The Aven Rewards Visa Card is a cash-back credit card with high earning rates and simple rewards. It earns an impressive 3% back on all purchases (up to $10,000 in spending every cardholder year)^, then an unlimited 2% back thereafter.
For those unfamiliar with Aven, it’s a company that has historically focused on homeowners with its Aven Home Equity Visa, a credit card backed by home equity. The Aven Rewards Visa differs from the Aven Home Equity Visa since it isn’t backed by a home equity line of credit.
The cash back you earn on the no-annual-fee Aven Rewards Visa can be redeemed for statement credits. While the card’s benefits are easy to understand, you can’t convert your rewards into transferable points or earn a welcome bonus, which may leave some wanting more. Card rating*: ⭐⭐⭐
^The 3% earning rate requires autopay to be enabled.
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Aven Rewards Visa: The basics
The Aven Rewards Visa is a no-annual-fee card that earns cash back at a fixed rate, which means you don’t have to memorize any bonus categories. (You’ll technically earn rewards as points, with each point redeemable for 1 cent.)
Cardholders earn 3% back on all purchases for the first $10,000 in spending each cardholder anniversary year, then an unlimited 2% back after that threshold is met.
The card’s 3% earning rate is quite impressive (even if it’s restricted to the first $10,000 in spending each cardholder year), and earning 2% back thereafter is strong among flat-rate cards.
You can use your rewards for statement credits (my recommendation) or for flights or hotels booked through the Aven Travel Portal. These are decent options, but the card could feel limiting if you enjoy earning and redeeming transferable rewards like American Express Membership Rewards points or Chase Ultimate Rewards points.
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You must have a minimum FICO score of 680 to be approved, and the card is available in most U.S. states, with the following exceptions:
- District of Columbia
- Hawaii
- Massachusetts
- Montana
- Nevada
- New Jersey
- New York
- Vermont
If you’re a homeowner, you have the chance to upgrade from the Aven Rewards Visa to the Aven Home Equity Visa, with credit lines of up to $400,000 and rates as low as 7.49%. However, you don’t have to be a homeowner to get the Aven Rewards Visa and earn cash back.
Related: How to choose a cash-back credit card
Aven Rewards Visa pros and cons
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Aven Rewards Visa benefits
Since the Aven Rewards Visa is a no-annual-fee card, its perks are minimal. However, there are a few benefits to explore.
First, your annual percentage rate is reduced by 0.25 percentage points when you enroll in autopay within 25 days of account opening and keep it enrolled.
Cardholders have access to Visa Fraud Charge Protection, which monitors their account and sends alerts for transactions deemed “suspicious” or declined. You can also lock your card through the Aven app.
Plus, the card charges no foreign transaction fees, so if you use the Aven Rewards Visa abroad, you won’t be charged extra for these purchases. This is a solid perk for a no-annual-fee card, and since it’s issued by Visa, you’re likely to find most merchants accept it both within the U.S. and abroad.
Cardholders can also access their credit score for free online and use contactless payment with the stainless steel physical card.
Finally, you can add authorized users to your account, and they’ll receive their own Aven Rewards Visa. However, you have to add these authorized users during the account application process. You cannot add authorized users after your account has been created.
If you’re looking for more benefits, such as travel and purchase protections, you’ll want to look elsewhere — simplicity is the name of the game with this card.
Related: The 13 card benefits TPG’s experts love the most
How to earn and use the Aven Rewards Visa’s cash back
The Aven Rewards Visa effectively earns cash back at a flat rate across all purchases. You’ll earn 3% back on the first $10,000 in spending every cardholder year, then 2% back on all spending thereafter.
Your rewards can be redeemed as a statement credit to reduce the balance you owe on your card. You can do this in the Aven app by checking the “Rewards” tab.
You can also redeem rewards to book flights or hotels through the Aven Travel Portal.
If you’re focused on keeping earning and redeeming simple, this is about as easy as it gets. However, if you want access to transferable partners, you may find this restrictive.
Related: 6 common mistakes to avoid when using a cash-back credit card
Where the Aven Rewards Visa falls short
The Aven Rewards Visa isn’t the perfect choice for everyone. Here are some reasons why you may want to consider another option:
- The card’s cash back can only be redeemed for statement credits or travel booked through the issuer portal.
- There aren’t any purchase or travel protections.
- You won’t be able to earn a welcome bonus.
Related: Cash back vs. travel rewards: How to choose a credit card
Is the Aven Rewards Visa worth it?
The 3% earning rate on the Aven Rewards Visa is eye-catching, and the 2% rate after the $10,000 cap is still enticing. While you can redeem your rewards for statement credits or travel portal purchases, it is worth noting that you can’t transfer your rewards. But as long as that isn’t a deal-breaker, there is a lot of value here for those wanting to earn solid cash back on everyday purchases.
Related: How to maximize cash back with your credit card
When to apply for the Aven Rewards Visa
The Aven Rewards Visa does not provide a welcome bonus. This is disappointing given how much of a card’s first-year value is often tied to its welcome offer.
Unless the card offers a bonus at some point in the future, the timing of your application won’t affect the value you get from the card. However, if you are interested in applying, waiting until you’ve used up your Chase 5/24 slots could be a good idea.
Related: 10 easiest credit card welcome bonuses to earn
Other cards to consider if you don’t want the Aven Rewards Visa
The Aven Rewards Visa may not be the best choice for everyone. Here are some other options to consider:
For additional options, see our full list of the best cash-back credit cards.
Related: Store vs. cash-back credit cards: Which 1 should I get?
Bottom line
The Aven Rewards Visa keeps it simple: Earn cash back on all your purchases, and redeem your rewards for statement credits. You won’t find bonus categories or even a welcome offer here, but earning 3% back on your first $10,000 you spend on purchases each cardholder year (then 2% unlimited after) is quite solid.
Plus, the Aven Rewards Visa could be an attractive option for homeowners interested in potentially upgrading to the Aven Home Equity Visa, as you could use this card to build a relationship with Aven.
However, for many spenders, another cash-back card with a welcome bonus or more benefits may be a better choice.
Apply here: Aven Rewards Visa Card
