After releasing a debit card with Mastercard in June 2018, Venmo is expanding into credit cards, something it teased a year ago. The payment service joins other non-traditional providers in issuing cards. In August 2019, Apple introduced its credit card for U.S. consumers, which also offered up to 3% cash back on select transactions.
Venmo’s card offers cash back rewards across different spending categories, including, grocery, health and beauty, gas, entertainment, dining and nightlife, transportation and travel, the company said. Cardholders can make statement payments, make purchases at online and mobile retailers that accept Venmo at checkout and send the funds to their connected bank account or debit card, the company said.
“We know you already rely on Venmo to manage different aspects of your financial life — whether it be sharing and splitting payments with your friends, shopping at online retailers that accept Venmo at checkout, or having your paychecks sent directly to your balance with Venmo,” the company wrote in a blog post.Retail Dive