Venmo Credit Card Changes Rewards Structure,
The Venmo Credit Card has changed its rewards structure for new applicants, replacing its old dynamic 3% and 2% spending categories with a new setup focused on dining, entertainment, streaming and Venmo purchases. The good thing is that existing cardholders are keeping the old structure for now.
With the refresh, the card earns:
- 3% back on dining, entertainment, streaming and purchases made with Pay With Venmo
- 4% back on dining and entertainment when you split the bill with a friend on Venmo and they pay you back for part of it
- 1% back on everything else
Previously, the Venmo Credit Card automatically earned 3% back on your top spending category and 2% back on your second-highest spending category. Those features are being removed for new cardholders.
The card still has no annual fee and currently does not have a signup bonus. You can find more details here.
Guru’s Wrap-Up
This makes the Venmo Credit Card less flexible than before, since you can no longer earn 3% back automatically on whichever eligible category you spend the most in.
The new 4% option can be useful for dining and entertainment, but the requirement of splitting purchase through Venmo adds a cumbersome step. Existing cardholders are grandfathered into the old earning setup for now and we don’t know how long that will last.
HT: DoC
