SAN JOSE, Calif. — Venmo said customers who open a new Venmo Credit Card beginning Oct. 15 can earn up to 4% cash back on dining and entertainment purchases when they split the expenses with friends through its app.
The new “split-to-earn” feature provides 3% cash back automatically on eligible dining and entertainment transactions, plus an additional 1% when cardholders use the app’s split-transaction feature and receive repayment within 30 days, according to a statement from Venmo.
Eligible purchases include restaurants, food delivery, streaming services and event tickets. Venmo described the feature as an industry first.
“Venmo users have always been social spenders. They go out together, they split the bill, and they settle up in the app,” said Alexis Sowa, Venmo’s general manager. “We built split-to-earn around how customers actually live and spend with friends, and it delivers on something we believe in deeply: the more you do with Venmo, the more you should get back.”
Three Rewards Tiers
The card’s new rewards structure includes:
- Up to 4% cash back on eligible dining and entertainment purchases, including the bonus for qualifying split transactions.
- 3% cash back on qualifying purchases paid through Venmo, including online and in-app checkout, payments to Venmo business profiles and payments to individual sellers marked as purchases of goods or services.
- 1% cash back on other purchases.
To split an eligible transaction, cardholders can select the purchase in the credit card section of the Venmo app, account for tips or surcharges, add a payment note and send a repayment request, the company said.
Other Card Features
The Venmo Credit Card is issued by Synchrony on the Visa network and has no annual fee or foreign transaction fees, according to Venmo.
The company said cash-back earnings are unlimited and deposited daily into cardholders’ Venmo accounts, where they are available to spend, send or save. Customers also can use rewards to automatically purchase cryptocurrency without transaction fees, Venmo said.
Applicants who are declined will not have their credit scores affected by applying, according to the statement.
Venmo said more than 100 million Americans use its service. The platform has expanded beyond peer-to-peer payments to include debit and credit cards, rewards, business profiles and merchant checkout.
