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Venmo launches its first credit card, offering up to 3% cash back, personalized rewards

Last October, Venmo announced it would launch its first credit card sometime in 2020. Today, the PayPal-owned company is making good on those promises with the debut of the Venmo Credit Card, initially rolling out to select customers. The Visa card offers 3% cash back on eligible purchases, personalized rewards, and tools to track and manage finances. However, what makes the card potentially appealing to Venmo’s younger user base is how the card is directly integrated into the Venmo mobile app.
Cardholders will be able to track their spending in real-time, organized by category, plus split and purchases, view their cash back status, make payments and manage their card directly in the Venmo mobile app. They can also opt in to receive real-time alerts when purchases and payments are made, much like other credit card and banking apps allow for today. And they can receive alerts when cash back is applied to their account.
Instead of offering a certain percentage in cash back rewards to all Venmo users by category, for example, or as Apple Card does by vendor, the new Venmo Card rewards system will be personalized.
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