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Venmo Dabbles in Rewards by Offering Cash Back With Debit Card
Liz Hund
Contributor
As a writer here at TPG, Liz covers everything from the daily news and deals to deeper guides and special projects. She also works closely with the social team, so you’ll probably catch her (or her photos) on @thepointsguy's Instagram. Liz has had a passion for travel her entire life — she’s visited 40 out of 50 states, took her first solo Europe trip at 17 and is always on the lookout for her next adventure.
June 19, 2019
•
2 min read
Venmo Dabbles in Rewards by Offering Cash Back With Debit Card
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Last year, Venmo, a popular peer-to-peer payment app launched its first debit card. This was great news for users who often pick-up bills or manage apartment finances as it allowed them to spend the money as soon as it hit their Venmo balance. Prior to the debit card, users would have to wait 2-3 days for the transaction to hit their bank account or they could pay a 25¢ convenience fee (although that's been recently changed to a percentage of the transfer) to have it in their account immediately.
Although the Venmo card isn't one we typically recommend since it doesn't offer any sort of travel rewards, it's interesting to see the mobile payment company dabbling in the world of rewards. Over the past couple of months they have offered welcome bonuses starting at $10 and have introduced cash back on purchases at select retailers. One current special allows cardholders to earn 5% cash back (up to $20) on purchases made at CVS, Chipotle, Trader Joe's and 7-Eleven from now through the end of June.
To be eligible for this offer, users must be Venmo cardholders and have received an invitation via email, app or notification.
They're also offering New Yorkers (or New York visitors with a Venmo card) cash back on subway fares June through July in partnership with Mastercard's Fareback Fridays.
Although these aren't the most lucrative rewards we've seen, it's exciting news coming from Venmo because it appears to be just the beginning of more rewards from the service.
If you're looking for a credit card that offers more cash back opportunities and rewards, check out the top cash-back credit cards. However, it's worth noting that in many cases you can get more value out of travel rewards credit cards.
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- This is a pay-in-full card, so your balance is due in full every month
Apply for Capital One Venture X Business
at Capital One's secure site
Terms & restrictions apply. See rates & fees
Best for businesses with high spending
TPG Editor‘s Rating
Go to reviewCard Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
Rewards Rate
| 2X miles | 2 miles per dollar on every purchase |
| 5X miles | 5 miles per dollar on flights and vacation rentals booked through Capital One Business Travel |
| 10X miles | 10 miles per dollar on hotels and rental cars booked through Capital One Business Travel |
Intro Offer
Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
$395Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.740-850Excellent
Why We Chose It
The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
- The Capital One Venture X business card has a very lucrative welcome offer.
- In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.
- Business owners are also able to add employee cards for free.
Cons
- The card requires significant spending to earn the welcome offer.
- Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel.
- LIMITED-TIME OFFER: Earn up to 400K bonus miles: 200K miles when you spend $30K in the first 3 months, and an additional 200k miles when you spend $150k in the first 6 months
- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month