The money-sending app now has a credit card to go with its debit card.
As of today, money-sending app Venmo will begin offering its own credit card to select customers in the United States. Users that have a Venmo account that is at least 30 days old and has been actively utilized within the last 12 months will be randomly selected to try out the card for its soft launch.
“The card gives our customers the same unique Venmo experience they already know and love, in an intuitive, easy-to-use card and rewards program, that’s all seamlessly managed and controlled from the Venmo app,” SVP and GM at Venmo Darrell Esch said in the press release.
The physical card, available in five colors, features a scannable QR code on its back side. By scanning the code, you can send or receive money from or to your Venmo account, as well as split purchases. The card also contains an RFID chip for tap payments. The card’s settings can be managed from the Venmo app, and in the event the card is lost, it can be quickly frozen from the app as well, and even still remain usable for digital purchases.
The attractive thing about this card is its tailored cash-back rewards program. Unlike many credit card cash-back programs, that only allow you to select one category for your largest cash-back percentage, the Venmo card’s rewards tailor themselves passively to whatever you are spending the most money on. Each month, your purchases are tallied by category, and rewards are doled out based on purchase frequency. The highest purchase category in a month earns 3% cash-back, the second-highest earns 2% cash-back, and all other purchases earn 1% cash-back. If, for example, a user were to spend the most on groceries in a month, they would receive the 3% there. Then, in the following month, if they were to spend the most on entertainment, the 3% would automatically shift there.
There is no annual fee for the card’s use. After approval, users will receive a temporary number they can use to make purchases until the physical card arrives in the mail.