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Venmo is debuting its much-anticipated branded credit card today to "select" customers with a "3-2-1" "personalized" rewards program as well as tools to track and manage finances.
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VENMO TO ROLL OUT ITS OWN CREDIT CARD IN 2020
First announced a year ago, the Venmo Credit Card will allow the Venmo community to control and manage the card all from the Venmo app. The card design, available in 5 colors, features a unique QR code that can be activated through the camera of a mobile phone. The code also links up to the Venmo app, where individuals can send a payment to a friend or split purchases.
The card will offer a unique type of rewards program. Users can earn different reward levels — "3-2-1" – from eight spending categories:
- Bills & Utilities
- Health & Beauty
- Dining & Nightlife
For their top spending category, users will earn 3% back, from their second-highest category users will receive 2% and 1% back on all other purchases.
“Our vision for Venmo is to not only be the go-to app for payments between friends but also a ubiquitous digital wallet that helps consumers spend wherever and however they want to pay,” a Venmo spokesperson told FOX Business.
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The Venmo Credit Card is a Visa card issued by Synchrony Bank represents an expansion of services by the peer-to-peer payment platform. It marks the second move by the PayPal-owned company in trying to capitalize on its mobile-first experiences. Two years ago it started offering a Mastercard-branded debit card.
A "select" group of customers to be offered the card will be chosen on a randomized basis, Those Venmo users chosen will see a ‘Venmo Credit Card’ section in the dropdown menu in the latest update of the app.
The new card's APR ranges from 15.25% to 24.24%, depending on the account holder’s creditworthiness.