[Update] Venmo Partners With Synchrony For New Credit Card, 3% Choose Your Own Category

Update 5/19/21: Another round of targeted signup bonus for the card was sent out to select Venmo users, this time only $100 bonus. Hat tip to reader Logan

Update 2/16/21: Card now available to all Venmo users.

Update 1/13/21: New targeted offer for $200. Subject line is ‘you’re invited! Get started with the new Venmo Credit Card. Special bonus offer inside.’ Possibly targeted after looking at the card but not applying when logged in. Hat tip to reader Matt

Update 12/27/20: Some are getting a targeted signup bonus offer for $150 with $1,000 spend in the first 180 days. Check your email for Subject: <your name>, earn a $150 bonus with the new Venmo Credit Card. Hat tip to reader Andrew

Original Post:

Venmo and Synchrony have partnered to offer a new co-branded credit card. The card is currently available to some select Venmo customers and will be open to all Venmo customers in the coming months. The structure of the card is as follows:

  • No annual fee
  • No sign up bonus
  • Card earns at the following rates:
    • 3% cash back on your Top Spend category
    • 2% cash back on your Second Top Spend category
    • 1% cash back on all other purchases
  • 3% & 2% categories have an annual spend limit of $10,000, after that they earn 1% back
  • The following categories are eligible for ‘Top Spend’: Dining & Nightlife, Travel, Bills & Utilities, Health & Beauty, Grocery, Gas, Transportation, Entertainment

Our Verdict

The 3% category would be interesting if it wasn’t for that $10,000 cap. Because of that and no sign up bonus there doesn’t really seem to be any reason to sign up for this card.

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OST
OST (@guest_1284620)
November 16, 2021 21:23

 Chuck  William Charles
Just got email that they offer $50 referral now. Max $500. Once generated link is active for 14 days. Must apply from mobile device.

If you are a Venmo Visa® Credit Cardholder with a Venmo account in good standing, you can earn a $50 referral reward in your Venmo account through the referral program if the following criteria are met: 

You find the Refer a Friend offer presented to you in the Venmo app or other communication channel
You send the referral link included in the offer to your Venmo friend(s)
Your Venmo friend, who must have a Venmo account open for at least 30 days and in good standing, uses your referral link from a mobile device to apply for the Venmo Credit Card in the Venmo app (app version 9.7 or greater) within fourteen (14) calendar days of the link creation
Your Venmo friend is subsequently approved for the Venmo Credit Card 
How many referral rewards can I get by inviting my friends? 

As a referrer, you can earn up to (10) $50 referral rewards (for a maximum $500) when your Venmo friends meet the criteria already mentioned. Additional terms apply. More details below.

Full terms here: https://help.venmo.com/hc/en-us/articles/4404077698323

fearthez
fearthez (@guest_1268019)
October 16, 2021 15:54

Just received a promotional email from Venmo. Looks like the $10k limit on the rewards has been lifted. They’re saying it’s unlimited now  William Charles

temp
temp (@guest_1200353)
June 3, 2021 20:23

Promo mentioned by Wade but detail as double cashback, 6% top spend category, 4% next top spend, 2% everything else. UNLIMITED cashback, don’t see any additional terms in regard to the unlimited, maybe someone can go crazy? Other than “Cash back bonus may be earned by eligible participants through 11:59 p.m. ET on December 31, 2021. Cash advances do not qualify for this offer.” Term also say apply by 7/31/21 to be eligible.
Never noticed this part of term, but it says
“Use of your Venmo Credit Card to send money to other Venmo users through your Venmo account will earn 1% cash back.”  William Charles  Chuck

Frank
Frank (@guest_1201107)
June 4, 2021 20:20

Others said that’s 1% back after paying the 3% fee

Wade
Wade (@guest_1200277)
June 3, 2021 18:25

Received an email today offering double bonus until 12/31 if you apply by July 31. 6% Bills and Utilities, 4% Grocery and 2% Everything Else. I’ll sit on it a few days and decide.

temp
temp (@guest_1200350)
June 3, 2021 20:12

Those categories are just examples, it is still the top and second spend category and 2% everything else

Wade
Wade (@guest_1200399)
June 3, 2021 21:36

Thanks for that clarification. 😉

Holly
Holly (@guest_1193568)
May 19, 2021 20:58

When I look at the card in the app it shows the $100 bonus valid through May 31. I wish more cards had a health and beauty category as I have 10k a year biz spend in that category.

Creditian
Creditian (@guest_1193312)
May 19, 2021 12:23

Not 5%, meh~~
US Bank cash+ is way better than this card.

Chase
Chase (@guest_1193769)
May 20, 2021 09:27

Totally agree, and that’s two different 5 % bonuses that you choose yourself, I just hate how the app works and how slow they are to process payments.

Bry
Bry (@guest_1193309)
May 19, 2021 12:16

I received my $200 bonus a few days ago. No issues

Wavester64
Wavester64 (@guest_1193276)
May 19, 2021 11:14

Has anyone gotten a “pre-approved” email? All I am seeing is “invited to apply” which is not the same animal.

And
And (@guest_1188166)
May 9, 2021 01:18

If you get this card and use it for groceries at 3% and also use the Chase Freedom Flex and Discover It for 5% groceries in a rotating quarter, then you get good can back for no AF.

temp
temp (@guest_1187644)
May 7, 2021 11:45

Received email promotion, subject “For you: a limited time $100 bonus with the Venmo Credit Card”. Content “Congrats! You’re invited to apply for the Venmo Credit Card, the card built for you. Earn up to 3% cash back,* with no annual fee.** Plus, score a $100 cash back bonus after you spend $1,000 in the first 6 months of account opening. Apply by May 31, 2021 to be eligible for the cash back bonus. Subject to credit approval.” Not the best offer