Home - Opinion - Venmo Introduces Cryptocurrency Cash back Option for Credit Card Users

David Agullo

August 12, 2021

Venmo Introduces Cryptocurrency Cash back Option for Credit Card Users

Today Venmo announced Cash Back to Crypto, another way for Venmo Credit Card users to automatically buy digital money from their Venmo account utilizing cash back acquired from their card purchases. The new component, which further improves the Credit Card’s dynamic rewards insight, extends decisions in how users can go through their cash back while permitting them to begin exploring crypto inside the environment they know and love.

Beginning today, Cash Back to Crypto will be carrying out to Venmo Credit Cardholders, offering more approaches to utilize cash back and developing Venmo’s crypto usage, which started recently. Users will be able to deal with their cash back to crypto auto-buys and can decide to change their crypto of decision whenever. Purchases produced from their Venmo account utilizing the auto-buy feature with Cash Back to Crypto won’t have any exchange expense related to the purchase, with a digital money conversion spread incorporated into every month transaction.

“The acquaintance of the Cash Back with Crypto feature for the Venmo Credit Card provides users another approach to begin investigating the world of crypto, utilizing their cash back procured every month to consequently and flawlessly buy one of four digital currencies on Venmo,” said Darrell Esch, SVP and GM.. “We are eager to bring this new feature interconnectivity on the Venmo, connecting our Credit Card and crypto encounters to give another way to our users to go through and deal with their money with Venmo.”

Utilizing Cash Back to Crypto

To empower the new Cash Back to Crypto feature, users can explore the Venmo Credit Card home screen and select the Rewards tab then ‘Begin.’ Once users have consented to the terms, they will be able to choose their crypto of decision, with an affirmation screen introduced. Users can explore the Rewards tab whenever to turn the auto-buy feature on or off, or even change the crypto they might want to buy that month.

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With consistent auto-buying, when users accept their cash back into their balance every month, those assets are utilized to automatically buy their selected crypto with no activity required. Once complete, users can decide to hold or sell the crypto inside the application whenever.

Venmo Credit Card

Venmo’s credit card offers Venmo’s users a thrilling method to get to the simplicity and fun of Venmo in their everyday. The credit card can be utilized wherever Visa® Visas are acknowledged, permitting users to make buys at a large number of retailers worldwide available and online, and highlights an intelligent, customized rewards system that augments freedoms to make cash back. Every month, users automatically make cash back in eight distinctive spending categories, making up to 3% money back on their top qualified spend category, 2% back on the second most elevated, and 1% back on all remaining buys. Their best two spend categories change every month depending on where they spend the most, permitting clients to take advantage of their cash back earned.

Money back is automatically add to a user’s account, allowing them to look over various changed approaches to utilize funds – including the new Cash Back to Crypto feature.

Crypto on Venmo

With crypto on Venmo, users can see cryptocurrency patterns, purchase or sell crypto, and access in-app guides and videos to assist answer ordinarily asked inquiries and learn more about the world of crypto. Customers using crypto on Venmo can pick from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. When they make exchanges, users can also decide to share their crypto venture with their friends through the Venmo feed.

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Money Back to Crypto is carrying out to Venmo Credit Card users starting today and will be accessible to all qualified Venmo Credit Cardholders in the coming weeks.