Introduction of the Venmo credit card
The Venmo Credit Card offers the Venmo community a dynamic reward experience that only Venmo can offer and maximizes the opportunities to earn money back. Every month customers automatically receive cashback for the categories they spend the most in and earn up to 3% cashback * for their top spending category, up to 2% for the second highest and up to 1% for all other purchases. The top spending categories change based on the customer’s monthly spending habits, so customers can get the most out of their purchases without forfeiting the cash rewards they have earned. Cashback is automatically added to a customer account at Venmo so that they can freely choose how the money should be used – whether they want to make bank statement payments, send money to friends with the Venmo app or shop at millions of online and mobile retailers that Venmo wants Accept at checkout or transfer this money to a linked bank account or debit card.
Why people will love the Venmo credit card:
- Personalized reward experience. The card offers a unique, intelligent reward system that can be used to manage and personalize each customer’s spending habits. The top spending categories change every month based on where customers are spending the most. Customers receive cashback in eight different expense categories: groceries, bills and utilities, health and beauty, gas, entertainment, dining and nightlife, transportation and travel.
- Easily track and manage finances. The Venmo credit card offers customers an easy way to manage their card and expenses directly in the mobile app. Customers can track activity in real time by spending category, split and share purchases, view cashback status, make payments, manage credit cards and much more – all in the app. In addition, customers can receive real-time notifications to see when and where purchases are being made and when cashback is being applied to their account.
- Custom card design. Each card is available in five vibrant, colorful designs and has a customer’s unique QR code printed on the front, creating a unique card design for each customer. The QR code can be scanned on a phone camera to activate the card, or on a friends’ Venmo app to send a payment or share purchases.
- Shop virtually. Customers have access to a virtual card with which they can shop online at any time – even before their physical card is received in the mail.
- Safer, no-touch payments. The Venmo credit card is equipped with an RFID-enabled chip so customers can type at the point of sale to allow minimal contact instead of inserting the chip or stealing their card at the POS.
- Carefree 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 policyThis protects cardholders from being responsible for unauthorized fees charged with their account or account information, in addition to emergency money transfers and travel protection services.
- No annual fee **. No foreign transaction fees.
“We are excited to introduce the Venmo Credit Card, which will give our community a new type of mobile-first credit card, supported by Visa, that only Venmo and Synchrony can offer,” he said Darrell Esch, Senior Vice President & General Manager, Venmo. “The card offers our customers the same unique Venmo experience they already know and love, in an intuitive, easy-to-use card and rewards program that is seamlessly managed and controlled through the Venmo app. Venmo is an integral part of The way our community spends, shares, and manages their money, and the Venmo credit card are another way to extend Venmo’s capabilities to people’s everyday lives. “
“We are excited to deepen our longstanding relationship with PayPal and Venmo to bring the Venmo / Synchrony card to market,” said Dennis Bauer, senior vice president and general manager of PayPal and Venmo, Synchrony. “With its automatically personalized rewards program in a native app experience, which Venmo customers find very attractive in our opinion, the Venmo credit card sets a new standard in the industry.”
“Venmo is one of the first platforms to successfully connect payments and social experiences on a large scale,” he said Matt Dill, Senior Vice President Global Head of Digital Partnerships & Ventures at Visa. “We are excited to take this unique ability to a new level by partnering with Venmo and Synchrony to launch a digital first Visa credit card that connects the Venmo community with Visa sellers worldwide.”
The Venmo credit card is now available to selected customers to apply for with the latest version of the Venmo app and will be available to all eligible Venmo customers in the USA in the coming months. To learn more, visit venmo.com/about/creditcard.
PayPal has been at the forefront of the digital payments revolution for more than 20 years. By using technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform enables more than 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information visit paypal.com.
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs as well as innovative consumer banking products in key industries such as digital, retail, personal, auto, travel, health and pet. By syncing, our partners can increase sales and consumer loyalty. We are one of the largest issuers of private label credit cards in The United States;; We also offer co-branded products, installment loans, and consumer finance products for small and medium-sized businesses and healthcare providers.
Synchronicity changes what is possible through our digital functions, extensive industry expertise, actionable data insights, the smooth customer experience and tailor-made financing solutions.
* The use of cashback is subject to the terms of the Venmo account. See the Venmo credit card Reward Program Terms for details.
1Visa’s zero liability policy does not apply to transactions that are not processed by Visa. Cardholders must be careful in protecting their card and immediately notify their issuing financial institution of any unauthorized use. Contact your issuer for more information.
The Venmo credit card is issued by Synchrony Bank under a license from Visa United States Inc. Visa is a registered trademark of Visa International Service Association and is used under license.
Venmo is a service provided by PayPal, Inc. (“PayPal”), a licensed provider of money transfer services. All money transfer is done through PayPal according to the PayPal licenses. PayPal’s NMLS ID is # 910457.
SOURCE PayPal, Inc.