Venmo Announces New Split-to-Earn Rewards for Credit Card

Venmo announced an industry-first feature to the new rewards structure of its Venmo Credit Card introducing split-to-earn, allowing cardholders to earn up to 4% cash back when they split purchases with friends inside the mobile application.

The updated rewards tier begins October 15, 2026, for customers who open a new Venmo Credit Card. Cardholders will earn 3% cash back automatically on eligible dining and entertainment purchases, alongside an additional 1% when utilizing the app’s split transaction feature with a peer. The card is issued by Synchrony on the Visa network.

Venmo General Manager Alexis Sowa said the feature was designed around existing user habits. “Venmo users have always been social spenders. They go out together, they split the bill, and they settle up in the app,” Sowa stated according to the company release. “We built split-to-earn around how customers actually live and spend with friends.”

Dining and Entertainment Purchases Earn Highest Cash Back

The revised earnings structure operates across three distinct tiers. Dining and entertainment purchases generate an automatic 3% cash back, covering restaurants, food delivery, streaming services, and event tickets. An extra 1% reward applies if the cardholder completes a split transaction with a Venmo contact within the app and the payback occurs within 30 days. All other purchases outside dining and entertainment earn a baseline 1% cash back.

Executing a split requires going to the money tab within the mobile application, selecting the specific Venmo Credit Card transaction, factoring in tips or surcharges, and sending the split request with a payment note. Beyond traditional card swipes, the company noted that paying directly by selecting Venmo at checkout for online merchants, rideshares, food delivery, and airlines also yields 3% cash back. Users can also secure the 3% rate when paying small businesses or casual sellers for goods and services through a business profile or by toggling on the purchase setting before sending funds.

Credit Card Offers Fee-Free Deposits and Crypto Purchases

The financial product carries no annual fee and no foreign transaction fees. Daily cash back deposits directly into the cardholder’s account, granting immediate availability for spending, sending, or saving. Customers can also direct their cash back toward automatic cryptocurrency purchases without incurring transaction fees.

While submitting an application does not impact an applicant’s credit score if they are declined, an approved application results in a hard credit inquiry that may influence their credit score.

For more information, customers can visit venmo.com/about/creditcard or review the official user agreements and rewards program terms provided by the platform.