Venmo has launched its first credit card. It’s rolling out today to “select customers,” according to the company, but it will be available to everyone in the coming months. You can apply through the Venmo app, provided that you’re at least 18, live in the US, and have a Venmo account in good standing that’s been open for at least 30 days. The new card is issued by Synchrony and backed by Visa. The main perk of the card is a cashback rewards program that adapts as your spending habits change month to month.
Each month, you’ll earn three percent cash back on your single highest spending category, two percent on your second highest and one percent on all other purchases, including payments you send to your friends with money from the card. Among other things, you can put that cash towards your statement balance, transfer it to your bank account or send it to a friend to pay them back for something.
You can manage the card through Venmo, using the app to keep track of your purchases as well to pay off your balance. If you ever lose your physical card, you can also freeze it through the app while you continue to use the digital for online purchases.
As for the physical card itself, it’s available in five different colors. Each one comes with a unique QR code that’s tied to the cardholder’s Venmo account. Scanning it with your phone allows you to send them a money transfer or split a purchase with them through the app. It also includes an RFID chip, allowing you to physically tap the card to pay for purchases.
This isn’t Venmo’s first payment card; that honor belongs to the Venmo Debit Card, released back in 2018. That card, which was a Mastercard issued by Bancorp Bank, also offered a cash back rewards program and could be operated within the Venmo app.
