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Studies have shown that performance‐dependent monetary rewards facilitate visual perception. However, no study has examined whether such a positive effect is limited to the rewarded task or may be generalized to other tasks. In the current study, two groups of people were asked to perform two visual perception tasks, one being a reward‐relevant task and the other being a reward‐irrelevant task. For the reward‐relevant task, the experimental group received performance‐dependent monetary rewards, whereas the control group did not. For the reward‐irrelevant task, both groups were not rewarded. The two tasks were randomly intermixed trial by trial (Experiment 1) or presented block by block (Experiment 2) or session by session (Experiments 3a, 3b, and 3c). Results showed that performance‐dependent monetary rewards improved participants' performance on the relevant task in all experiments and impaired their performance on the irrelevant task in Experiments 2, 3a, 3b, and 3c. These results suggested that monetary rewards might incur a cost on reward‐irrelevant tasks. Finally, the benefit of monetary rewards disappeared when they were no longer provided during the final session. This is the first study that reveals both the bright and dark sides of the performance‐dependent monetary rewards in visual perception. [ABSTRACT FROM AUTHOR]