What is Venmo credit card limit? How to increase credit limit?

What is Venmo credit card limit?

The Venmo credit card annual percentage rate (APR) limit is 15.24%, 21.24%, or 24.24% for a new account. The APR is always based on your FICO credit scores and other various factors. Once you are no longer considered a new customer, a variable APR applies. 

The spending limit of the Venmo credit card is $10,000 annually, and if you spend the entire amount in a year, you will get 3% cash or $300 back.

How to increase Venmo credit card limit?

Venmo increases the credit card limit once you pay them back in full after taking your first credit. Additionally, if your credit card scores are good, then the credit limit is automatically approved to a higher level for you. You can take a credit of $10, 000 annually and enjoy $300 cash back at the year end. The upper limit is capped at $10, 000 for seeking rewards from the credit card.

Also Check:- Venmo debit Card Withdrawal & Transfer Limit

Venmo credit card Payment limit

A daily transaction limit is set for paying through Venmo cards, whether a debit or credit card. Additionally, payments through Venmo credit card charge 3% of the transferred amount. The daily transaction limit is $4999.99 from person to person and $2999.99 for authorized merchant purchases.

Venmo credit card starting limit

Based on your credit scores and other considering factors, your credit card spending limit is determined when opening the account. Based on how well you repay your credits, your following credit starting limits are determined.

Venmo credit card cash advance limit

If you pay using a Venmo credit card, these payments would be considered cash advances. You would be charged a 5-10% cash advance fee when paying with a credit card. 

Venmo credit card minimum credit limit

There is no minimum credit card limit for using the Venmo account.

Does Venmo credit card have a limit?

There is an upper Venmo credit card limit fixed at $10,000 at which rewards are given, and there is no lower Venmo credit card limit. This card policy is implemented after the first year.

Conclusion

The Venmo account has a fixed daily transfer rate, whether using a Venmo credit or debit card. The Venmo credit card payments are also treated as a cash advance and incur a 5% to 10% fee, and credit card general transaction limits are 3% per transaction. If you are confused about using the Venmo credit card, you can read this article here to know more about it.