Before Venmo, Paypal was the only payment app I used. Venmo is a phone app that lets you send and receive money from and to anyone. You only have to download the app on your phone, select a username and password, or use your Facebook account, link your bank account, credit card, or debit card, and spend away. Here are some practical experiences with Venmo that I have seen:

Split bills and other expenses with multiple people. For instance, you and your roommate could use Venmo to pay your internet bill, or you and a few friends could use it to split the check at a restaurant.
Venmo them the exact amount instead of having the same cash exchange.
Pay for goods and services from some online retailers and make in-app purchases in some online apps.
Some businesses even choose to use Venmo to make payments to freelance employees.

Fee and charges guide

Venmo is popular and convenient for most people because it doesn’t ask for any payment or monthly maintenance fee when using the app. However, the app makes money by charging transaction fees, and here are a few examples:

Safety/Risks and Complaints from customers?

Friends can see the transaction:

By default, your payments are public — any Venmo user can see them. They don’t include the amounts, but they do have your username, the username of the other person (sender/recipient), and the message. However, there is an option to turn your transaction PRIVATE, you just need to do it.  

Scam:

The scammer is out there. Here is a scenario described by Fool.com: imagine you get a random $500 Venmo payment from someone you don’t know. They contacted you, said it was a mistake, and asked you to return it. Scammers often do this with stolen credit cards. Venmo takes the $500 from your account when the cardholder reports the payment as fraud. If you’ve already sent $500 to the scammer, you’ve lost your money.

No Payment protection:

If you send money to the wrong person, you can’t get it back unless the other side agrees to send it back to you.

Customer service

It can be tough to get a hold of them if you have a transaction dispute or your account is on hold. For instance, here is the reason why Aubrey A. stopped using the app: “My account had been frozen one day all of a sudden via email.” She continued: “I responded to email providing all the requested correspondence as stated in the email and was never given any communication in regards since. My account is still frozen after numerous attempts to contact me. I have a balance still just sitting in my frozen acct that I can’t access.”

There is a mix of reviews about Venmo, but the overall rating stays pretty positive at 3.8/5. For instance, Volha of Philadelphia, PA gave customer service A FIVE STARS REVIEW:

“I had experience to talk with a beautiful lady Briana. She solved my issues fast and properly.”

“

She continued: “She’s polite and professional. Next time if I will have any questions, I’m sure Briana will help me at any time! If I could give 10 stars I would!”

You can find more reviews about Venmo at ConsumerAffairs

If you like the Venmo app so far, let’s learn about Venmo Credit Card and 3% cashback rewards.

The app is a “Yes” if you like fast and convenient payment methods.

Even though the app works well for many people, it’s not recommended for someone who won’t be vigilant about protecting his/her information. There are no hidden fees and no annual fees. When I compare the cashback from Venmo credit card versus the top competitors such as Chase Unlimited, Venmo is up there.

If you are brand new to credit cards: before you even sign up, please learn How To Pay Off Credit Card first.

Below is the comparison between Venmo versus one of the top credit card competitors such as Chase Freedom Unlimited:

	Venmo Credit Card	Chase Freedom Unlimited
Introduction Bonus	$0	$300
Rewards rate	– Earn up to 3% on your eligible top-spend category – Earn up to 2% on your second eligible top-spend category – Earn 1% on all other eligible purchases and on peer-to-peer transactions	6.5% on travel purchased through Chase Ultimate Rewards 4.5% on dining at restaurants, including takeout and eligible delivery services 4.5% on drugstore purchases 3% on all other purchases
Annual Fee	None	None

PROs of Venmo Creditcard

Earn smart rewards. You don’t have to track anything.
• Earn up to 3% on your eligible top-spend category
• Earn up to 2% on your second eligible top-spend category
• Earn 1% on all other eligible purchases and on peer-to-peer transactions such as GAS, HEALTH & BEAUTY, and RESTAURANT, …
• Annual Fee: NONE
• Direct connection to your Venmo account: You can access your credit card information directly from the Venmo app.
• EASY redemption: Once cash back is earned, it will automatically show in in Venmo balance after the monthly statement closes. From there, you can apply the money toward a credit card bill, make purchases from a merchant that accepts Venmo, and send or transfer money to a linked bank account or debit card.
Earn up to 3% on your eligible top-spend category
Earn up to 2% on your second eligible top-spend category
Earn 1% on all other eligible purchases and on peer-to-peer transactions such as GAS, HEALTH & BEAUTY, and RESTAURANT, …
Annual Fee: NONE
Direct connection to your Venmo account: You can access your credit card information directly from the Venmo app.
EASY redemption: Once cash back is earned, it will automatically show in in Venmo balance after the monthly statement closes. From there, you can apply the money toward a credit card bill, make purchases from a merchant that accepts Venmo, and send or transfer money to a linked bank account or debit card.

CONs of Venmo Creditcard

Here is a comment from Paka M.

THERE IS A LEARNING CURVE TO THE APP. THE CREDIT CARD WAS A MAJOR DISAPPOINTMENT!!!

She continued: “First, they don’t allow a secondary user or shared account. Second, they advertise that one can earn up to 3% on your top spend category, but I have yet to earn anything but the 1%, but I had to pay a 3% fee to use the card! Lose money!!! I am in the process of canceling the credit card.” 

I looked into her claim. Here are a few clarifications:

1. Can’t add a secondary user or shared account: NOT TRUE.  You can have two Venmo accounts using different bank accounts or even the same bank account.. Having two Venmo accounts is a great feature if you share a joint bank account with your partner or family member. To learn how here
2. Only able to earn 1%: Well, there are only two spending categories that can earn 2% or 3% per month. Any other spending earns only 1%. For instance, if you have to spend a lot of money this month on home improvement, don’t use your Venmo credit card because there is another credit card that offers more perks for this spending category. 
3. Venmo charges 3% every time for credit card usage: YES, it is true. That’s in contrast to using your bank account, debit card, or Venmo balance, which is totally free.

Perk 1: Turn your cashback into crypto

Yes, I know crypto is trash right now, but who knows it could eventually go up in value in 2024 🙂

Just toggle on the Purchase crypto feature and choose your favorite of four types of crypto (Bitcoin, Ethereum, Litecoin, or Bitcoin Cash). When cashback is transferred to your Venmo account at the end of every month, we’ll use it to purchase crypto without any crypto transaction fee automatically.

Perk 2: $10 Sign-Up Offer Terms

New users on Venmo will get a $10 sign-up bonus when opening an account

How it Works: 

An Eligible Participant must successfully complete the following to qualify for a Reward (defined below):

(1) Sign up for a Valid Account in the app, and
(2) Make sure to add and verify your phone number for your new Valid Account, and
(3) When prompted to, you must also enter and save your promo code in the app during sign-up.

Once sign up has been successfully completed and verified by Venmo, $10.00 (Ten) USD will be sent to Eligible Participant’s Valid Account (“Reward”). Reward should be added to Eligible Participant’s Valid Account within ten (10) days but may take up to fourteen (14) days. There is a limit of one (1) Reward per Valid Account. You can read more about this offer here.

Perk 3: HOW TO EARN up to $100 BY REFERRING A FRIEND

If you make it this far, I have another tip to help you earn up to $100 by simply referring a friend to join Venmo.

Step 1: You have to use the app on your phone. Log in and you will see the “Invite Friends, earn $10“

Step 2: “S h a r e l i n k” with whoever you want to in your contacts.

Optional: you can also send the link to your email to post on your social media. I did that, and I got this message in my email:

Hi! Join Venmo with me to get paid and send money. Plus, earn $10 for signing up after you make a bank- or card-funded payment of at least $5 within 14 days.

I can’t see the referral link any more on my app when Ilog in but new user might still be able to see it. 

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HOW TO ESCALATE COMPLAINTS WITH VENMO

Update: 05-25-2023

One of the complaints about Venmo credit card Bonuses is that the customer couldn’t get the bonus even when they satisfied the requirement. Katie made a comment on my blog (you can see it in the comment section) about this issue, and she has the right to be upset. Keep in mind that Paypal owes Venmo. Therefore you might see the response coming from both company names. Here are a few tips on how to get your voice heard:

By contact form and Phone. For the fastest service, chat with Venmo in the mobile app (M-F, 6:00am-11:59pm CT; Sat-Sun, 8:00am-10:00pm CT).  Call them at (855) 812-4430 (8:00am to 8:00pm CT, seven days a week)
File a complaint with the Better Business Bureau. Paypal has a 100% response rate here. For instance, here is an example of a response from Paypal to the customer.

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