Venmo Launches Its First Credit Card, Offering Up To 3% Cash Back, Personalized Rewards
The Venmo Credit Card is rolling out to select customers. The Visa card offers 3% cash back on eligible purchases, personalized rewards and tools to track and manage finances. What makes the card potentially appealing to Venmo’s younger user base is how the card is directly integrated into the Venmo mobile app. Users can earn rewards from eight spending categories. Users will earn 3% back on their top spending category, 2% from the second highest category, then 1% on all others. [Tech Crunch]
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In this episode of MarketFoolery, Chris Hill chats with Motley Fool analyst Jason Moser about the latest headlines from Wall Street. Venmo takes another step toward expanding its payments platform. The guys discuss the latest developments in the entertainment sector, answer a listener’s question about rebalancing a portfolio, and much more.
To catch full episodes of all The Motley Fool’s free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks. A full transcript follows the video.
This video was recorded on October 5, 2020.
Chris Hill: It’s Monday, October 5th, welcome to MarketFoolery. I’m Chris Hill, with me today, it’s a Moser Monday, Jason Moser, good to see you.
Jason Moser: [laughs] Hey, good to see you. Man! Normally it’s merger Monday, but Moser Monday, man! I can get behind that.
Venmo on Monday launched its own credit card and began issuing it to select Venmo customers. Cardholders can earn between 1% and 3% cash back on eligible purchases, track their spending, make payments and split expenses in the Venmo app.
Cardholders will receive custom QR codes, which they can scan to activate the card and use to divide costs with fellow Venmo users. They can also choose among five designs to customize their card, the company said.
Customers can also use a virtual card, which lets users shop online including before their physical card arrives in the mail. The card comes with an RFID-enabled chip to facilitate contactless payments at checkout, per the company statement.
After releasing a debit card with Mastercard in June 2018, Venmo is expanding into credit cards, something it teased a year ago. The payment service joins other non-traditional providers in issuing