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Quick Verdict
The Venmo credit card has multiple perks, such as roadside assistance and travel assistance. It offers 3-1% cashback but is heavier on the fees and rates. The card holds few records of fund transfer frauds, but no SEC-level records. Altogether, if you are leaning towards cashbacks, these cards can be an option.
Ratings
CoinGape’s Review on Venmo Credit Card
Venmo Credit Card offers cashback based on the cardholder’s spending power, ranging from 3-1%. There are no annual or foreign transaction fees, making Venmo crypto cards a viable option. The app integration and reward tracking system have received rave reviews.
The issue we discovered with the card is the cash advances. Fund transfers are heavily charged with high APRs. Even the annual percentage rate is relatively high. The credit card, however, offers travel-friendly options for frequent travelers. Overall, we give Venmo a 4.3/5 after evaluating the trust signals, fees, rewards, and other factors.
- Rewards linked to daily spending
- No annual or foreign transaction charges
- App Integration
- Complex cash advances
- No welcome bonus
Security, Regulations, and Insurance
About the company
It is a PayPal-run payment application ideally fashioned for peer-to-peer payments. The 2020-established Venmo credit card is offered by Synchrony and uses the Visa network that processes transactions.
Regulatory Compliance
Venmo is owned by PayPal, which is licensed as a money transmitter in various departments, including the New York State Department of Financial Services, and holds NMLD ID 910457.
Insurance
The zero liability by Visa keeps users safe from unauthorized transactions. It includes travel protection for the cardholders, offering safety from cash transfers and travel assistance.
Past Incidents
With the Venmo card, there have been scams on the card where foreign transfers are made and then requested back. Once the transaction is complete, the scammer reverses the payment, and the Venmo credit cardholder loses the money.
Alternatives of Gemini Card
Conclusion
The Venmo credit card is designed for people who want a credit card that also works seamlessly in an app. The reward system is also decent, so many people choose the Venmo credit card for daily use. However, like many others, annual APRs are high, and the penalty is severe. The fee department’s add-on feature, cash advances with an APR of around 30.99%, steals the spotlight from the card, resulting in lower popularity.
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Our Review Methodology
We review crypto cards using a consistent framework focused on real-world use, fees, risk, and usability. Here’s a quick look at how each card is evaluated before it’s ranked.
1. Real-World Testing
We review crypto cards based on how they behave once you actually start using them. This includes onboarding, spending, settlement speed, and how balances and rewards update in practice.
2. Fees & Terms Checked
Fees, limits, FX costs, and reward rules are verified using official issuer terms and fee schedules. Temporary promotions or targeted offers are not included in scores.
3. Risk & Reliability
We look at custody setup, issuer background, regulatory signals, and past operational issues to understand where user risk really sits.
4. Independent Scoring
All cards are scored using the same framework. Rankings are not pay-to-play, and commercial relationships do not influence ratings.
