Venmo Launches its Very First Credit Card

It was about a year ago that Venmo had announced that it would be launching its very own credit card this year. Well it finally has happened.

The PayPal-owned company has debuted the Venmo Credit card and it is initially rolling out to select customers.

The card offers 3% back on eligible purchases as well as personalized rewards and tools to track and manage finances. The most convenient aspect of the card would be that it is directly integrated with the Venmo mobile app, making it easy for Venmo’s user base to use it.

Venmo cardholders will be able to track their spending in real time, organized by category, plus split or share purchases, view their cash back status, make payments and manage their card directly all in the Venmo mobile app.

According to the company’s announcement on its website, the card comes with your own unique QR code on the front, so it’s a snap to Venmo friends. When they scan your code, up pops your Venmo profile to pay or get paid.

Card users can also opt in to receive real-time alerts when purchases and payments are made and they can receive alerts when cash back is applied to their account.

There are eight spending categories that users can earn rewards from: Health and Beauty, Grocery, Bills & Utilities, Gas, Dining & Nightlife, Transportation, Travel, and Entertainment.

Card users will earn 3% back on their top spending category, 2% from the second highest category, then 1% on all other purchases according to the company.

Venmo says the card will be available to all in the U.S. in the months ahead and will be offered to eligible app users over the next few months. It comes in a variety of colors.

The Visa credit card is “super social,” Venmo said Monday. There’s no annual fee and you can “earn major rewards,” Venmo additionally said in the YouTube announcement video.

It was in the second quarter that the company said it had more than 60 million active accounts using its payments app. The company also reported $37 billion in Venmo payment volume in the most recent quarter.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.