Venmo launches its first credit card with scannable QR code and personalized cash-back rewards
At launch, this card won’t have a welcome bonus[5].
The changing categories may seem similar to a rotating bonus category rewards cards[6] like the Chase Freedom Flex℠[7] — with 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, then 1% — but Venmo’s structure is different.
With the Venmo card, there’s no activation required and you don’t need to keep track of bonus categories. Instead, the magic happens behind the scenes to analyze where you spend the most. The algorithm awards 3% and 2% rates accordingly.
Beyond rewards, cardholders can benefit from a clever card design that is printed with a unique QR code on the front. You can scan the QR code to activate the card and friends can also scan it to send you payments from the Venmo app.
This card has no annual fee and new cardholders can receive a temporary account number after approval that allows you to shop instantly before your physical card arrives in the mail. As an added layer of security, if you ever lose or misplace your card, you can freeze the physical card from within the Venmo app and continue to use your virtual card.
Bottom line
While you may be randomly selected to apply for the new Venmo Credit Card now, that’s not the case for everyone. If you’re not selected to apply now, the application should be open to more consumers in the upcoming months.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
References
- ^ Venmo Credit Card (venmo.com)
- ^ Visa network (www.cnbc.com)
- ^ cash-back program (www.cnbc.com)
- ^ Venmo Credit Card (venmo.com)
- ^ welcome bonus (www.cnbc.com)
- ^ rewards cards (www.cnbc.com)
- ^ Chase Freedom Flex℠ (oc.brcclx.com)
- ^ Venmo Credit Card (venmo.com)