Venmo in partnership with Visa & Synchrony launches Venmo Credit Card

By Pavithra R

Venmo, a mobile payment service owned by PayPal, has announced the launch of  Venmo Credit Card, issued by Synchrony and powered by the Visa network. The new credit card gives customers automatic cash back on every eligible purchase, a personalized rewards experience, and the ability to manage the card directly in the Venmo app.

The Venmo Credit Card is unlocking new ways for customers to shop, share or split purchases, and earn cashback anywhere Visa credit cards are accepted. It is offering the Venmo community a dynamic rewards experience maximizing opportunities to earn cashback. Cash back is automatically added to a customer’s account with Venmo, giving them the freedom to choose how to use the funds.

“We’re excited to introduce the Venmo Credit Card, giving our community a new kind of mobile-first credit card – backed by Visa – that only Venmo and Synchrony can provide. The card gives our customers the same unique Venmo experience they already know and love, in an intuitive, easy-to-use card and rewards program, that’s all seamlessly managed and controlled from the Venmo app. Venmo has become an integral part of the way our community spends, shares and manages their money, and the Venmo Credit Card represents yet another way we are expanding the capabilities of Venmo into people’s everyday lives,” said Darrell Esch, Senior Vice President & General Manager, Venmo.

Venmo Credit Card offers:

• Personalized Rewards Experience: The card provides a unique, intelligent rewards system capable of managing and personalizing each customer’s spending habits. Customers can earn cash back in 8 different spending categories: Grocery, Bills & Utilities, Health & Beauty, Gas, Entertainment, Dining & Nightlife, Transportation, and Travel.
• Track and Manage Finances: It provides customers with an easy way to manage their card and spending in the mobile app. Customers can track activity in real-time organized by spending categories, split and share purchases, view cash back status, make payments, manage the credit card and more.
• Virtual shopping: Customers have access to a virtual card, which allows them to shop online anytime
• Safer, Touch-Free Payments: The Venmo Credit Card comes equipped with an RFID-enabled chip enabling customers to tap to pay at the point-of-sale thereby ensuring minimal contact, instead of inserting the chip or swiping their card at the POS.
• 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 Policy, which protects cardholders from being responsible for unauthorized charges made with their account or account information, in addition to emergency cash transfers, and travel protection services.

“We are pleased to deepen our longstanding relationship with PayPal and Venmo to bring the Venmo/Synchrony card to market. The Venmo Credit Card sets a new standard in the industry through its auto-personalized rewards program in a native app experience that we feel Venmo customers will find very appealing,” said  Dennis Bauer, Senior Vice President & General Manager of PayPal and Venmo at Synchrony.

Founded in 2009, Venmo is designed to be a place where friends and family can send, split and share purchases and experiences. The cards are available in five vibrant, colorful designs each printed with a customer’s unique QR code on the front, creating a distinct card design for each customer.