Monday, October 5, 2020

Venmo launches their first credit card and offering 3% cashback

 Venmo has launched its first credit card (the aptly named Venmo Credit Card). It’s rolling out today to “select customers,” according to the company, but it will be available to everyone in the coming months. You can apply through the Venmo app, provided that you’re at least 18, live in the US, and have a Venmo account in good standing that’s been open for at least 30 days.

Venmo Credit card

The Visa card can be managed directly in the Venmo app. You’ll be able to view your spending activity, track your rewards, make payments (you can use your Venmo balance to pay off the card), and split purchases. You can also use a virtual card to shop online, even before your physical card arrives.

Like Venmo accounts, Venmo cards will have a unique QR code on the front that others can scan with their phone camera to send or request money. They also come with an RFID chip to allow for tap-to-pay transactions. You can choose one of five designs.

While many programs structure cash back incentives based on categories they’ve selected (Amazon’s credit card, for example, gives up to a 5 percent rebate for Amazon and Whole Foods purchases; 2 percent at gas stations, restaurants, and drug stores; and 1 percent for everything else), Venmo’s card rewards cash back based on your own spending habits.

Venmo will sort your purchases into a number of categories, including dining and nightlife, travel, bills and utilities, health and beauty, grocery, gas, transportation, and entertainment. You’ll earn 3 percent cash back on your “top spend” category (the one where you spend the most money during your statement period), 2 percent on your second-highest spend category, and 1 percent on everything else. The card doesn’t charge an annual fee, but there are other typical fees for things like cash advances and late and returned payments as well as interest.

No comments:

Post a Comment

The new OnePlus 8Tis just $749 in the US

  The   OnePlus 8T , the latest device from the Chinese phone manufacturer, is now on sale in the US. You can grab it unlocked from   OnePlu...