PayPal-backed Venmo Launches First Credit Card with Personalized Rewards

2020-10-6 13:46

Coinspeaker
PayPal-backed Venmo Launches First Credit Card with Personalized Rewards

On Monday, October 5, PayPal-backed mobile payment service Venmo unveiled its first credit card powered by Visa. The Venmo credit card features a mobile-oriented design along with a unique rewards experience matched to user’s personalized spending habits.

Initially, the Venmo Credit Card will be available only to a few select customers. The Veno Credit Card comes with an RFID for tap-to-pay transactions at the terminal. Besides, the Venmo Card comes in five colors with the user’s own Venmo QR code at the front. Thus, cardholders can control all their spendings directly from the native Venmo application.

The Venmo mobile app allows users to organize their spendings by category as well as split or share purchases. The Venmo card offers 3% cashback to users that come directly in the Venmo app. Venmo users can anytime check their cashback status and make payments through the mobile app. Just like other banking applications, users can also set real-time alerts and notifications for payments made or cashback received.

Darrell Esch, Senior Vice President & General Manager, Venmo said:

“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.”

Venmo Credit Card Competing with Apple Card

Venmo will be competing directly with giants like Apple who recently launched its Apple Card. But unlike the fixed rewards system of Apple Card, Venmo employs a variable cashback system. Veno has divided user spendings into eight different categories. These are Health & Beauty, Entertainment, Bills and Utilities, Grocery, Dining and Nightlife, Gas, Travel, and Transportation.

As per Venmo’s system, users will receive 3% cashback on their top spending category. Similarly, they will 2% cash on the second-highest spending category and 1% for all other purchases. Venmo’s competitive advantage over other credit cards is that it doesn’t have an annual fee. However, the card will charge an additional fee for late payments, cash advances, and interest. The APR can range anywhere between 15-25% based on the customer’s creditworthiness.

Upon registering for the Venmo Credit Card, users can instantly start shopping even before the physical card arrives in the mail. In case of loss or theft, users can also instantly disable their cards using the app. Being powered by Visa, Venmo users can get all benefits offered to Visa’s Traditional Credit Cardholders. The popular Synchrony Bank will issue the Venmo Credit Cards.

PayPal-backed Venmo Launches First Credit Card with Personalized Rewards

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BlockMason Credit Protocol (BCPT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.04 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0158036 (-100%)

personalized card credit paypal-backed rewards venmo launches

personalized card → Результатов: 4


XInfinity ICO

X-infinity Limited is a FinTech company that develops a secure cryptocurrency wallet, where you can keep all your cryptocurrency assets together. The wallet is linked to a personalized debit card, which you can spend at any intentional retailers that accepts debit cards and also allows for International ATM cash withdrawals.

2018-8-2 01:58