How to Cancel Venmo Credit Card? Step-by-Step Guide
So you’ve decided it’s time to close your Venmo credit card. Maybe you don’t use it enough to justify the annual fee, or you’ve found another card with better rewards. Whatever the reason, closing a credit card account is easy to do when you follow the right steps. In this guide, I will walk you through the entire Venmo credit card cancellation process.
Table of Contents
An Introduction to the Venmo Credit Card
First, a quick recap on the Venmo credit card for context. Venmo, the popular peer-to-peer payment app owned by PayPal, launched its first credit card in partnership with Synchrony Bank in October 2021. The Visa card earns unlimited 3% cash back on your top spending category each billing cycle, 2% on your second highest category, and 1% on other purchases. With no annual fee and some neat features like instant card splitting with Venmo friends, the card aims to bring Venmo’s social experience to a credit card.
Venmo Rate and Fee
| Interest Rates and Interest Charges | |
|---|---|
| Annual Percentage Rate (APR) for Purchases | 20.49% to 29.49% based on creditworthiness |
| APR for Cash Advances | 29.49% |
| Paying Interest | Your due date is at least 23 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on cash advances on the transaction date. |
| Fees | |
| Annual Fee | None |
| Transaction Fees: | |
| Cash Advance Fee | Either $10 or 5% of the cash advance amount, whichever is greater |
| Foreign Transaction Fee | None |
| Penalty Fees: | |
| Late Payment Fee | Up to $41 |
| Returned Payment Fee | Up to $30 |
Cancellation Process
To cancel your Venmo credit card:
- Call 1-855-878-6462 and request Venmo card cancellation.
- Provide personal information to confirm identity.
- Get a cancellation number for your records.
- Pay any outstanding balance.
- Remove autopay settings.
- Destroy the physical card.
- Update billing for subscriptions.
- Await a mailed cancellation confirmation.
- Closing may impact your credit score.
Alternatives to Full Closure
Instead of completely closing your Venmo credit card, you may want to consider:
- Downgrading to the no-fee Venmo debit card to keep your account history.
- Converting it to a different Synchrony Bank card via a product change to retain the account.
- Simply stashing the card without officially closing the account.
Wrap Up
Terminating your relationship with the Venmo credit card is straightforward – just a quick call and account confirmation letter. But take time to consider if closure aligns with your financial goals and credit situation first. With this complete guide, you’ll be prepared to effortlessly cancel your Venmo card when the time is right.
