Venmo credit cardholders have now the possibility to convert their cash back rewards into digital currency.
The new feature offered by the PayPal-owned firm went live on Tuesday. Venmo users can use the “Cash Back to Crypto” service with no transactions fees on crypto purchases. Four different virtual assets will be offered to the customers: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
“The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo.”Darrell Esch, SVP and GM of Venmo stated.
Venmo cardholders can get the new feature by selecting the rewards tab of the credit card that can be found on the home screen. Conversion fees for switching between assets are calculated into each transaction statement that is done monthly. Users can purchase manually or set up the automatic method.
“We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.”Darrell Esch, SVP and GM of Venmo stated.
PayPal launched Crypto on Venmo in April. The feature allows users to purchase, hold and sell digital currencies with $1 worth of crypto. They will also have access to videos, trends, and guides related to virtual assets, simplifying their trading experience while helping them answer some frequently asked questions.
“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives.”