Venmo credit card holders can buy Bitcoin with their cash back
Venmo recently announced Cash Back to Crypto, a new way for Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases. The new feature expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo platform.
To enable the new Cash Back to Crypto feature, customers can navigate to the Venmo Credit Card home screen and select the Rewards tab. Cardholders will be able to select their crypto of choice. With seamless auto-purchasing, once customers receive their cash back into their Venmo balance each month, those funds are used to automatically urchase their selected crypto with no action required. Once complete, customers can choose to hold or sell the crypto within the Venmo app at any time.
Starting today, Cash Back to Crypto will be rolling out to Venmo Credit Cardholders, offering more ways to use cash back and expanding on Venmo’s crypto functionality. Customers will be able to manage their cash back to crypto auto-purchases in real time and can choose to change their crypto of choice at any time. Purchases made from their Venmo account using the auto-purchase feature with Cash Back to Crypto will not have any transaction fee associated with the purchase, with a cryptocurrency conversion spread built into each monthly transaction.
The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo.
According to said Darrell Esch, SVP and GM, Venmo, “We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.”
Cash back is automatically added to a customer’s Venmo account, giving them the ability to choose from a number of different ways to use funds – including the new Cash Back to Crypto feature.