Venmo announced an industry-first split-to-earn feature for its Venmo Credit Card that raises cash back on dining and entertainment to as much as 4%. Beginning October 15th, customers who open a new Venmo Credit Card earn 3% cash back automatically on eligible dining and entertainment purchases, plus an additional 1% when they split those purchases with friends on Venmo in the app and are paid back within 30 days. The card, issued by Synchrony on the Visa network, carries no annual fee, no foreign transaction fees, and no limits on daily cash back, which is deposited daily into the cardholder's Venmo account. The rewards structure also pays 3% cash back for paying with Venmo at checkout, at small businesses with a Venmo business profile, and on person-to-person payments for goods and services, and 1% on all other purchases. Alexis Sowa, General Manager of Venmo, said the company built split-to-earn around how customers actually live and spend with friends, adding that the more you do with Venmo, the more you should get back.
PayPal Holdings IncVenmo (PayPal) launches industry-first split-to-earn feature raising cash back to 4% on its credit card.
Visa Inc. Class A
Synchrony FinancialSynchrony issues the Venmo Credit Card, so the new rewards feature could drive more card sign-ups and usage.
CTBC Financial Holding Co Ltd