New feature enables Venmo Credit Cardholders to use monthly cash back in their Venmo account to auto-purchase cryptocurrency of choice, with no transaction fees.
SAN JOSE, Calif., Aug. 10, 2021 /PRNewswire/ -- Venmo today announced Cash Back to Crypto, a new way for Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases. The new feature, which further enhances the Venmo Credit Card's dynamic rewards experience, expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment they know and love.
Starting today, Cash Back to Crypto will be rolling out to Venmo Credit Cardholders, offering more ways to use cash back and expanding on Venmo's crypto functionality, which launched earlier this year. Customers will be able to manage their cash back to crypto auto-purchases in real time and can choose to change their crypto of choice at any time. Purchases made from their Venmo account using the auto-purchase feature with Cash Back to Crypto will not have any transaction fee associated with the purchase, with a cryptocurrency conversion spread built into each monthly transaction.
"The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo," said Darrell Esch, SVP and GM, Venmo. "We're excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo."
Using Cash Back to Crypto
To enable the new Cash Back to Crypto feature, customers can navigate to the Venmo Credit Card home screen and select the Rewards tab then 'Get Started.' Once customers have agreed to the terms, they will be able to select their crypto of choice, with a confirmation screen presented. Customers can navigate to the Rewards tab at any time to turn the auto-purchase feature on or off, or even change the crypto they would like to purchase that month.
With seamless auto-purchasing, once customers receive their cash back into their Venmo balance each month, those funds are used to automatically purchase their selected crypto with no action required. Once complete, customers can choose to hold or sell the crypto within the Venmo app at any time.
Venmo Credit Card
Venmo's first-ever credit card offers the Venmo community an exciting way to access the simplicity, convenience and fun of Venmo in their everyday life. The card can be used everywhere Visa® credit cards are accepted, allowing customers to make purchases at millions of retailers worldwide in-store and online, and features an intelligent, personalized rewards system that maximizes opportunities to earn cash back. Each month, customers automatically earn cash back in eight different spending categories, earning up to 3% cash back* on their top eligible spend category, 2% back on the second highest, and 1% back on all other purchases. Their top two spend categories adjust each month based on where they spend the most, allowing customers to get the most out of their cash back earned.
Cash back is automatically added to a customer's Venmo account, giving them the freedom to choose from a number of different ways to use funds – including the new Cash Back to Crypto feature.
Crypto on Venmo
With crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto. Customers using crypto on Venmo can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.
Cash Back to Crypto is rolling out to Venmo Credit Card customers beginning today and will be available to all eligible Venmo Credit Cardholders in the coming weeks.
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*Use of cash back is subject to the terms of the Venmo account. See the Venmo Credit Card Rewards Program Terms for details.
The Venmo Credit Card is issued by Synchrony Bank pursuant to a license from Visa USA Inc. Visa is a registered trademark of Visa International Service Association and used under license.
Venmo is a service of PayPal, Inc. ("PayPal"), licensed provider of money transfer services. All money transmission is provided by PayPal pursuant to PayPal's licenses. PayPal's NMLS ID is #910457.
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