Venmo introduces Cash Back to Crypto with the Venmo Credit Card

By Pavithra R

Venmo, a mobile payment service owned by PayPal, has announced Cash Back to Crypto, a new way for Venmo Credit Card customers to auto-purchase cryptocurrency from their Venmo account using cashback earned from their card purchases. 

The new feature further enhances the Venmo Credit Card’s dynamic rewards experience and Venmo’s crypto functionality; it offers more choices in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment.

Customers will be able to manage their cash back to crypto auto-purchases in real-time and can choose to change their crypto of choice at any time. Purchases made from the Venmo account using the auto-purchase feature with Cash Back to Crypto will have no transaction fee associated with the purchase, with a cryptocurrency conversion spread built into each monthly transaction.

To enable the new feature, customers can navigate to the Venmo Credit Card home screen and select the Rewards tab, then ‘Get Started.’ Once customers have agreed to the terms, they can select their crypto of choice, with a confirmation screen presented. 

“The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo. We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo,” said Darrell Esch, SVP and GM, Venmo. 

The Venmo Credit Card can be used everywhere Visa credit cards are accepted, allowing customers to make purchases at retailers worldwide in-store and online, and features an intelligent, personalized rewards system that maximizes opportunities to earn cash back. With crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto. Customers using crypto on Venmo can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Currently, the new feature is being rolled out to Venmo Credit Card customers and will be made available to all eligible Venmo Credit Cardholders in the coming weeks.