Venmo has unveiled a new credit card, with the payments app company emphasizing rewards and convenience. The Visa credit card is "super social," Venmo said Monday, with users able to manage the card through their Venmo app.
There's no annual fee and you can "earn major rewards," Venmo said in the YouTube announcement video, with up to 3% cash back. It'll calculate your rewards based on what you're spending the most money on -- the video shows 3% cash back on groceries, 2% on transportation and 1% on "everything else." It adds: "Amounts and categories can change depending on your spending, adjustments and returns."
You can use the cash back to pay your credit card bill, and friends can also send money via the Venmo app by scanning your credit card with their phone. Each card has a QR code on the back.
It comes in a variety of colors -- the video shows pink and purple, black and gray, dark blue and light blue, red and white, and green and blue options.
The Venmo credit card will be offered to eligible app users over the next few months.