Venmo Revamps Credit Card Rewards for Bill Splitting
Venmo is changing its credit card rewards structure. New customers will earn up to 4% cash back on dining and entertainment if friends repay their share through the app.
Venmo has updated its credit card rewards program with a new feature designed to incentivize bill splitting. Starting October 15, new Venmo Credit Card customers can earn up to 4% cash back on eligible dining and entertainment purchases. To receive the full 4% cash back, cardholders must have their friends repay their share of the purchase within 30 days via Venmo.
Cardholders will automatically earn 3% cash back on all qualifying dining and entertainment purchases, which include restaurants, food delivery, streaming services, and event tickets. If the purchase is split through the Venmo app and friends repay within 30 days, an additional 1% cash back is earned. Venmo refers to this new feature as "split-to-earn."
Existing Venmo credit card holders can continue with the old rewards structure. However, they will have the option to switch to the new system in early 2027 without applying for a new card. The new system strongly favors dining, entertainment, and purchases made through the Venmo app, potentially benefiting those who frequently pay for group expenses and then split them within the app.
The changes also aim to increase user engagement within the Venmo app. The service boasts over 100 million users in the U.S. and has expanded from peer-to-peer payments to include credit and debit cards, merchant checkouts, and other financial services. The new credit card structure encourages more user activity within Venmo's ecosystem.