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Venmo Credit Card Review

So you’re a crypto enthusiast, and you’re looking for a credit card that allows you to turn cash back to crypto with an easy on-and-off switch as you spend your fiat money. Look no further than the Venmo Credit Card, issued in partnership with Synchrony Bank.

This card offers personalized cashback rewards and a seamless link with your Venmo app. But does it offer value for crypto enthusiasts like yourself? We’ll dissect its key features, benefits, and potential drawbacks for crypto investors in our detailed review.

We’ll also compare it to other market options like the Visa Card and the Coinbase Card. By the end of this article, you’ll be well-equipped to evaluate the worthiness of this card for your wallet.

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Venmo Visa Card


Venmo Visa Card

  • Concierge services are available 24/7 to help you with travel, accommodations, and more
  • Largest coverage amongst any card provider, with over 180+ countries.
  • No fees for funding your card with fiat
Cryptocurrencies Supported 4 (Bitcoin, Ethereum, Bitcoin Cash, Litecoin)
Rewards Up to 3% cashback
Card type: Visa

Venmo Visa Pros & Cons


  • Seamlessly links to the Venmo app for convenience

  • Cashback rewards can be converted to cryptocurrencies

  • Features a capacity to make payments for split bills

  • Zero annual fees applied

  • It comes with several bonuses and rewards


  • Only available to Venmo app users

  • Excellent credit is a requirement

  • Low cash rewards compared to the competition

Key Features of the Venmo Credit Card

The Venmo Credit Card offers tiered cash back rewards, giving you 3% back in your top spending category and 2% back in your second top. That means you could see some solid returns if you’re regularly dining out, travelling, or keeping up with your bills. You get a flat 1% cashback on everything else.

The unique feature of this card is its QR code, enabling easy bill splitting and immediate payments through Venmo. Plus, rewards are automatically transferred to your Venmo account.

But here’s the kicker: You can even use your rewards to buy cryptocurrency right from your Venmo account. This makes the Venmo Credit Card a potential game-changer if you’re a crypto enthusiast.

Is the Venmo Credit Card Ideal for Crypto Users?

If you’re into digital currencies, you’re in for a treat with this one. The Venmo Credit Card offers a unique feature for crypto enthusiasts. With its cashback rewards system, you can choose to use your earned cash to invest in cryptocurrencies directly through the Venmo app. The service also includes automated purchases of crypto using the normal cash on your Venmo account. You can hold crypto in the account, buy more or sell your crypto as you wish.

Here is a breakdown of what to expect with the card.

  • Crypto Access: Your rewards can be converted into digital currency, allowing you to grow your portfolio with as little as $1.
  • Simplicity: Instead of transferring funds to a separate crypto trading platform, you can do it all within the Venmo app.
  • Automatic Purchase: If your cashback balance exceeds $1, it’s automatically used to purchase crypto. You can buy coins such as Bitcoin, Ethereum, Litecoin or Bitcoin Cash.

While it shouldn’t replace a dedicated crypto platform, the Venmo Credit Card provides a simple and accessible way to dabble in digital currency.

Possible Drawbacks for Crypto Investors

While you might be intrigued by the idea of converting your cashback rewards into digital currency, there are several potential pitfalls to consider.

Firstly, remember that purchasing or selling cryptocurrencies through Venmo involves a fee. This means you’re not getting the full value of your rewards when you use them for crypto.

Secondly, the volatile nature of cryptocurrencies can be risky. The value of your rewards could diminish due to market fluctuations if you choose to hold them in the account. Also, you don’t get full custody as the platform retains custody of your private keys, as is the case with a centralized crypto exchange.

Lastly, the Venmo Credit Card doesn’t offer any specific crypto-related features or benefits beyond the ability to buy crypto with your rewards. So, if you’re a serious crypto enthusiast, other cards might offer more tailored benefits.

Comparing to Other Market Options

Sure, the Venmo card offers neat features like customizing cash back rewards based on your top spending categories and the ease of managing transactions through the Venmo app.

But how about the Coinbase Visa Debit that not only lets you get crypto back rewards but also lets you spend your crypto directly from your wallet?

With the Coinbase Card, you get zero ATM fees every time you spend, and there is a $0 annual fee making it quite the bargain for those who are looking for a cheaper and popular alternative.

Or perhaps the Visa card that boasts up to 5% cash back rewards on spending? With the card, you don’t just get generous rewards; you also get instant access to your funds with zero credit pull requirements.

Is the Venmo Credit Card Worth it?

If you’re a frequent Venmo user, the Venmo Credit Card could be a fantastic fit, thanks to its personalized rewards system. It’s also a win if you regularly spend in one or two categories, as you’ll earn boosted cash back. However, don’t overlook the fact that many other cards offer competitive rates without the specific category requirements.

If you’re into cryptocurrencies, this card’s unique feature of using cash back for crypto purchases might excite you. But remember, fees apply.

Most importantly, always consider your spending habits, financial goals, and the card’s costs before making a decision.

Venmo Fees

Yes, apart from the fees identified above, there are fees associated with buying or selling cryptocurrency using your Venmo credit card cashback rewards.

Venmo charges a fee for cryptocurrency transactions, which varies based on the amount of the transaction and the type of cryptocurrency.

Is it Safe?

The Venmo Credit Card doesn’t offer specific security features for cryptocurrency transactions. However, it provides general security features like the ability to disable and unlock your card through the Venmo app and a unique QR code for secure payments.

Conclusion: A Surprisingly Good Option for Crypto

The Venmo Credit Card, with its unique feature of allowing rewards to be redeemed for cryptocurrency, is indeed a tempting offer. However, before you leap, recognize that the potential fees associated with crypto transactions may eat into your rewards. Furthermore, the volatile nature of cryptocurrencies means that your earnings could fluctuate significantly.

But if you’re a Venmo power user with a passion for digital currency, this card presents an exciting way to dip your toe into the crypto waters. Just ensure your financial safety net is secure before diving in.

Keep in mind that to redeem your cashback rewards for cryptocurrency through the Venmo credit card, your cashback balance needs to be greater than $1.

This balance is then automatically used for cryptocurrency purchases in the Venmo app. You have complete freedom to choose which cryptocurrency to purchase, making it an enticing option if you’re interested in dabbling in the crypto market.

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