physixfan      2020-10-06     2021-07-12 5 Comments

Synchrony Venmo Visa Credit Card Review

2021.6 Update: The sign up bonus is double cashback before 2021.12.31 (from 3%/2%/1% to 6%/4%/2% cashback).

Application Link

• You need to go to your Venmo app to apply for this card. Here is its official web page: Synchrony Venmo.

Benefits

1. The sign up bonus: double cashback before 2021.12.31 (from 3%/2%/1% to 6%/4%/2% cashback).
2. Automatically earn up to 3% cash back on your top spend category, 2% on the next, and 1% on the rest, per monthly statement period. The categories are:
   • Dining & Nightlife,
   • Travel,
   • Bills & Utilities,
   • Health & Beauty,
   • Grocery,
   • Gas,
   • Transportation,
   • Entertainment,
   • Other (Note that you can’t earn 3% or 2% cashback on “other” category).
3. The QR code on your card is your Venmo QR code, and you can use it to receive money. This is a cool feature.
4. No foreign transaction fee.
5. No annual fee.

Disadvantages

1. There is an annual spend limit of $10,000 in your combined 3% and 2% Spend Categories beginning the first Statement Period following your Anniversary Date.

Summary

This card seems nice for a lazy newbie. However, in most of the categories there are better cards earning more than 3%. For people who plan to spend a lot of money on some specific categories, the upper limit of $10,000 per year seems low. Considering this card does not have any sign up bonus, please think again whether you want to apply for it.

Historical Offers Chart

Application Link

• You need to go to your Venmo app to apply for this card. Here is its official web page: Synchrony Venmo.

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