Upgrade Cash Rewards vs Venmo Credit Card 2024 (2024)

FAQs

What is the credit card limit for upgrade cash rewards? ›

The Upgrade Visa offers personal credit lines from $500 to $25,000, depending on your credit history. While that rivals some of the best high-limit credit cards on the market, there's no guarantee the issuer will offer you a high limit since it depends on your credit history.

The Venmo Credit Card offers a range of benefits for users who frequently use the Venmo app, including cashback rewards and seamless integration. While the minimum credit score requirement is not explicitly stated, aiming for a FICO score of at least 670 will increase your chances of approval.

The starting credit limit for the Venmo Credit Card is $250 or more; everyone who gets approved for this card is guaranteed this limit. However, depending on your credit standing, you could get a much higher credit limit.

You must be at least 18 years old and reside in the US or its territories to apply. You must have a Venmo account in good standing, that has been open for at least 30 days prior to application. An approved Venmo Credit Card application will result in a hard credit inquiry, which may impact your credit bureau score.

The unpredictable reduction in credit limit can lead to higher credit utilization ratios, further damaging one's credit profile. Based on my experience, I wouldn't recommend Upgrade to anyone, not even my worst enemy. The stress and negative consequences are simply not worth it.

Applicants with FICO credit scores of 600 or above can qualify for the Upgrade Cash Rewards Visa®, and unlike a lot of other cards available to those with less-than-stellar credit, there's no security deposit or annual fee.

You'll get a higher 2% cash back rate on all purchases and you can earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. Plus, there's a 0% intro APR for 15 months from account opening on purchases and balance transfers. After that, a 20.24%, 25.24%, or 29.99% Variable APR applies.

The Venmo Credit Card is a Visa® credit card issued by Synchrony Bank. You can split Venmo Credit Card transactions with friends on Venmo and use the money in your Venmo account to make payments towards your bill. The Venmo Credit Card and the Venmo Debit Card also have unique rewards programs specific to each card.

There are several ways to use your Venmo Credit Card account: you can make online purchases using your virtual card number, you can use your physical card in stores and online, or you can use your Venmo Credit Card as a payment method within the Venmo app.

How to increase credit limit on Venmo card? ›

You can request a credit line increase for your Venmo Credit Card by contacting Synchrony Bank at 855-878-6462. Some cardholders also have the ability to request a credit line increase in the Venmo Credit Card section of the Venmo app. Requesting a credit line increase will not result in a hard inquiry on your credit.

The Venmo Credit Card is issued by Synchrony Bank pursuant to a license from Visa USA Inc. VISA is a registered trademark of Visa International Service Association and used under license.

Poor internet connectivity can lead to multiple transactions failing. Card Use: Venmo may decline your transaction if your bank account or card status is blocked. Sometimes, the bank or card issuer may decline transactions due to busy servers or peak hours.

You don't want to pay foreign transaction fees

Note that the Venmo Debit Card can't be used outside of the United States or for online purchases with international merchants. If you're interested in the Venmo Debit Card but travel abroad often, you'll want to have alternative payment options on hand.

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

You may be able to request a limit increase by logging on to your account online and navigating to the section that allows you to manage your debit card. If not, you can call the number on the back of your debit card to speak with a customer service representative.

The highest credit card limit you can get is over $100,000 according to reports from credit card holders. But like most credit cards in general, even the highest-limit credit cards will only list minimum spending limits in their terms. The best high limit credit cards offer spending limits of $10,000 or more.

The credit limit is the maximum amount that can be charged to your account for purchases and cash transactions combined. The cash limit is the portion of your credit limit that you can specifically use for “cash” transactions (I.e. cash advance, convenience cheque or transfers).

In the case of upgrading your Credit Card, you may upgrade the credit card you current owe, in order to take advantage of the benefits that come with it. However, it may not come with an enhanced credit limit. In such a case, you may opt to use multiple credit cards even if you upgrade a single credit card.