Venmo introduced its first-ever Venmo Credit Card, issued by Synchrony and powered by the Visa network, which gives customers automatic cash back on every eligible purchase, a personalized rewards experience, and the ability to manage the card directly in the Venmo app. The card unlocks new ways for Venmo’s community of more than 60 million customers to shop, share or split purchases, and earn cash back – everywhere Visa® credit cards are accepted.
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The Venmo Credit Card offers the Venmo community a dynamic rewards experience that only Venmo can offer, maximizing opportunities to earn cash back. Each month, customers automatically earn cash back on the categories where they spend the most, earning up to 3% cash back* on their top spend category, up to 2% back on the second highest, and up to 1% back on all other purchases. Top spend categories change based on the customer’s monthly spending habits, allowing customers to get the most out of their purchases, with no expiration on cash rewards earned. Cash back is automatically added to a customer’s account with Venmo, giving them the freedom to choose how to use the funds – whether they wish to make statement payments, send money to friends with the Venmo app, make purchases at millions of online and mobile retailers that accept Venmo at checkout, or transfer those funds to a linked bank account or debit card.
Why people will love the Venmo Credit Card:
- Personalized Rewards Experience. The card provides a unique, intelligent rewards system capable of managing and personalizing each customer’s spending habits. Top spend categories change each month based on where customers spend the most. Customers earn cash back in eight different spending categories: Grocery, Bills & Utilities, Health & Beauty, Gas, Entertainment, Dining & Nightlife, Transportation, and Travel.
- Easily Track and Manage Finances. The Venmo Credit Card provides customers an easy way to manage their card and spending right in the mobile app. Customers can track activity in real-time organized by spending categories, split and share purchases, view cash back status, make payments, manage the credit card and more – all in the app. Additionally, customers can choose to receive real-time alerts to help them see when and where purchases are made, and when cash back is applied to their account.
- Custom Card Design. Available in five vibrant, colorful designs, each card is printed with a customer’s unique QR code on the front, creating a distinct card design for each customer. The QR code can be scanned via a mobile phone camera to activate the card, or in the app by friends to send a payment or split purchases.
- Shop Virtually. Customers have access to a virtual card, which allows them to shop online anytime – even before their physical card arrives in the mail.
- Safer, Touch-Free Payments. The Credit Card comes equipped with an RFID-enabled chip, so customers can tap to pay at the point-of-sale, allowing for minimal contact, instead of inserting the chip or swiping their card at the POS.
- Worry-Free Card Management. If the card is lost or stolen, customers can quickly and easily freeze their physical card directly from the app and continue to use their virtual card to shop online.
- Powered by Visa. The Venmo Credit Card offers cardholder benefits including Visa’s Zero Liability Policy[1], which protects cardholders from being responsible for unauthorized charges made with their account or account information, in addition to emergency cash transfers, and travel protection services.
- No annual fee**. No foreign transaction fees.
“We’re excited to introduce the Venmo Credit Card, giving our community a new kind of mobile-first credit card – backed by Visa – that only Venmo and Synchrony can provide,” said Darrell Esch, Senior Vice President & General Manager, Venmo. “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. Venmo has become an integral part of the way our community spends, shares and manages their money, and the Venmo Credit Card represents yet another way we are expanding the capabilities of Venmo into people’s everyday lives.”
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