How to get Venmo credit card?
The Venmo credit card lets you make purchases like you would with any regular debit or credit card. You can use the Venmo app to pay for anything by simply selecting the purchase and then choosing whether to charge it to your Venmo account balance or to an existing credit line. It’s a common misconception that Venmo is just for paying friends back some money and splitting occasional bills.
But In reality, it’s the perfect way to pay someone back with no fees, an easy-to-navigate interface, and a ton of security features. If this sounds awesome, there are a few things that you need in order to get approved for your free Venmo credit card with outstanding rates. Here’s all the information you’ll need.
How hard to get Venmo credit card?
You can consider the difficulty of getting a Venmo credit card in 2022 as moderate. The reason why it’s not too easy to get a Venmo credit card is that you need above-average creditworthiness and stay active on the platform as well. Not to mention the pre-approval process is sufficient enough to decide whether a person will be receiving this amazing card or not.
On top of that, PayPal is also keeping close tabs on your spending activity and may cut off access to your account if you don’t make a certain amount of payments per month or spend too much money in one place or another. So it’s better to consider these aspects as well before applying for a Venmo credit card.
Also Check:- Venmo Debit Card Cashback Rewards $1000
How to get approved for Venmo credit card?
In order to get approved for your first Venmo credit card, there are a few things to keep in mind. First of all, you need an active Venmo account with a minimum of 30 days of usage continuously(Usage in terms of opening the application). And you need to be at least 18 years old in order to get approved for a Venmo credit card with decent rates.
Many people know that Venmo is actually a PayPal company. So in order to get a credit card through Venmo, you first need to get approved for one through PayPal. The process is super simple, but unfortunately, you can only do it using your computer. You can only apply for a PayPal credit card through its website. There are no mobile apps involved in the application process whatsoever.
In case of rejection due to incorrect information or fault in the application form, Venmo will send you a letter in the mail with the reasons mentioned within it. But if they notify you of some extra information before approving the request, simply provide the information under the credit card section of the Venmo app.
Venmo credit card pre-approval process?
The Venmo pre-approval process is the first step in getting your Venmo account “approved” for online purchases. Think of it as a credit card screening process that tells the bank that you can be trusted to make purchases over $1,000 using your Venmo account.
Venmo began this process because many people were disputing transactions and claiming them as unauthorized, which was causing headaches for both customers and merchants. If you aren’t able to get approved, then you’ll be limited to making in-person payments with fixed Venmo credit card rates which we will discuss further.
Simply follow the below steps to complete your pre-approval process in no time!
- First, log in to your Venmo account. (Kindly register for a new account here if you don’t have one)
- As for the next step, tap the profile icon in the corner.
- Now click on the “Settings” option.
- There you’ll see a “Payment Methods” option which will open your payment method dashboard instantly.
- A complete list of all your Venmo cards with respective rates in use will be visible which are associated with your Venmo account.
- Now the cards which are eligible for the pre-approval process will have a lock symbol beside their name.
- Simply click on the “Get Started” option on the credit card that you wish to use.
- The system will redirect you to the pre-approval process.
- Furthermore, they will ask for the last 4 digits of your security card and specify a secret code to verify online purchases.
- Tap on “Next” to enter your full card number along with the expiration date, and billing zip code.
- Moving on to the final step, click on “Submit” once you are done reviewing all the information.
Once the pre-approval process is complete, you will receive a confirmation email from Venmo at your registered email address. It usually reads, “You’re almost ready! We’ll review your application soon and let you know what we decide.”. So sitting there on your couch and waiting for a few more days might help 😉
Venmo credit card requirements
Generally, the approval process will start right off by asking for your basic details such as phone number, name, residential address, and email address. This information is essential for confirming the identity as a real human being and registering the new records within an appropriate database. Besides the basic info, they will also ask for the following necessary data in order to approve your request for the Venmo credit card with competitive rates.
- Date of birth
- Annual net income
- A current card number and expiration date for the account you are applying for
- Your last 4 digits of your social security number or your entire social security account number
- A U.S. address on which to receive your card and a phone number where you can reach that address
How much time does it take to get Venmo credit card?
The amount of time it takes to deliver your new Venmo credit card with 15.24% – 24.24% APR rates varies on different elements. And one of the major aspects that affect the approval process and delivery of the card is your overall credit score. If you were able to maintain a decent credit score of almost 700 in the last 6 months then you might get it within a maximum of 15 business days of submitting the request. Apart from that, if any problems arise regarding your application and data, then it can take longer than usual to get your Venmo credit card.
Is Venmo credit card free?
Unfortunately, using the Venmo credit card for sending money to other people will charge you a 3% of fee per transaction. So it would be a better option to simply use the app or a Venmo debit card when sending money to your loved ones for urgency or for other purposes. Because such Venmo credit card rates can cause a major disturbance in the financial balance of any personnel.
The Venmo credit card fee
Along with the tons of benefits that you get to enjoy with this straightforward payment platform, the Venmo credit card service won’t charge you any annual maintenance fees as other cards do. So Venmo credit card is 100% free to use without worrying about annual charges getting deducted from your bank account.
However, it is possible that you might have to pay up to $40 in case of late payments and up to $29 for a returned payment scenario. Whereas, if you are initiating cash advancements more frequently then you should keep in mind that there is a $10.00 or 5% Venmo credit card fee rate for each cash advancement whichever is greater according to the situation.