On October 5, the mobile baking and financing platform Venmo released a new credit card in a soft opening. Though parent company PayPal has already made the venture into debit and credit cards, this new card marks the first from Venmo. It’s promising to make waves in the banking world once it starts its rollout out to more users.
With over 60 million users enacting a transaction in the past year, Venmo has safely solidified itself as a central baking app. People around the world use it to send and receive funds from their friends, families, coworkers and anyone else they need to share funds with. It’s convenient, fast and current with the times.
Now, with a Visa partnership and Synchrony issuing, the Venmo credit card is a big step in the right direction. The platform released a debit card back in 2018 that allows users to spend according to their funds on the app. The new credit card, though, will function like any other — accruing purchases that require monthly payments.
Venmo’s credit card will operate through the app and use whatever banks or debit cards that users have connected. Those who qualify can then use it as a normal credit card, for anything from handling debt and taxes to groceries and gadgets. However, the personalized perks help the card stand out in the crowd.
Venmo is an innovative platform — with fast transactions and easy methods to pay. The credit card fits that innovative with its own benefits, unique to each user. First, spending, payments and splitting purchases will be easier than ever with just a few taps on the app. It connects directly to your Venmo credit card.
Then, the cashback program shines through as the selling feature. Venmo will categorize your purchases as grocery, travel, gas, transportation, dining and nightlife, health and beauty, entertainment or bills and utilities. On the app, you’ll be able to see the top two categories in which you make the most purchases.
You’ll receive 3% cashback on your top spending category and 2% cashback on your second-highest category. These rewards can change every month, too, depending on your spending. Then, you’ll get 1% cashback on all your other purchases. View it all in the app to see estimates for your monthly rewards and returns then get the final number each month.
This personalization of cashback will be helpful in drawing customers in. People want credit cards that fit their spending and needs. Venmo is adapting to that call to action with this credit card. Further, you won’t have to pay an activation fee or an annual fee.
Another unique feature of this new card is its integration of the quick response (QR) code. On each card, users will get a unique QR code that corresponds to their account. People can scan the code with their app and immediately pay the user back. It makes connecting and enabling transactions faster than ever. The RFID chip lets you tap to pay, too, anywhere that accepts Visa cards.
The credit card comes in several different colors and connects to your app instantly. You’ll have options like autopay, viewing statements and transactions and receiving alerts and emails. Further, Venmo provides an innovative option to enable and disable your card right from the app if the card gets lost or stolen.
Qualifying for the Card
Right now, access to the Venmo credit card is still limited and somewhat selective. To qualify, a user must have created an account within the past 30 days of the card’s release on October 5. Additionally, users must have been active on the app within the last year. Once users qualify, they must have the latest version of the app to get the perks and benefits.
For Venmo, this soft release is just the beginning. The company plans to expand availability to all Venmo users in the coming months.