PayPal’s launching of a Venmo credit card gives it one more way to monetize the peer-to-peer (P2P) payments platform.
It also gives Venmo one more selling point as Square’s rival Cash App grows at a dizzying pace.
The Venmo Credit Card, which was revealed on Monday morning, relies on Visa’s payment network, has no annual fees and can be managed via the Venmo app. Among its key selling points: A dynamic rewards system in which users get 3% cash back (automatically deposited to a Venmo account) on purchases made within their top spending category, 2% back on purchases made in the second-highest category and 1% back on all other purchases.
The card will also feature a custom QR code that can be scanned to let users send money to and split purchases with