Venom is now ready to offer its first credit card to customers in the US. The new piece of plastic is given 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 cashback on your single highest spending category, 2%on your second highest and one percent on all other purchases, including payments you send to your friends with money from the card. 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.
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.
Venmo has offered a debit card back in 2018, and parent PayPal has a few different credit cards over the year. Naturally, 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. But now that it’s here, the plastic should help Venmo generate more revenue from its 60 million users.
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