- Venmo’s new Synchrony-issued credit card is beginning a limited rollout.
- The card is likely set to garner spend among Venmo’s core audience, in turn driving engagement for the firm and volume for Synchrony.
The card, which will be issued by Synchrony Financial and Visa-branded, will be made available to a targeted group of users who can apply within the Venmo app this year, before a broader rollout in 2021.
Approved users will receive both a virtual card number and physical companion card that is contactless-enabled and printed with their unique Venmo QR code. The card most notably boosts a tiered cash-back system that offers customers between 1% and 3% in eight categories. Customers’ 3% category will be determined in real time based on where they spend most, with the 2% being their second-top category, and 1% for