally, the rest of 1% will be credited to your account for the rest of your purchases. Venmo tells you which categories you spend the most in without you having to guess.
Venmo transfers cash rewards at the end of every billing cycle. Whether you want to pay your friends, shop online, or transfer money to your bank or debit card on your account, you can use it like Venmo. But you should be aware at some points to get the cash rewards properly:
- You can’t earn cash rewards if your credit card account is suspended.
- If your credit card account is closed by Synchrony, you’ll lose any rewards you’ve earned but haven’t transferred to your Venmo account.
- You won’t earn cash rewards if you close your credit card but previously earned rewards will be transferred to Venmo when the statement period ends.
- Cash rewards won’t transfer if your Venmo account is suspended.
- Venmo Credit Cards that aren’t linked to Venmo accounts will be closed, and any cash rewards you earn will be forfeited.
Synchrony Venmo credit card fees
Venmo doesn’t charge annual fees, but there are late fees and interest on returned payments. Be aware of the cash advance fee, which is $10 or 5% of each cash advance.