Venmo's first credit card offers adjustable cashback rewards

After an almost year-long wait, Venmo is ready to offer its first credit card to customers in the US. The new piece of plastic is issued by Synchrony and backed by Visa. The main perk of the card is a cashback rewards program that adapts as your spending habits change month to month.

Each month, you'll earn three percent cash back on your single highest spending category, two percent on your second highest and one percent on all other purchases. You won't get cashback on everything you use the credit card to pay for, but spending that falls under categories like groceries, travel, gas and entertainment are covered. Among other things, you can put that cash towards your statement balance, transfer it to your bank account or send it to a friend to pay them back for something.

Naturally, you can manage the card through Venmo, using the app to keep track of your purchases as well to pay off your balance. If you ever lose your physical card, you can also freeze it through the app while you continue to use the digital for online purchases.

As for the physical card itself, it's available in five different colors. Each one comes with a unique QR code that's tied to the cardholder's Venmo account. Scanning it with your phone allows you to send them a money transfer or split a purchase with them through the app. It also includes an RFID chip, allowing you to physically tap the card to pay for purchases.

Venmo has offered a debit card since 2018, and parent PayPal has had a few different credit cards over the year. In a way, it's surprising it took so long for the company to come out with a credit card. But now that it’s here, the plastic should help Venmo generate more revenue from its 60 million users.

sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Comments

Share

9 Shares

sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more

all right reserved for yahoo news

PREV Facebook's new AI can translate languages directly into one another
NEXT Biggest mass extinction 'caused by volcanic eruption in Siberia'