Venmo Expands General Availability Of Credit Card

Venmo is introducing a Visa-powered credit card released in conjunction with Synchrony, the company said in a blog post on Tuesday (Feb. 16). 

The Venmo credit card launched in beta mode for select customers in October, and all Venmo users can now fill out an application. The Venmo credit card can be used everywhere Visa is accepted.

The card includes a personal Venmo QR code on the front, which can be scanned for card activation, payments and purchases. Users can track real-time use of the card by category. They can also use the Venmo app to split and share payments, view cashback rewards, schedule payments and more, all from the app. Spending trends are available in intervals of 30, 60 and 90 days, with visual indicators to help people cut back on spending.

Cash back rewards are automatically added to a cardholder’s Venmo balance and are automatically adjusted to their spending levels. People can earn up to 3 percent cash back on eligible top spend categories, 2 percent back on the second-highest and 1 percent back on all other purchases, the blog post indicated.

Venmo was acquired by PayPal in 2013 via an acquisition of Braintree, which originally bought the payments platform in 2012. The company was founded in New York by Andrew Kortina and Iqram Magdon-Ismail.

Venmo’s credit card with QR codes includes a cash-back rewards program that never expires. Customers can use the rewards for statement credit, to send money to friends or to buy merchandise online and in physical stores.

In a PYMNTS interview, Venmo’s Senior Vice President and General Manager Darrell Esch said the startup is taking user experience into consideration, something not typically targeted by personal finance platforms. Esch said Venmo has an advantage to that end, because the app’s entire DNA is digital.