Venmo announced today that it is launching Venmo Rewards, a reward program for its physical Venmo debit card. The program automatically gives you money back at certain stores if you pay with the Venmo card.
Venmo says the Venmo card will initially earn you back 5 percent with Target, Sephora and Wendy & # 39; s, and 4 percent with Dunkin & # 39; However, these are "temporary offers" – although Venmo tells us that new offers are constantly being added (and you can see where there are deals using the app). But if you do not buy at one of the places where there is an offer, you will not get a refund.
According to Venmo, every cashback is deposited directly into your Venmo account and from there the money can be used to pay friends in the app, buy things with the card or pay traders who use Venmo. You can also simply repay the money to your bank if you wish.
The Venmo card may seem like a good deal, especially since you don't have to sign up for a credit card, but there are plenty of other cards that will give you money all the time in addition to cash bonuses in certain stores. An Amazon Prime Rewards card offers 5 percent money back on all Amazon purchases, for example 2 percent at restaurants and gas stations, and 1 percent on everything else that you buy. The Apple Card offers up to 3 percent money back and Discover has one one percent cashback checking account.
And some stores have debit cards from a brand with rewards that you might prefer to collect. Purpose RedCardFor example, offers an immediate five percent discount on everything you buy from Target.