Re: Venmo Credit card

RehabbingANDBlabbing · ‎11-22-2020

I got the link after sending a transfer. I am actually using Venmo now to empty prepaid cards (I get paid using one from a COVID vaccine study I am doing) and send them to the bank (by sending them to my DH). I had been using Paypal, but Venmo doesn't charge a fee, which is better.

Anyway, I applied and was denied. I called and the rep wouldn't say why. I have a checkered history with Synchrony. At one point, they closed my $200 Gap credit card for unknown reasons and I have had trouble with them ever since. For example, I got the Paypal Mastercard last year, and they refused to give me any CLIs on it. It stayed stuck at $300 after 8 months, so I closed it. I do have a B&H card with a $10k limit, which has been great. I'll reply back to this thread when I get their letter. My TU has a FICO 8 of 783 and a VS4 of 730. They did do a hard pull, so be prepared for that.

trvlscmmr · ‎11-22-2020

Yes there is a large banner on venmo app main screen as well as a message when you go to the Menu that says Venmo Credit Card NEW Learn More.... I have not apped because Synchrony slashed one of my lines 3 months ago

marcforza1 · ‎11-23-2020

@RehabbingANDBlabbing wrote:
I got the link after sending a transfer. I am actually using Venmo now to empty prepaid cards (I get paid using one from a COVID vaccine study I am doing) and send them to the bank (by sending them to my DH). I had been using Paypal, but Venmo doesn't charge a fee, which is better.

Anyway, I applied and was denied. I called and the rep wouldn't say why. I have a checkered history with Synchrony. At one point, they closed my $200 Gap credit card for unknown reasons and I have had trouble with them ever since. For example, I got the Paypal Mastercard last year, and they refused to give me any CLIs on it. It stayed stuck at $300 after 8 months, so I closed it. I do have a B&H card with a $10k limit, which has been great. I'll reply back to this thread when I get their letter. My TU has a FICO 8 of 783 and a VS4 of 730. They did do a hard pull, so be prepared for that.

Definitely let us know what the letter says when you get it. I'm kind of intrigued with that card and you might be the first person I've seen that gave some DP about applying for it.

FICO 8 Scores 12/2017: EX-596; TU-604; EQ-591
Current: EX-648; TU-665; EQ-678
AAoA: 4.4 yrs

MJ-san · ‎12-27-2020

Finally got the link for the credit card. I don't know why I came out of the garden, but I like the rewards structure on this one.

SoFi gave me an 18k limit two weeks ago, which I was quite happy with, SYNC/Venmo only did an $8k credit line, but that's a good SL with Sync.

What really blew my mind, though, was the account popped up on EX and TU yesterday - two days after I was approved (and well before I'll get the actual card!).

FinStar · ‎12-27-2020

@MJ-san wrote:
Finally got the link for the credit card. I don't know why I came out of the garden, but I like the rewards structure on this one.

SoFi gave me an 18k limit two weeks ago, which I was quite happy with, SYNC/Venmo only did an $8k credit line, but that's a good SL with Sync.

What really blew my mind, though, was the account popped up on EX and TU yesterday - two days after I was approved (and well before I'll get the actual card!).

Congrats on the Venmo approval. Yes, SYNCB be quick as they typically report new accounts anywhere from 24-72 hours.

SunriseEarth · ‎12-29-2020

I noticed the banner for the Credit Card the other day in my app. Then today, I got an email offer that was too good to refuse...$150 for $1K spend in 180 days if I applied by 1/15/21. Needless to say, you can read about my experience in Approvals.

Anyway, it seems like Venmo is going after the Apple Card crowd. I'm definitely curious to see how using the Venmo app to manage the account will work.

MJ-san · ‎12-31-2020

Damnit!! I should have held out for an email and SUB!!!

@SunriseEarth wrote:
I noticed the banner for the Credit Card the other day in my app. Then today, I got an email offer that was too good to refuse...$150 for $1K spend in 180 days if I applied by 1/15/21. Needless to say, you can read about my experience in Approvals.

Anyway, it seems like Venmo is going after the Apple Card crowd. I'm definitely curious to see how using the Venmo app to manage the account will work.

MisterWives · ‎01-04-2021

Considering applying for the Venmo credit card as in the future, after the pandemic, I hope to utilize the QR code on the card when with others. Along with I heard the 3% grocery category option includes Wholesale clubs which is very big in my opinion.

I have not seen much talk about the card or the kind of stats you at minimum need should consider to have before applying, but considering it just came out say 2-3 months ago that is not surprising. Along with since it is Synchrony, I assume a lot of people here might not apply out of principle from the purging a couple months ago.

The lowest starting credit limit so far I have seen is $250 and highest 30k on here. Lowest APR is 15.24% and most credit scores are around 700 or higher, but there seems to be people are getting denied above 700 too.

I am uncertain and looking if people know if they are inquery sensitive or too many accounts opened in x time limit? Hoping for more data points if anyone can provide.

Discover IT Chrome $8,550 | Opened 9/2017 | 2% Restaurant & Gas / 1% Everything

Best Buy Store Card $10,000 | Opened 11/2018

Amazon Store Card $10,000 | Opened 12/2018 | 5% Amazon Purchases (Requires Prime)

PNC Cash Reward Visa $10,500 | Opened 12/2018 | 4% Gas / 3% Restaurant / 2% Grocery / 1% Everything

Chase Freedom $5,200 | Opened 1/2019 | 5% Category Rotation

Amex Blue Cash Everyday $5,000 | Opened 4/2019 | 3% Grocery / 2% Gas / 1% Everything

Banana Republic $10,000 | Opened 6/2019 | Banana Republic 5x pts per $1 / Everything 1x pt per $1

Costco Anywhere Visa $10,000 | Opened 7/2019 | 4% Gas / 3% Restaurant / 2% Costco & Grocery / 1% Everything

Citi Rewards+ $2,000 | Opened 8/2019 | 2x pts Grocery & Gas | 1x pts Everything

BB&T Rewards $4,500 | Opened 8/2019 | 3% Gas / 2% Utilities & Grocery / 1% Everything

PNC Points Visa $1,800 | Opened 8/2019 (PC in 2020) | 4pts per $1

Home Depot Store Card $5,001 | Opened 10/2019

Discover IT $14,500 | Opened 11/2019 | 5% Category Rotation

Synchrony Mastercard $7,500 | Opened 12/2019 | 2% Everything

Capital One Quicksilver $1,000 | Opened 12/2019 (PC in 2020) | 1.5% Everything

Wells Fargo Platinum Visa $6,500 | Opened 4/2020 | No Rewards

Ulta Mastercard $4,900 | Opened 6/2020 | Ulta 1x pt per $1 / Everything 1x pt per $3

Amex Hilton Honors $6,000 | Opened 6/2020 | 7x pts Hilton / 5x pts Restaurants & Gas & Grocery / 3pts Everything

PSECU $10,000 | Opened 6/2020 | 1.5% Everything (2% with Checking and Deposits)

First National Bank of Omaha Platinum Visa $15,000 | Opened 10/2020 | No Rewards

Apple Card $5,000 | Opened 1/2021 | 3% Apple / 2% Apple Pay / 1% Everything

Venmo Credit Card $7,000 | Opened 1/2021 | 3% Category / 2% Category

PenFed Power Cash Rewards Visa $17,500 | Opened 1/2021 | 1.5% Everything(2% with Checking)

Citi Custom Cash $5,000 | Opened 5/2022 | 5% Category

Wants: PenFed Pathfinder Rewards(4x pts travel), PenFed Platinum Rewards Visa Signature (5pts Gas, 3pts Restaurants and Grocery), U.S. Bank Cash+ (5% Categories), Chase Freedom Flex (5% Rotating Categories, 5% Travel, 3% Restaurants)

AverageJoesCredit · ‎01-04-2021

I wish i could help i still dont even know what the heck Venmo is

MisterWives · ‎01-04-2021

@AverageJoesCredit wrote:
I wish i could help i still dont even know what the heck Venmo is

It's like Paypal but for millenials as a mobile app

Wants: PenFed Pathfinder Rewards(4x pts travel), PenFed Platinum Rewards Visa Signature (5pts Gas, 3pts Restaurants and Grocery), U.S. Bank Cash+ (5% Categories), Chase Freedom Flex (5% Rotating Categories, 5% Travel, 3% Restaurants)

Venmo Credit card