How To Earn Cashback On Venmo Credit Card? [2024]

Looking to earn cash back on your Venmo Credit Card? You’ve come to the right place! Venmo Credit Card offers a unique rewards program that allows you to earn cash back on all your purchases. 

But how to earn this cashback on a Venmo credit card? All you have to do is make purchases in the eligible spending categories using your card.

You’ll automatically get your 3% cash back reward in the first and 2% in the second most spent categories.

This article may contain affiliate links. We earn a small commission when you click on our affiliate links or use our promo codes, with no extra cost to you! Please read our affiliate disclosure to know more.

Apart from the Venmo credit card, You can also get a Venmo $10 signup bonus (new offer) and cashback rewards on the Venmo app to open an account. Use Venmo promo code “L6v1GMbxUCb” to get a $10 sign-up bonus.

In this article, we’ll walk you through everything you need to know to start earning cashback on your Venmo Credit Card. Plus, we’ll highlight some of the card’s top benefits to help you make the most of your rewards. So, let’s dive in!

What Is A Venmo Credit Card?

The Venmo Credit Card is a credit card that you can link to your Venmo app. It’s issued by Synchrony Bank and comes with a unique rewards program that lets you earn cash back on all purchases you make. Unlike other cashback cards, the process to earn bonus rewards with the Venmo Credit Card is different. 

Plus, you can easily split transactions with your friends on Venmo and use the funds in your Venmo account to pay your bill. It’s super convenient and you can manage all your Venmo services from the same app!

Can I Get Cash Back on My Venmo Card?

Yes, you can earn cash back with your Venmo Credit Card. As soon as you activate your card, you can start earning rewards, and there’s no minimum purchase required. You don’t even need to wait for the physical card to arrive in the mail – you can use the app’s QR code to shop online wherever Visa is accepted.

  • 3% cash back on your highest spending category for the month.
  • 2% cash back on your second-highest spending category for the month.
  • 1% cash back on all other purchases.

For example, if you spend a lot on groceries in one month, you’ll earn 3% cash back in that category. And if you spend more on dining and entertainment the next month, you’ll earn 3% cash back on those categories instead.

How to earn cash back on a Venmo credit card?

Here are the steps to earn cash back on your Venmo Credit Card:

  1. Use your Venmo Credit Card to make eligible purchases at select merchants.
  2. Check the Offers section of the Venmo app for current merchant offers.
  3. Your pending purchase will show an estimated cashback in your feed.
  4. Once the merchant charge is completed, any earned cashback will be applied to your Venmo account.

Just make sure to check the Offers section frequently to find new opportunities to earn cash back on your purchases.

How to Redeem Venmo Credit Card Cashback?

If you have a Venmo credit card, you may be wondering how to redeem your cash-back rewards. The good news is that Venmo makes the process easy and convenient. 

There are several ways to redeem your cash back with Venmo. You can use it to make purchases with authorized Venmo merchants, cash it in to pay your credit card bill or complete Venmo requests, or deposit it directly into your bank account.

And if you’re interested in digital currency, you can also use your cash-back rewards to buy crypto. To do this, simply turn on the “purchase crypto” feature through the Venmo app and choose one of the four cryptocurrency tokens available. Venmo will use your cash back to automatically purchase crypto without any transaction fee. 

Keep in mind that fees will still apply if you buy or sell crypto outside of the cash-back feature.

Venmo Credit Card Cashback Categories 

Venmo credit card rewards
Venmo credit card rewards

If you use your Venmo credit card for purchases in certain categories, you can earn cash back rewards that can be redeemed for purchases, Venmo requests, or even cryptocurrency. Now, you may be curious about which spending categories are eligible for cash back rewards.

Eligible Spending Categories

Here’s a breakdown of the categories that qualify for the cashback:

  • Grocery: This category includes grocery stores and wholesale clubs where you buy your groceries.
  • Bills and utilities: This category includes phone and internet service providers, streaming services, magazine and newspaper subscriptions, electricity, gas, water, trash disposal, and other utilities.
  • Health and beauty: This category includes drugstores, cosmetic stores, health clubs, and other membership facilities like tennis, golf, and swimming clubs.
  • Gas: This category covers purchases made at service stations that sell fuel.
  • Entertainment: This category includes movie theaters, theatrical and concert promoters, video rental and game stores, books and newsstands, amusement parks, music stores, and toy and hobby stores.
  • Dining and nightlife: This category covers dine-in, takeout, and delivery from restaurants and fast-food establishments. Bars are also included.
  • Transportation: This category includes rental cars, cabs, ridesharing services, limos, buses, trains, tolls, parking meters, and garage parking.
  • Travel: This category includes airlines, hotels, and vacation rentals. It also covers resorts, bed and breakfasts, cabins, hostels, and timeshares.

Want to maximize your financial? Use Topcashback, Temu and RebatesMe and save up to $2,000 annually with your Venmo credit card.

Venmo Credit Card Cashback Limit

The Venmo Credit Card cash-back offer seems exciting, but it’s important to note that there is a cash-back limit. Cardholders can earn cash back on the first combined $10,000 spent each year in the 3% and 2% categories.

After reaching the annual spending limit, all purchases will earn 1% cashback. Although some may be discouraged by this limit, earning at least 2% cash back on the first $10,000 spent each year is still a worthwhile return.

11 Venmo Credit Card Benefits

The Venmo Credit Card offers a variety of benefits to its users. Here’s a list of the top 11 benefits provided by Venmo credit cards.

  1. Personalized cashback rewards based on your spending habits
  2. Contactless design for touch-free payments
  3. Unique QR code for easy payments and bill splitting
  4. Covered by Visa’s Zero Liability policy in case of fraud
  5. No cashback limits in the first year
  6. cashback doesn’t expire
  7. No foreign transaction fees
  8. No annual fee
  9. Ability to track spending and split costs in the Venmo app
  10. Customizable card colors
  11. Comes with Visa Signature benefits such as lost or stolen card replacement, emergency cash assistance, and travel and emergency assistance services

Wrap Up

Venmo Credit Card is a good option for you if you want to earn cash back on your purchases. It offers cash back on spending categories that change monthly based on your spending habits. And the card also provides you with the convenience of using the Venmo app to manage all your Venmo services, including splitting transactions with friends and paying their bills.

FAQs

How much cashback do you get with a Venmo credit card?

The Venmo Credit Card offers cash-back rewards based on spending categories. You can earn 3% cash back on your eligible top spend category and 2% on the next top category. The exact amount of cash back you receive will depend on your spending habits and which categories you spend the most in.

Is Venmo credit card unlimited cash back?

Yes, Venmo credit card offers unlimited cash back, with a 3% cash back rate on purchases made within your top monthly spending category, a 2% cash back rate on purchases made within your second largest spending category, and a 1% cash back rate on all other purchases. 

Photo of author

Kunal Saini

Kunal Saini is a seasoned IT engineer and a respected financial writer for Investopedia.com. Combining his technical expertise with a passion for finance, he has become a trusted voice in simplifying complex financial concepts for investors and money makers. From explaining investment strategies to exploring the latest fintech innovations, his articles are well-researched and geared towards helping individuals navigate the complexities of the financial landscape.

Leave a Comment