“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,” Darrell Esch, SVP and GM at Venmo, said in the press release.
Designed for Venmo users, this card has a soft launch, first available to a random percentage of Venmo customers who’ve had a Venmo account for at least 30 days and who’ve been active in the last 12 months. If you’re selected, you will need to have the latest version of the Venmo app and your account needs to be in good standing. The card is expected to be available to more U.S. Venmo users in the upcoming months.
CNBC Select reviews what you need to know about the unique new card.
- 3% cash back on the category in which you spend the most
- 2% back on the second-highest category
- 1% back on all other purchases
The first- and second-highest spending categories change each month based on where you spend the most amount of money. There are eight total categories: grocery, dining and nightlife, travel, gas, transportation, bills and utilities, health and beauty, and entertainment.
So you may spend the most on groceries in October, making that your 3% category, but then wind up spending more traveling in November, therefore changing your 3% category to travel.
Throughout the month, you’ll be able to see what your top spending categories are and which earn 3% and 2% from the Venmo app. Plus you can view the estimated amount of cash back you’ve earned so far. The exact amount of cash back will be finalized at the end of the month.