The Venmo Visa Signature Credit Card and Venmo Visa Credit Card (the “Venmo Credit Card”) are an open-end (revolving) credit card account offered by Synchrony Bank (the “Lender”). By applying for this account, you agree:
Interest Rates and Interest Charges | ||
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VENMO VISA SIGNATURE® CREDIT CARD AND VENMO VISA® CREDIT CARD | ||
19.49% for Account Type 1 or
28.49% for Account Type 2 or 31.49% for Account Type 3 when you open your account, based on your creditworthiness and other factors. After that, your APR will vary with the market based on the Prime Rate.* |
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APR for Cash Advances | 31.49%
This APR will vary with the market based on the Prime Rate.* |
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Penalty APR and When it Applies | 34.99%
This APR will vary with the market based on the Prime Rate.*
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Paying Interest | Your due date is at least 23 days after the close of each billing cycle. We will not charge you any 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. | |
Minimum Interest Charge | If you are charged interest, the charge will be no less than $2.00. | |
For Credit Card Tips from the Consumer Financial Protection Bureau | To learn more about factors to consider when applying for or using a credit card, visit the Consumer Financial Protection Bureau website at http://www.consumerfinance.gov/learnmore. |
Fees | ||
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Annual Fee | None | |
Transaction Fees
Cash Advances Foreign Transaction |
Either $10.00 or 5% of the amount of each cash advance, whichever is greater. None |
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Penalty Fees
Late Payment Returned Payment |
Up to $41.00. Up to $41.00. |
How We Will Calculate Your Balance | We use a method called “daily balance.” See the Agreement for more details. | ||||
Billing Rights | Information on your rights to dispute transactions and how to exercise those rights is provided in the Agreement. | ||||
Paper Statement Fee | $1.99 per month. | ||||
*Although this APR will vary, it will not exceed 35.99%. Important note about Venmo Credit Card rates: Rates are determined after application review and provided to you before you may use your account. A limited number of applicants are expected to receive Account Type 1. Federal law requires the Lender to obtain, verify, and record information that identifies you when you open an account. The Lender will use your name, address, date of birth, and other information for this purpose. |
The information about the costs of the card described above is accurate as of January 1, 2025. This information may have changed after that date. To find out what may have changed, write to us at P.O. Box 71735, Philadelphia, PA 19176-1735. This application and the credit card agreement will be governed by federal law, and to the extent state law applies, the laws of Utah. Subject to the requirements and limitations of applicable law, we may change, add to or delete any of the terms of the agreement, including the interest rates, fees and charges and we will send you notice as required.
You may use your account to make purchases from a merchant at a website, by telephone, or at another authorized location. You may also use your account to get cash advances. These types of transactions are further explained below.
We rely on third parties to send us the accurate classification of transactions, including certain transactions as purchases and others as cash advances, and this classification affects how the transaction is treated under the terms of this Agreement (hereinafter, “Classification”).
Purchases | Purchases are transactions for goods and services that are not otherwise subject to promotional repayment terms and/or APRs. When this account is used to send money to another Venmo user through your Venmo account (a “Venmo P2P”), the transaction will be treated as a purchase in accordance with the terms of this Agreement. |
Cash Advances | You can get cash or make a withdrawal from any institution or ATM that accepts the Physical Card (hereinafter defined). In addition, we will treat any purchase of certain cash-like items as cash advances. Cash-like items include, for example, cryptocurrency, money orders, cashier’s checks, traveler’s checks, electronic or wire transfers (including but not limited to person-to-person money transfers not made through your Venmo account (a “non-Venmo P2P”)), foreign currency or other in-bank transactions, tax payments, lottery tickets or other legalized gambling transactions, court costs, bail bonds and fines, subject to the Classification. |
As stated above, a Venmo P2P will be treated as a purchase and a non-Venmo P2P will be treated as a cash advance, subject to the Classification.
At times, we may offer promotional financing for certain purchases, and the terms of this Agreement apply to any promotional financing. Regular account terms apply to non-promotional purchases, including when using the account to send money to a user, and, after the promotion ends, to promotional purchases. Promotional offers may not be available at all times for all purchases. Please see any promotional advertising or other disclosures provided to you for the full terms of any promotional offer. Offers may be subject to credit approval.
CALIFORNIA RESIDENTS: If you are married, you may apply for a separate account.
NEW YORK RESIDENTS: A consumer credit report may be obtained in connection with evaluating your application and subsequently in connection with updates, renewals, or extensions of credit for which this application is made. Upon your request, you will be informed whether a report was obtained, and if so, of the name and address of the consumer reporting agency.
OHIO RESIDENTS: The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
WISCONSIN RESIDENTS: No provision of a marital property agreement, a unilateral statement under sec. 766.59, Wis. Stats., or a court decree under sec. 766.70, Wis. Stats., adversely affects the interest of the creditor unless the creditor, prior to the time credit is granted, is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provision when the obligation to the creditor is incurred. Married residents of Wisconsin applying for an individual account must give us the name and address of their spouse if the spouse also is a Wisconsin resident, regardless of whether the spouse may use the card. Please provide this information to us at P.O. Box 71735, Philadelphia, PA 19176-1735.
You agree to pay interest on the outstanding balance of this account until paid in full, as applicable. Interest may be calculated differently depending on the type of transaction.
How Interest is Calculated | ||
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Your Interest Rate |
We use a daily rate to calculate the interest on the balance on your account each day. The daily rate is the applicable APR times 1/365. Interest will be imposed in amounts or at rates not in excess of those permitted by applicable law. The following rates apply to purchases, cash advances and Penalty APRs. If approved, the Annual Percentage Rates (APRs) applicable to your account will be provided in a table at the beginning of your Agreement. Your APRs will be shown on your billing statement. For Account Type 1: The APR for cash advances is the prime rate plus 23.99%. As of January 1, 2025, the daily rate for cash advances was .08628% (APR 31.49%). The daily rate for cash advances for your account will not exceed .09861% (APR 35.99%). The Penalty APR for all transactions is the prime rate plus 27.49%. As of January 1, 2025, the daily rate for Penalty APR was .09587% (APR 34.99%). The daily rate for Penalty APR for your account will not exceed .09861% (APR 35.99%). However, if we have disclosed a promotional rate at the time we made a promotional offer, we will calculate interest on balances subject to that promotional offer using the applicable promotional financing rate. A Penalty APR may be applied if we do not receive the total minimum payment due on your account by the payment due date two or more times during any 12 consecutive billing cycles. Once the Penalty APR is in effect, the daily rates and APRs will increase and may apply to all new transactions. After we apply the Penalty APR, we will review your account from time to time to see if a reduction in APR is appropriate. For Account Type 2: The APR for cash advances is the prime rate plus 23.99%. As of January 1, 2025, the daily rate for cash advances was .08628% (APR 31.49%). The daily rate for cash advances for your account will not exceed .09861% (APR 35.99%). The Penalty APR for all transactions is the prime rate plus 27.49%. As of January 1, 2025, the daily rate for Penalty APR was .09587% (APR 34.99%). The daily rate for Penalty APR for your account will not exceed .09861% (APR 35.99%). However, if we have disclosed a promotional rate at the time we made a promotional offer, we will calculate interest on balances subject to that promotional offer using the applicable promotional financing rate. A Penalty APR may be applied if we do not receive the total minimum payment due on your account by the payment due date two or more times during any 12 consecutive billing cycles. Once the Penalty APR is in effect, the daily rates and APRs will increase and may apply to all new transactions. After we apply the Penalty APR, we will review your account from time to time to see if a reduction in APR is appropriate. For Account Type 3: The APR for cash advances is the prime rate plus 23.99%. As of January 1, 2025, the daily rate for cash advances was .08628% (APR 31.49%). The daily rate for cash advances for your account will not exceed .09861% (APR 35.99%). The Penalty APR for all transactions is the prime rate plus 27.49%. As of January 1, 2025, the daily rate for Penalty APR was .09587% (APR 34.99%). The daily rate for Penalty APR for your account will not exceed .09861% (APR 35.99%). However, if we have disclosed a promotional rate at the time we made a promotional offer, we will calculate interest on balances subject to that promotional offer using the applicable promotional financing rate. A Penalty APR may be applied if we do not receive the total minimum payment due on your account by the payment due date two or more times during any 12 consecutive billing cycles. Once the Penalty APR is in effect, the daily rates and APRs will increase and may apply to all new transactions. After we apply the Penalty APR, we will review your account from time to time to see if a reduction in APR is appropriate. Daily Rates May Vary. The APRs and the daily rates on your account vary with the market based on the prime rate. The prime rate for a billing cycle is the highest bank prime loan rate published in The Wall Street Journal in its Money Rates section on the last business day of the calendar month preceding the first day of the billing cycle. If the prime rate increases, the daily rates and APRs will increase, but the APRs for purchases, cash advances and the Penalty APR will not exceed 35.99%. As a result, interest, your total minimum payment and the number of payments it would take you to pay off your account balance may increase. We apply any change in rates because of a prime rate change to your entire account balance. A change in the prime rate will take effect on the first day of the first billing cycle after the change. We may select a new interest rate index if the prime rate is not available. |
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When We Charge Interest |
Purchases. Generally, we charge interest on your purchases from the date you make the purchase until you pay the purchase in full. See exceptions below.
If you did not pay your balance in full in the prior billing cycle, interest will be calculated on your balance from the first day of the current billing cycle until we receive your payment in full, even if you pay your balance in full and on time and make no new charges in the current billing cycle. This interest, plus interest charged on that interest, will be reflected on your next billing statement. Cash Advances. We charge interest on your cash advances, and their related fees, from the date you make the transaction until you pay them in full. You cannot avoid paying interest on cash advances or their related fees. |
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How We Calculate Interest |
We calculate interest on your account separately for each balance type. We do this by applying the daily rate to the daily balance for each day in the billing cycle. A separate daily balance is calculated for the following balance types, as applicable: purchases, cash advances, and balances subject to different interest rates, plans or special promotions. See below for how this works.
c. debt cancellation fees, if any, are added proportionately to each balance; and d. cash advance fees are added to the cash advance balance. |
You agree to pay the following fees, as applicable:
Paper Statement Fee | We will charge a $1.99 monthly Paper Statement Fee to your account. We will charge this fee in any billing cycle in which your balance is greater than $2.50 and you are sent a monthly billing statement in paper form, even if you also are provided it in electronic form. You can avoid the fee each billing cycle you are provided your monthly billing statement in electronic form only. To make an election regarding the form of your monthly billing statement, please log in to your account. |
Cash Advance Fee | We will charge this fee for each cash advance you make. This fee is in addition to any fee the ATM owner may charge you for use of the ATM. This fee is equal to either $10.00 or 5% of the amount of each cash advance, whichever is greater. |
Foreign Transaction Fee | We will not charge you a foreign transaction fee. |
Late Payment Fee |
We will charge this fee for each billing cycle in which we do not receive the minimum payment due on your account on the due date in accordance with the requirements set forth on each billing statement. This fee is equal to:
The late payment fee will not be more than the minimum payment that was due. |
Returned Payment Fee |
We will charge this fee for any returned payment, such as if any check, other instrument, or electronic payment authorization you provide us in payment on your account is not honored, returned unpaid or cannot be processed for any reason. This fee is equal to:
The returned payment fee will not be more than the amount permitted by applicable law. We may represent any returned payment. A returned payment fee may be charged even if your payment is honored on a subsequent representment. |
Your total minimum payment is calculated as follows.
The greater of:
OR
We round up to the next highest whole dollar in figuring your total minimum payment. Your total minimum payment will never be more than your new balance. Payments required in connection with a special promotional purchase with a unique payment calculation will not be increased to, but may be included in, the $30 or $41 minimum amount otherwise due.
ABOUT THE CREDIT CARD ACCOUNT AGREEMENT | ||
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This Agreement | This is an Agreement between you and Synchrony Bank, 170 Election Road, Suite 125, Draper, UT 84020, for your Venmo open-end (revolving) credit card account that is the subject of this Agreement. By opening or using your account, you agree to the terms of the entire Agreement. The entire Agreement includes this document, including any amendment or addendum thereto, and the application you submitted to us in connection with the account. These documents replace any other agreement relating to your account that you or we made earlier or at the same time. | |
Parties To This Agreement | The person who applied for, opened and/or uses the account may be referred to as “you” or “your.” The Lender, Synchrony Bank, may be referred to as “we,” “us” or “our.” PayPal, Inc., located in San Jose, California, is a payment service provider that consumers and merchants use to make payments to and accept payments from third parties, and is another entity contemplated by this Agreement. Venmo is a service of PayPal, Inc. | |
Changes To This Agreement | We may change, add or delete terms of this Agreement, including interest rates, fees and charges. | |
Promotional Financing Offers | The terms of this Agreement apply to any promotional financing offer. However, any promotional financing terms that are different than the terms in this Agreement will be explained on promotional advertising or other disclosures provided to you. |
HOW TO USE YOUR ACCOUNT | ||
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Use Of Your Account | You may use your account only for lawful personal, family or household purposes. You may use your account for purchases through Venmo or from any merchant that accepts Visa credit cards; you may also use your account for cash advances. You may use your account for the types of transactions explained in this Agreement. You may not use your account to pay amounts you owe us on this account or any other account you have with us. We may charge your account for purchases and cash advances you or anyone to whom you have given permission to use this account make. | |
You Promise To Pay | You promise to pay us for all amounts owed to us under this Agreement. | |
Your Responsibility |
At the time your account is created, an account number will be assigned to your Venmo wallet, and may only be used for wallet transactions. You will also receive at least one virtual card (“Virtual Card”), only accessible through the Venmo app. You will subsequently receive a physical card (“Physical Card”), which will require activation before use. The Virtual Card and Physical Card may collectively be referred to as “Cards.” You are responsible for maintaining the security of your Cards and any other authentication credentials used in connection with your account. You may not allow anyone else to use your account. If you do, or you ask us to send a card to someone else, you will be responsible for paying for all charges resulting from their transactions. | |
Transaction Limits | To prevent fraud, we may limit the number or dollar amount of transactions you can make in any particular amount of time. We also may decline any particular charge on your account for any reason. | |
Credit Limit | At the time your account is created, you will be assigned a credit limit (which may also be referred to as a credit line), which is the dollar amount of credit available for you to borrow on your account, and a cash advance limit, which is a portion of your credit limit. You may have a temporary credit limit when provided with the Virtual Card, that will be adjusted to your full credit limit upon activation of your Physical Card. If we approve a transaction that makes you go over your credit limit, or cash advance limit, we do not give up any rights under this Agreement and we do not treat it as an increase in your credit limit or cash advance limit. We may, from time to time, increase or decrease your credit limit and/or cash advance limit, including after approval of such a transaction. | |
Transactions in Foreign Currencies | If you make a transaction with your account in a currency other than U.S. dollars, Visa U.S.A. Inc. (“Visa”) will convert the transaction amount into U.S. dollars using its currency conversion procedure. Under the currency conversion procedure that Visa currently uses, the non-U.S. dollar transaction amount is converted into a U.S. dollar amount by multiplying the transaction amount in the non-U.S. dollar currency by a currency conversion rate. Currently, Visa operating regulations provide that the currency conversion rate is either (1) a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or (2) the government-mandated rate in effect for the applicable central processing date. The currency conversion rate that is in effect on the central processing date may differ from the rate in effect on the transaction date or the posting date, and may be higher than the rate you could have gotten if you had converted U.S. dollars into the foreign currency. |
HOW AND WHEN TO MAKE PAYMENTS | ||
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When Payments Are Due | You must pay at least the total minimum payment due on your account by the due date of each billing cycle in accordance with the requirements set forth on each billing statement. Payments received after the due date will be credited as of the next day. You may at any time pay, in whole or in part, the total unpaid balance without any additional charge for prepayment. If you have a balance subject to interest, earlier payment may reduce the amount of interest you will pay. We may delay making credit available on your account in the amount of your payment even though we will credit your payment when we receive it. | |
Payment Options | You can pay by using the Venmo app, by mail, or by phone. Your payment must be made in U.S. dollars from the balance in your Venmo account, or by physical or electronic check, money order or a similar instrument from a bank located in the United States. | |
How To Make A Payment | You must follow the instructions for making payments provided on your billing statement. If you do not, credit of your payment may be delayed up to five days. Your billing statement also explains how information on your check is used. | |
Payment Allocation | We will apply the required total minimum payment to balances on your account using any method we choose. Any payment you make in excess of the required total minimum payment will be applied to higher APR balances before lower APR balances. Applicable law may require or permit us to apply excess payments in a different manner in certain situations, such as when your account has a certain type of special promotion. |
INFORMATION ABOUT YOU | ||
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Using and Sharing Your Information | When you applied for an account, you gave us and PayPal, Inc. information about yourself that we could share with each other. PayPal, Inc. will use the information in connection with the credit program and for things like creating and updating its records and offering you special benefits. By making a purchase or requesting a cash advance, you authorize us to share your personal information (including email address) in order to verify your identity, make a credit decision, complete your transaction, service your account, and for any other lawful purpose as set forth in the privacy policy for your account. You authorize merchants you transact with to share your personal information, including email address, with the Lender to use it for any lawful purpose. | |
Address/ Phone Change |
You represent that any phone number that you provide to us belongs to you and/or that you are authorized to provide that number. You also agree to tell us right away if you change your address (mailing or email) or any phone number. | |
Consent To Communications | You consent to us and PayPal, Inc., as well as any other owner or servicer of your account, contacting you through any channel of communication and for any purpose and at any time, as permitted by applicable law. For informational, servicing, fraud or collection related communications, you agree that we may use the phone numbers that you provide to us to contact your cellular phone or wireless device with text messages, artificial or prerecorded voice calls, and calls made by an automatic telephone dialing system. Text frequency may vary and may be recurring. This consent applies even if you are charged for the call under your plan. You are responsible for any charges that may be billed to you by your communications carrier when we contact you. Message and data rates may vary. We and any carrier are not liable for delayed or undelivered messages. | |
Telephone Monitoring | For quality control, you allow us and/or PayPal, Inc. to listen to and/or record telephone calls between you and us or PayPal, Inc. | |
Emails | You consent to us and/or PayPal, Inc. emailing you for any lawful purpose, including marketing. |
IMPORTANT INFORMATION ABOUT YOUR ACCOUNT | ||
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Closing Your Account | You may close your account at any time by sending a letter to the address shown on your billing statement or calling customer service. We may close your account at any time, for any reason, including if your Venmo account is closed. If your account is closed, you must stop using it. You must still pay the full amount you owe and this Agreement will remain in effect until you do. | |
Collection Costs | If we ask an attorney who is not our salaried employee to collect your account, we may charge you our collection costs. These include court costs and reasonable attorneys’ fees. | |
Credit Bureau Reporting | We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be shown in your credit report. Please be advised that the account number listed on your credit report associated with your Venmo Credit Card account is a master account number and may not match the number shown on your Cards or other account features. Tell us if you think we reported wrong information about you to a credit bureau. Write to us at P.O. Box 71737, Philadelphia, PA 19176-1737. Tell us what information is wrong and why you think it is wrong. If you have a copy of the credit report that includes the wrong information, send us a copy. | |
Default | You are in default if you make a late payment, do not follow any other term of this Agreement or become bankrupt or insolvent. If you default or upon your death, we may (a) request payment of the full amount due right away, (b) take legal action to collect the amounts owed, and/or (c) take any other action allowed. | |
Disputed Amounts | The billing rights summary in this Agreement describes what to do if you think there is a mistake on your bill. If you send us correspondence about a disputed amount or payment, you must send it to the address for billing inquiries. We do not give up any rights under this Agreement if we accept a payment marked “payment in full” or given with any other conditions or limitations. | |
Opening and Maintaining Your Account | You are not required to apply for and/or have a Venmo Credit Card account in order to have a Venmo account. However, in order to apply for and maintain a Venmo Credit Card account, you must have an open Venmo account that is in good standing and that has been opened for at least thirty (30) calendar days prior to application. If you choose to close your Venmo account, your Venmo Credit Card Account will be closed. However, if your Venmo Credit Card account has a balance, you cannot close your Venmo account until the balance on such Venmo Credit Card account has been paid off. | |
Unauthorized Use | If your Card is lost, stolen or if your account is used without your consent, call us immediately at 1-855-878-6462. You will not be liable for unauthorized use on your account, but you will be responsible for all use by anyone you allow to use your account. |
IMPORTANT INFORMATION ABOUT THIS AGREEMENT | ||
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Assignment | We may sell, assign or transfer any or all of our rights or duties under this Agreement or your account, including our rights to payments. We do not have to give you prior notice of such action. Any person, company, or bank to whom we assign this Agreement shall be entitled to all of our rights under this Agreement. None of your rights or obligations shall be affected by such assignment. You may not sell, assign or transfer any of your rights or duties under this Agreement or your account. | |
Enforceability | If any part of this Agreement is found to be void or unenforceable, all other parts of this Agreement will still apply. | |
Governing Law | Except as provided in the Resolving a Dispute with Arbitration section, this Agreement and your account are governed by federal law and, to the extent state law applies, the laws of Utah without regard to its conflicts of law principles. This Agreement has been accepted by us in Utah. | |
Waiver | We may give up some of our rights under this Agreement. If we give up any of our rights in one situation, we do not give up the same right in another situation. |
PLEASE READ THIS SECTION CAREFULLY. IF YOU DO NOT REJECT IT, THIS SECTION WILL APPLY TO YOUR ACCOUNT, AND MOST DISPUTES BETWEEN YOU AND US WILL BE SUBJECT TO INDIVIDUAL ARBITRATION. THIS MEANS THAT: (1) NEITHER A COURT NOR A JURY WILL RESOLVE ANY SUCH DISPUTE; (2) YOU WILL NOT BE ABLE TO PARTICIPATE IN A CLASS ACTION OR SIMILAR PROCEEDING; (3) LESS INFORMATION WILL BE AVAILABLE; AND (4) APPEAL RIGHTS WILL BE LIMITED.
You agree to pay interest on the outstanding balance of this account until paid in full, as applicable. Interest may be calculated differently depending on the type of transaction.
How Interest is Calculated | ||
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Your Interest Rate |
We use a daily rate to calculate the interest on the balance on your account each day. The daily rate is the applicable APR times 1/365. Interest will be imposed in amounts or at rates not in excess of those permitted by applicable law. The following rates apply to purchases, cash advances and Penalty APRs. If approved, the Annual Percentage Rates (APRs) applicable to your account will be provided in a table at the beginning of your Agreement. Your APRs will be shown on your billing statement. For Account Type 1: The APR for cash advances is the prime rate plus 23.99%. As of January 1, 2025, the daily rate for cash advances was .08628% (APR 31.49%) The daily rate for cash advances for your account will not exceed .09861% (APR 35.99%). The Penalty APR for all transactions is the prime rate plus 27.49%. As of January 1, 2025, the daily rate for Penalty APR was .09587% (APR 34.99%). The daily rate for Penalty APR for your account will not exceed .09861% (APR 35.99%). However, if we have disclosed a promotional rate at the time we made a promotional offer, we will calculate interest on balances subject to that promotional offer using the applicable promotional financing rate. A Penalty APR may be applied if we do not receive the total minimum payment due on your account by the payment due date two or more times during any 12 consecutive billing cycles. Once the Penalty APR is in effect, the daily rates and APRs will increase and may apply to all new transactions. After we apply the Penalty APR, we will review your account from time to time to see if a reduction in APR is appropriate. For Account Type 2: The APR for cash advances is the prime rate plus 23.99%. As of January 1, 2025, the daily rate for cash advances was .08628% (APR 31.49%) The daily rate for cash advances for your account will not exceed .09861% (APR 35.99%). The Penalty APR for all transactions is the prime rate plus 27.49%. As of January 1, 2025, the daily rate for Penalty APR was .09587% (APR 34.99%). The daily rate for Penalty APR for your account will not exceed .09861% (APR 35.99%). However, if we have disclosed a promotional rate at the time we made a promotional offer, we will calculate interest on balances subject to that promotional offer using the applicable promotional financing rate. A Penalty APR may be applied if we do not receive the total minimum payment due on your account by the payment due date two or more times during any 12 consecutive billing cycles. Once the Penalty APR is in effect, the daily rates and APRs will increase and may apply to all new transactions. After we apply the Penalty APR, we will review your account from time to time to see if a reduction in APR is appropriate. For Account Type 3: The APR for cash advances is the prime rate plus 23.99%. As of January 1, 2025, the daily rate for cash advances was .08628% (APR 31.49%) The daily rate for cash advances for your account will not exceed .09861% (APR 35.99%). The Penalty APR for all transactions is the prime rate plus 27.49%. As of January 1, 2025, the daily rate for Penalty APR was .09587% (APR 34.99%). The daily rate for Penalty APR for your account will not exceed .09861% (APR 35.99%). However, if we have disclosed a promotional rate at the time we made a promotional offer, we will calculate interest on balances subject to that promotional offer using the applicable promotional financing rate. A Penalty APR may be applied if we do not receive the total minimum payment due on your account by the payment due date two or more times during any 12 consecutive billing cycles. Once the Penalty APR is in effect, the daily rates and APRs will increase and may apply to all new transactions. After we apply the Penalty APR, we will review your account from time to time to see if a reduction in APR is appropriate. Daily Rates May Vary. The APRs and the daily rates on your account vary with the market based on the prime rate. The prime rate for a billing cycle is the highest bank prime loan rate published in The Wall Street Journal in its Money Rates section on the last business day of the calendar month preceding the first day of the billing cycle.If the prime rate increases, the daily rates and APRs will increase, but the APRs for purchases, cash advances and the Penalty APR will not exceed 35.99%. As a result, interest, your total minimum payment and the number of payments it would take you to pay off your account balance may increase. We apply any change in rates because of a prime rate change to your entire account balance. A change in the prime rate will take effect on the first day of the first billing cycle after the change. We may select a new interest rate index if the prime rate is not available. |
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When We Charge Interest |
Purchases. Generally, we charge interest on your purchases from the date you make the purchase until you pay the purchase in full. See exceptions below.
If you did not pay your balance in full in the prior billing cycle, interest will be calculated on your balance from the first day of the current billing cycle until we receive your payment in full, even if you pay your balance in full and on time and make no new charges in the current billing cycle. This interest, plus interest charged on that interest, will be reflected on your next billing statement. Cash Advances. We charge interest on your cash advances, and their related fees, from the date you make the transaction until you pay them in full. You cannot avoid paying interest on cash advances or their related fees. |
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How We Calculate Interest |
We calculate interest on your account separately for each balance type. We do this by applying the daily rate to the daily balance for each day in the billing cycle. A separate daily balance is calculated for the following balance types, as applicable: purchases, cash advances, and balances subject to different interest rates, plans or special promotions. See below for how this works.
c. debt cancellation fees, if any, are added proportionately to each balance; and d. cash advance fees are added to the cash advance balance. |
You agree to pay the following fees, as applicable:
Paper Statement Fee | We will charge a $1.99 monthly Paper Statement Fee to your account. We will charge this fee in any billing cycle in which your balance is greater than $2.50 and you are sent a monthly billing statement in paper form, even if you also are provided it in electronic form. You can avoid the fee each billing cycle you are provided your monthly billing statement in electronic form only. To make an election regarding the form of your monthly billing statement, please log in to your account. |
Cash Advance Fee | We will charge this fee for each cash advance you make. This fee is in addition to any fee the ATM owner may charge you for use of the ATM. This fee is equal to either $10.00 or 5% of the amount of each cash advance, whichever is greater. |
Foreign Transaction Fee | We will not charge you a foreign transaction fee. |
Late Payment Fee |
We will charge this fee for each billing cycle in which we do not receive the minimum payment due on your account on the due date in accordance with the requirements set forth on each billing statement. This fee is equal to:
The late payment fee will not be more than the minimum payment that was due. |
Returned Payment Fee |
We will charge this fee for any returned payment, such as if any check, other instrument, or electronic payment authorization you provide us in payment on your account is not honored, returned unpaid or cannot be processed for any reason. This fee is equal to:
The returned payment fee will not be more than the amount permitted by applicable law. We may represent any returned payment. A returned payment fee may be charged even if your payment is honored on a subsequent representment. |
Your total minimum payment is calculated as follows.
The greater of:
OR
We round up to the next highest whole dollar in figuring your total minimum payment. Your total minimum payment will never be more than your new balance. Payments required in connection with a special promotional purchase with a unique payment calculation will not be increased to, but may be included in, the $30 or $41 minimum amount otherwise due.
ABOUT THE CREDIT CARD ACCOUNT AGREEMENT | ||
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This Agreement | This is an Agreement between you and Synchrony Bank, 170 Election Road, Suite 125, Draper, UT 84020, for your Venmo open-end (revolving) credit card account that is the subject of this Agreement. By opening or using your account, you agree to the terms of the entire Agreement. The entire Agreement includes this document, including any amendment or addendum thereto, and the application you submitted to us in connection with the account. These documents replace any other agreement relating to your account that you or we made earlier or at the same time. | |
Parties To This Agreement | The person who applied for, opened and/or uses the account may be referred to as “you” or “your.” The Lender, Synchrony Bank, may be referred to as “we,” “us” or “our.” PayPal, Inc., located in San Jose, California, is a payment service provider that consumers and merchants use to make payments to and accept payments from third parties, and is another entity contemplated by this Agreement. Venmo is a service of PayPal, Inc. | |
Changes To This Agreement | We may change, add or delete terms of this Agreement, including interest rates, fees and charges. | |
Promotional Financing Offers | The terms of this Agreement apply to any promotional financing offer. However, any promotional financing terms that are different than the terms in this Agreement will be explained on promotional advertising or other disclosures provided to you. |
HOW TO USE YOUR ACCOUNT | ||
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Use Of Your Account | You may use your account only for lawful personal, family or household purposes. You may use your account for purchases through Venmo or from any merchant that accepts Visa credit cards; you may also use your account for cash advances. You may use your account for the types of transactions explained in this Agreement. You may not use your account to pay amounts you owe us on this account or any other account you have with us. We may charge your account for purchases and cash advances you or anyone to whom you have given permission to use this account make. | |
You Promise To Pay | You promise to pay us for all amounts owed to us under this Agreement. | |
Your Responsibility |
At the time your account is created, an account number will be assigned to your Venmo wallet, and may only be used for wallet transactions. You will also receive at least one virtual card (“Virtual Card”), only accessible through the Venmo app. You will subsequently receive a physical card (“Physical Card”), which will require activation before use. The Virtual Card and Physical Card may collectively be referred to as “Cards.” You are responsible for maintaining the security of your Cards and any other authentication credentials used in connection with your account.
You may not allow anyone else to use your account. If you do, or you ask us to send a card to someone else, you will be responsible for paying for all charges resulting from their transactions. | |
Transaction Limits | To prevent fraud, we may limit the number or dollar amount of transactions you can make in any particular amount of time. We also may decline any particular charge on your account for any reason. | |
Credit Limit | At the time your account is created, you will be assigned a credit limit (which may also be referred to as a credit line), which is the dollar amount of credit available for you to borrow on your account, and a cash advance limit, which is a portion of your credit limit. You may have a temporary credit limit when provided with the Virtual Card, that will be adjusted to your full credit limit upon activation of your Physical Card. If we approve a transaction that makes you go over your credit limit, or cash advance limit, we do not give up any rights under this Agreement and we do not treat it as an increase in your credit limit or cash advance limit. We may, from time to time, increase or decrease your credit limit and/or cash advance limit, including after approval of such a transaction. | |
Transactions in Foreign Currencies | If you make a transaction with your account in a currency other than U.S. dollars, Visa U.S.A. Inc. (“Visa”) will convert the transaction amount into U.S. dollars using its currency conversion procedure. Under the currency conversion procedure that Visa currently uses, the non-U.S. dollar transaction amount is converted into a U.S. dollar amount by multiplying the transaction amount in the non-U.S. dollar currency by a currency conversion rate. Currently, Visa operating regulations provide that the currency conversion rate is either (1) a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or (2) the government-mandated rate in effect for the applicable central processing date. The currency conversion rate that is in effect on the central processing date may differ from the rate in effect on the transaction date or the posting date, and may be higher than the rate you could have gotten if you had converted U.S. dollars into the foreign currency. |
HOW AND WHEN TO MAKE PAYMENTS | ||
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When Payments Are Due | You must pay at least the total minimum payment due on your account by the due date of each billing cycle in accordance with the requirements set forth on each billing statement. Payments received after the due date will be credited as of the next day. You may at any time pay, in whole or in part, the total unpaid balance without any additional charge for prepayment. If you have a balance subject to interest, earlier payment may reduce the amount of interest you will pay. We may delay making credit available on your account in the amount of your payment even though we will credit your payment when we receive it. | |
Payment Options | You can pay by using the Venmo app, by mail, or by phone. Your payment must be made in U.S. dollars from the balance in your Venmo account, or by physical or electronic check, money order or a similar instrument from a bank located in the United States. | |
How To Make A Payment | You must follow the instructions for making payments provided on your billing statement. If you do not, credit of your payment may be delayed up to five days. Your billing statement also explains how information on your check is used. | |
Payment Allocation | We will apply the required total minimum payment to balances on your account using any method we choose. Any payment you make in excess of the required total minimum payment will be applied to higher APR balances before lower APR balances. Applicable law may require or permit us to apply excess payments in a different manner in certain situations, such as when your account has a certain type of special promotion. |
INFORMATION ABOUT YOU | ||
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Using and Sharing Your Information | When you applied for an account, you gave us and PayPal, Inc. information about yourself that we could share with each other. PayPal, Inc. will use the information in connection with the credit program and for things like creating and updating its records and offering you special benefits. By making a purchase or requesting a cash advance, you authorize us to share your personal information (including email address) in order to verify your identity, make a credit decision, complete your transaction, service your account, and for any other lawful purpose as set forth in the privacy policy for your account. You authorize merchants you transact with to share your personal information, including email address, with the Lender to use it for any lawful purpose. | |
Address/ Phone Change |
You represent that any phone number that you provide to us belongs to you and/or that you are authorized to provide that number. You also agree to tell us right away if you change your address (mailing or email) or any phone number. | |
Consent To Communications | You consent to us and PayPal, Inc., as well as any other owner or servicer of your account, contacting you through any channel of communication and for any purpose and at any time, as permitted by applicable law. For informational, servicing, fraud or collection related communications, you agree that we may use the phone numbers that you provide to us to contact your cellular phone or wireless device with text messages, artificial or prerecorded voice calls, and calls made by an automatic telephone dialing system. Text frequency may vary and may be recurring. This consent applies even if you are charged for the call under your plan. You are responsible for any charges that may be billed to you by your communications carrier when we contact you. Message and data rates may vary. We and any carrier are not liable for delayed or undelivered messages. | |
Telephone Monitoring | For quality control, you allow us and/or PayPal, Inc. to listen to and/or record telephone calls between you and us or PayPal, Inc. | |
Emails | You consent to us and/or PayPal, Inc. emailing you for any lawful purpose, including marketing. |
IMPORTANT INFORMATION ABOUT YOUR ACCOUNT | ||
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Closing Your Account | You may close your account at any time by sending a letter to the address shown on your billing statement or calling customer service. We may close your account at any time, for any reason, including if your Venmo account is closed. If your account is closed, you must stop using it. You must still pay the full amount you owe and this Agreement will remain in effect until you do. | |
Collection Costs | If we ask an attorney who is not our salaried employee to collect your account, we may charge you our collection costs. These include court costs and reasonable attorneys’ fees. | |
Credit Bureau Reporting | We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be shown in your credit report. Please be advised that the account number listed on your credit report associated with your Venmo Credit Card account is a master account number and may not match the number shown on your Cards or other account features. Tell us if you think we reported wrong information about you to a credit bureau. Write to us at P.O. Box 71737, Philadelphia, PA 19176-1737. Tell us what information is wrong and why you think it is wrong. If you have a copy of the credit report that includes the wrong information, send us a copy. | |
Default | You are in default if you make a late payment, do not follow any other term of this Agreement or become bankrupt or insolvent. If you default or upon your death, we may (a) request payment of the full amount due right away, (b) take legal action to collect the amounts owed, and/or (c) take any other action allowed. | |
Disputed Amounts | The billing rights summary in this Agreement describes what to do if you think there is a mistake on your bill. If you send us correspondence about a disputed amount or payment, you must send it to the address for billing inquiries. We do not give up any rights under this Agreement if we accept a payment marked “payment in full” or given with any other conditions or limitations. | |
Opening and Maintaining Your Account | You are not required to apply for and/or have a Venmo Credit Card account in order to have a Venmo account. However, in order to apply for and maintain a Venmo Credit Card account, you must have an open Venmo account that is in good standing and that has been opened for at least thirty (30) calendar days prior to application. If you choose to close your Venmo account, your Venmo Credit Card Account will be closed. However, if your Venmo Credit Card account has a balance, you cannot close your Venmo account until the balance on such Venmo Credit Card account has been paid off. | |
Unauthorized Use | If your Card is lost, stolen or if your account is used without your consent, call us immediately at 1-855-878-6462. You will not be liable for unauthorized use on your account, but you will be responsible for all use by anyone you allow to use your account. |
IMPORTANT INFORMATION ABOUT THIS AGREEMENT | ||
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Assignment | We may sell, assign or transfer any or all of our rights or duties under this Agreement or your account, including our rights to payments. We do not have to give you prior notice of such action. Any person, company, or bank to whom we assign this Agreement shall be entitled to all of our rights under this Agreement. None of your rights or obligations shall be affected by such assignment. You may not sell, assign or transfer any of your rights or duties under this Agreement or your account. | |
Enforceability | If any part of this Agreement is found to be void or unenforceable, all other parts of this Agreement will still apply. | |
Governing Law | Except as provided in the Resolving a Dispute with Arbitration section, this Agreement and your account are governed by federal law and, to the extent state law applies, the laws of Utah without regard to its conflicts of law principles. This Agreement has been accepted by us in Utah. | |
Waiver | We may give up some of our rights under this Agreement. If we give up any of our rights in one situation, we do not give up the same right in another situation. |
PLEASE READ THIS SECTION CAREFULLY. IF YOU DO NOT REJECT IT, THIS SECTION WILL APPLY TO YOUR ACCOUNT, AND MOST DISPUTES BETWEEN YOU AND US WILL BE SUBJECT TO INDIVIDUAL ARBITRATION. THIS MEANS THAT: (1) NEITHER A COURT NOR A JURY WILL RESOLVE ANY SUCH DISPUTE; (2) YOU WILL NOT BE ABLE TO PARTICIPATE IN A CLASS ACTION OR SIMILAR PROCEEDING; (3) LESS INFORMATION WILL BE AVAILABLE; AND (4) APPEAL RIGHTS WILL BE LIMITED.
MILITARY LENDING ACT DISCLOSURE – NOTICE FOR ACTIVE DUTY MILITARY MEMBERS AND THEIR DEPENDENTS |
The following disclosures apply to you if, at the time your account is opened, you are a “covered borrower” as defined in the Military Lending Act, which includes eligible active duty members of the Armed Forces and their dependents.
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STATE NOTICES | ||
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CALIFORNIA RESIDENTS | If you are married, you may apply for a separate account. | |
OHIO RESIDENTS | The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. | |
NEW YORK RESIDENTS | A consumer credit report may be obtained in connection with evaluating your application and subsequently in connection with updates, renewals, or extensions of credit for which this application is made. Upon your request, you will be informed whether a report was obtained, and if so, of the name and address of the consumer reporting agency. | |
NEW JERSEY RESIDENTS | Certain provisions of this Agreement are subject to applicable law. As a result, they may be void, unenforceable or inapplicable in some jurisdictions. None of these provisions, however, is void, unenforceable or inapplicable in New Jersey. | |
TENNESSEE RESIDENTS | This Agreement will not become effective unless and until we have (1) provided the disclosures required pursuant to the federal Truth in Lending Act, (2) you or an authorized user uses the account, and (3) we extend credit to you for that transaction on your account. | |
WISCONSIN RESIDENTS | No provision of a marital property agreement, a unilateral statement under sec. 766.59, Wis. Stats., or a court decree under sec. 766.70, Wis. Stats., adversely affects the interest of the creditor unless the creditor, prior to the time credit is granted, is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provision when the obligation to the creditor is incurred. Married residents of Wisconsin applying for an individual account must give us the name and address of their spouse if the spouse also is a Wisconsin resident, regardless of whether the spouse may use the card. Please provide this information to us at P.O. Box 71735, Philadelphia, PA 19176-1735. |
Your signature on the online application represents your signature on this Agreement. It is incorporated herein by reference.
We have signed this Agreement as follows:
Brian D. Doubles
President and Chief Executive Officer
Synchrony Bank
Your Billing Rights: Keep This Document For Future Use
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Statement
If you think there is an error on your statement, write to us at:
Synchrony Bank
P.O. Box 71738, Philadelphia, PA 19176-1738
Or call customer service at 1-855-878-6462.
If you write to us, in your letter, give us the following information:
You must contact us:
You must notify us of any potential errors in writing or by calling customer service at 1-855-878-6462.
What Will Happen After We Receive Your Letter
When we receive your letter, we must do two things:
While we investigate whether or not there has been an error:
After we finish our investigation, one of two things will happen:
If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct.
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
If you are dissatisfied with the goods or services that you have purchased with your credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the purchase.
To use this right, all of the following must be true:
If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing at:
Synchrony Bank
P.O. Box 71738, Philadelphia, PA 19176-1738
Or call customer service at 1-855-878-6462.
While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we will tell you our decision. At that point, if we think you owe an amount and you do not pay, we may report you as delinquent.
Card Account Rewards Program (“Program”)
During each Statement Period, automatically earn Cash Rewards on each Eligible Purchase:
With the Venmo Credit Card (“Card”) Account (“Card Account”), the person to whom the Card Account was issued (“Primary Accountholder,” “Accountholder” or “you”) will earn cash back rewards (referred to as “Cash Rewards” or “Cash Back”) on Eligible Purchases made by you (subject to your available credit) or your authorized users using your Card Account, during any billing cycle (“Statement Period”), as set forth below. The amount of Cash Rewards earned is determined by the Eligible Purchases made during any Statement Period and may be reduced by any applicable Cash Rewards adjustments. The Program is provided by Synchrony, the issuer of the Card Account, and is only available to Accountholders who have an open Venmo account in good standing to which the Card Account is linked.Your participation in the Program is subject to these Program Terms.
“Eligible Purchases” mean the dollar amount of purchases of goods and services you make using your Card Account by you or your authorized users on Eligible Purchases everywhere Visa credit cards are accepted. Eligible Purchases also mean the dollar amount of transactions when the Card Account is used for a Venmo P2P or for a non-Venmo P2P, but only if such transactions are classified as a purchase. Eligible Purchases do not include cash advances as defined in the agreement governing your Card Account (including but not limited to non-Venmo P2P that are classified as a cash advance) or any other transactions that Synchrony may determine in its sole discretion are not eligible to earn Cash Rewards, and may be referred to as “Non-Rewards Eligible.”
“Spend Categories” mean specific types of Eligible Purchases that are grouped into a category, based on a merchant’s MCC (as described below), and will be used to determine the percentage of Cash Rewards earned in each Statement Period. When you or your authorized users using your Card Account make an Eligible Purchase, it will be classified into one of the following Spend Categories:
“MCC” means a merchant category code and is a four-digit classification code, as defined by Visa, that is assigned to a merchant by the merchant’s payment card network or merchant processor based on the predominant business activity of the merchant. For example, the café of a gas station may have an MCC as a type of merchant other than a gas station and therefore would not qualify as a gas purchase under these Program Terms. Additionally, Eligible Purchases made through a third-party payment account, mobile or wireless card reader, digital wallet or similar technology that does not support the transmission of MCCs will earn 1% Cash Rewards. Neither Venmo nor Synchrony assigns or has responsibility for the assignment of MCCs or evaluates what MCCs should be assigned to a specific merchant. Synchrony reserves the right to determine from time to time the Spend Categories and which MCCs are included in each Spend Category. Synchrony is not responsible for awarding Cash Rewards for Eligible Purchases in the Spend Categories at merchants who do not report an Eligible Purchase with an accurate MCC.
Earn Cash Rewards on Eligible Purchases.
At the end of each Statement Period, Eligible Purchases within each Spend Category made by you or your authorized user using your Card Account will be totaled, and the amount of the Cash Rewards earned will be determined as follows:
There is no minimum amount of Eligible Purchases required before earning Cash Rewards. There is no maximum amount of Eligible Purchases that may earn the 3% and 2% Cash Rewards.
Cash Rewards earned do not expire although they may be forfeited in accordance with these terms. Transactions resulting in fractions of Cash Rewards will be rounded up to the nearest whole cent if equal to or greater than $0.005 and rounded down if less than $0.005. In any Statement Period, if the amount of Eligible Purchases is the same in each of the 3% and 2% Spend Categories, then the Cash Rewards will be determined based on the order of the Spend Categories listed above. For example, if your top and second top Eligible Purchases in a Statement Period equal $100 for both Gas and Transportation, since Gas is higher in the order of the Spend Category list shown above, your Gas Eligible Purchases will earn 3% Cash Rewards and your Transportation Eligible Purchases will earn 2% Cash Rewards.
From time to time, bonus Cash Rewards (“Bonus Rewards”) may be available for certain Eligible Purchases and may include spending thresholds or limits, time period restrictions, or other factors. Bonus Rewards will be subject to the terms and conditions of the Bonus Rewards offer made to you in addition to these Program Terms and may be modified or cancelled at any time.
How to view your Cash Rewards. Information about your Cash Rewards, including estimated Cash Rewards earned to date, will be shown in the Venmo Credit Card section within your Venmo app. Until the Cash Rewards are calculated and transferred to the balance on your Venmo account (referred to herein as “your Venmo balance”) at the end of each Statement Period, any amount of earnings accrual shown in the app are estimates and may be changed based on additional Eligible Purchases, adjustments and MCCs.
Use Cash Rewards from your Venmo balance. At the end of each Statement Period, Cash Rewards earned during that Statement Period are calculated and attributed to the 3%, 2%, and 1% Spend Categories; and then automatically transferred to the Primary Accountholder's Venmo balance, generally within three business days and in any event no more than one Statement Period after such Cash Rewards are earned. Once the Cash Rewards are transferred to your Venmo balance, they will be available for use by you for making payments, making purchases, sending money to other Venmo accounts, or transferring to your bank account or debit card linked to your Venmo account like any other Venmo balance, subject to the terms and conditions of your Venmo account.
Cash Rewards adjustments. Adjustments will be made to your Cash Rewards as the result of canceled transactions, refunds or other credits from merchants, and other credits to your Card Account (including those resulting from successful transaction disputes). An adjustment also may occur if these Program Terms are violated by you or we believe you are abusing or gaming the Rewards Program. An adjustment may reduce Cash Rewards in an amount up to the amount of any Cash Rewards originally earned on the Eligible Purchase. Adjustments may cause a negative balance in your Cash Rewards. If there are negative Cash Rewards at the end of a Statement Period, they will not be transferred to your Venmo balance, but will be shown in the Venmo app as negative Cash Rewards.
Card Account and Venmo account suspension or closure.
Other conditions. You acknowledge that the Program is a promotional program as to which no consideration has been paid to you and that Cash Rewards have no cash value. Unless and until the Cash Rewards are transferred to your Venmo balance and used in accordance with your Venmo account terms, no tangible or intangible right, title, or interest in the Cash Rewards has been earned. Nothing herein requires Synchrony to credit Cash Rewards to any Card Account or transfer any Cash Rewards to your Venmo balance if the Program has been canceled, terminated or suspended. The Program, including these Program Terms, is subject to the Governing Law and Arbitration provisions of the agreements governing your Card Account. You consent and authorize Synchrony and any of its subsidiaries and affiliates or any non-affiliated third parties with whom they contract to manage the Program to share information about you and the Program with Venmo and, as necessary, to effect, administer, enforce, service, or fulfill the terms of the Program. The Program is void where prohibited by federal, state, or local law. If your Card Account has a New York mailing address, you will be able to redeem any Cash Rewards that you have accumulated for up to 90 days after we send you notice that your Card Account is closed or the Program has been modified, cancelled, closed or terminated (subject to the availability of Cash Rewards). However, Cash Rewards will be forfeited at Card Account closure if the account was delinquent or if the Card Account was closed for fraud or other misuse.
Program modifications. Synchrony reserves the right to add, modify or delete any benefit, service or feature of the Program at any time in its sole discretion. Changes to the Program may include, among other things, adding a cap to the amount of purchases in Spend Categories that will qualify for Cash Rewards, modifying Eligible Purchases or Spend Categories, excluding transactions, imposing additional restrictions or terminating the Program. Synchrony reserves the right to remove any participant from the Program in the event of fraud or abuse in connection with the Program.
Rev. 8/2020
FACTS | WHAT DOES SYNCHRONY BANK DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
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How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Synchrony Bank chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Synchrony Bank share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | Yes | No |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes |
For our affiliates to market to you | Yes | Yes |
For nonaffiliates to market to you | Yes | Yes* |
To limit our sharing |
Please note: However, you can contact us at any time to limit our sharing. |
Questions? | Call: 1-855-878-6462 |
What we do |
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How does Synchrony Bank protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | |
How does Synchrony Bank collect my personal information? | We collect your personal information, for example, when you
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. | |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions |
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Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
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Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
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Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
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Other important information |
If your account has a California or Vermont billing address, you are automatically treated as if you have chosen to limit our sharing of information with affiliates and nonaffiliates. If your account has a California billing address, we will not share information for joint marketing purposes with other financial companies. If your account no longer has a California or Vermont address, these special rules will stop applying and you will need to notify us if you want to exercise your right to restrict our sharing of information with affiliates or nonaffiliates. |
*Please keep in mind that, as permitted by federal law, if you choose to limit our sharing of information with nonaffiliates, your choice will not prohibit us from sharing your information with PayPal, Inc. (and its affiliates) in connection with maintaining and servicing the Venmo Visa Signature® Credit Card or Venmo Visa® Credit Card program(s), including marketing of such program(s). |
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