Venmo Credit Card users can now automatically purchase cryptocurrency using cash back earned from card purchases.
The new feature "expands choice in how customers can spend their cash back while allowing them to start exploring crypto," according to the mobile payment service, which added cryptocurrency features to its app earlier this year.
PayPal-owned Venmo in April jumped onto the crypto bandwagon, introducing the ability to buy, hold, and sell altcoin online, where users can view trends, access guides, and "share their cryptocurrency journey with friends."
To start earning digital gold, visit the Venmo Credit Card home screen > Rewards tab > Get Started, then select your token of choice: Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. Navigate to the Rewards tab any time to toggle on or off the auto-purchase feature and change your preferred currency type. A conversion spread is built into each monthly transaction, so there are no additional fees, and customers are welcome to hold or sell their crypto within the Venmo app.
The very first Venmo credit card, issued by Synchrony and backed by Visa, launched last fall in the US, offering a cash back rewards program that adapts to your spending habits. Each month, users earn 3% and 2% on their highest and second-highest spending categories, respectively, and 1% on all other purchases. The ability to use Cash Back to Crypto will become available to all eligible customers "in the coming weeks."