Venmo credit card is present on many “best crypto credit card” lists, even though it’s not an actual crypto credit card. It does, however, offer the “Cash Back to Crypto” feature. Therefore, Venmo is a traditional credit card that allows turning rewards into crypto, which brings it pretty close to the concept of a crypto credit card, right?
According to various crypto credit card reviews, Venmo is a very popular credit and debit card provider in the US. It simplifies the process of sending money to your friends and family, splitting bills, and, of course, purchasing goods and services from businesses that accept Venmo payments.
Venmo has no annual fees and no fees when it comes to sending money to other people. However, it does charge a 3% fee when you pay for goods and services. Besides, it also charges the prime rate plus a variable APR (from 11.99% to 20.99%, depending on your account type) for purchases.
Now that we got the basics out of the way, what’s the deal with Venmo credit card rewards? Essentially, it provides users with up to 3% cashback on their purchases. However, the cashback depends on the categories of your purchases and on their popularity.
There are eight categories: travel, dining & nightlife, groceries, entertainment, and bills & utilities, transport, health & beauty, and gas.
The popularity of the categories is custom for each user as it depends on how much a user spends on each category. A 3% cashback is given for your highest spending category, a 2% cashback for the subsequent category, and 1% for all other categories.
Where does crypto come in, though? Well, for one, the Venmo app allows you to buy, hold, and sell crypto. So, if you were wondering, “Can you buy crypto with a credit card?”, the answer is – yes, some even offer built-in functions for doing that.
Talking about buying crypto with Venmo, you can use your cashback to do that and even set a function for automatic purchases through the “Cash Back to Crypto” feature.
As of writing, there are four supported cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. You can even set price alerts on said crypto assets that will inform you once their price changes by 5-10% in the span of one day.
The crypto purchasing process on the Venmo app doesn’t incur additional transaction fees. However, there is a crypto conversion spread you’ll have to pay with each monthly transaction.
There are two core requirements you must comply with if you want to get the card – you must live in the US, and you must have a good to excellent credit score (690 and above). This implies that the Venmo card is a crypto credit card for USA-based users only. Therefore, it’s not an option for international users.
Overall, according to many Venmo crypto credit card reviews, it’s a convenient credit card that simplifies the process of sending money to your friends or making various purchases while earning cashback in return (which can then be used to buy crypto). Though, it's only accessible in the USA, but if you’re searching for the best crypto credit card USA residents can get, this just might be it.
Alternative to Crypto Credit Cards – Crypto Debit Cards
As you can see, there are not many legit crypto credit cards because it’s not yet a popular thing in the crypto world. What is a popular thing, however, is crypto debit cards. In fact, sometimes, people who search for the best crypto credit cards are actually searching for crypto debit cards.
You see, these two concepts often get mixed up. Let’s unmix them. A crypto credit card allows you to earn rewards in crypto from purchases made using borrowed fiat money (which you’ll have to give back later).
Crypto debit cards, on the other hand, are connected to your bank account and/or a crypto wallet and can be used to make purchases with fiat AND crypto you own. Besides, they usually provide rewards as well.
I’ll explain this in more detail later. For now, though, let’s check out some of the best crypto debit cards on the market.