Venmo has introduced a new credit card in which the company values rewards and convenience for payment apps. The Visa credit card is "super social," Venmo said Monday, and users can manage the card through their Venmo app.
There is no annual fee and you can "earn big rewards," Venmo said in the YouTube announcement video with up to 3% cashback. It calculates your rewards based on what you spend the most money on - the video shows 3% cashback on groceries, 2% on transportation, and 1% on "everything else". It adds, "Amounts and categories can change based on your spending, adjustments, and income."
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You can use the cash back to pay your credit card bill, and friends can also send money through the Venmo app by scanning your credit card with their phone. Each card has a QR code on the back.
It's available in a variety of colors - the video shows the options pink and purple, black and gray, dark blue and light blue, red and white, and green and blue.
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The Venmo credit card will be offered to authorized app users in the next few months.
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