Venmo Launches Their First Credit Card For Consumers

venmo credit card

Venmo, the popular payment source for friends, family and businessed introduced its first-ever Venmo Credit Card, issued by Synchrony (NYSE: SYF) 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.

According to a release, 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.

Features include:

  • 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 Venmo 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 Venmo 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.

The Venmo Credit Card is now available for select customers to apply using the latest version of the Venmo app and will be available to all eligible Venmo customers in the U.S. in the coming months. To learn more, visit venmo.com/about/creditcard.

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