Venmo’s new credit card allows you to earn “custom cashback rewards,” marking their first entry into the credit card space.
Venmo, a subsidiary of PayPal, and a very popular form of payment for younger generations has announced their entrance into the credit card space, a 103 BILLION dollar market within the US alone.
Marketed as the Venmo Credit Card, this credit card is a Visa card branded with Venmo, and advertised as providing the ability to earn custom cashback rewards.
Currently only available for “select customers,” the Venmo site states all eligible Venmo customers will be allowed to apply in the coming months.
Venmo has provided “fast, safe, social payments” in the past, recently expanding into Venmo Mastercard Debit Cards, providing card access, (and cashback rewards).
PayPal owns Venmo through a combined ownership, between PayPal and one of their other subsidiaries.
PayPal is a major player in the war against cash, following tech giants Visa and Mastercard. Focusing more on technology and online access to funds, PayPal has created tons of different and unique forms of payment, including their Venmo application.
Venmo is known for quick, safe, and social payments, providing a social way of sending and sharing money, as well as a secure gateway for transferring funds.
Connecting your funds to a card that you can use first occurred during their launch of the Venmo Mastercard Debit Card.
This credit card promises cashback rewards, including 3% on groceries, 2% on bills and utilities, and 1% on everything else that you pay for.
The card will come in many colors and designs, following a basic design with your name, card number, expiration date, and CVV, as well as a Visa logo, and an apparent tap pay.
One feature that Venmo is banking on is the built in QR code into your card. According to Venmo, the card comes with its own unique QR code, allowing the code to be scanned and for your Venmo profile to appear, to be either payed or to pay for something.
Features built into the card and app include an app, tracking your spending, shopping, and security details. Touch-free shopping is also included, allowing safe, contactless paying. There’s also no annual fee.
There’s less information on Venmo’s credit card compared to their debit card, so here are some features of their past debit card. These likely apply to their new credit card.
The debit card allows:
With most of these perks, and even some of the credit card’s own features, this card might end up being competitive with most cashback cards. This is especially apparent with no annual fee, and promised cashback on all purchases. All of this comes on top of Venmo and PayPal’s fast growth, and popularity between the younger generations of the world, which might bring this product even further into the spotlight.