Introducing the Venmo credit card

Issued by Synchrony and powered by Visa, the very first Venmo credit card offers automatic cash back on every purchase, personalized rewards and a mobile first experience

SAN JOSE, California, October 5, 2020 / PRNewswire / – Venmo today introduced its very first Venmo credit card, issued by Synchrony (NYSE: SYF) and powered by the Visa network, which offers customers automatic cash back on every qualifying purchase, an experience of personalized reward and the possibility to manage the card directly in the Venmo app. Card opens new ways for the Venmo community of over 60 million customers to buy, share or split purchases and earn money – everywhere Visa® credit cards are accepted.

The Venmo Credit Card is available in five vibrant and colorful designs.

The Venmo Credit Card provides the Venmo community with a dynamic rewards experience that only Venmo can deliver, maximizing the opportunities to earn money. Every month, customers automatically earn Cash Back on the categories where they spend the most, up to 3% Cash Back * on their highest spending category, up to 2% on the second highest spending category high and up to 1% on all other purchases. The main spending categories change based on the customer’s monthly spending habits, allowing customers to get the most out of their purchases, without expiration of earned cash rewards. Cash Back is automatically added to a customer’s account with Venmo, giving them the freedom to choose how to use the funds – if they want to make statement payments, send money to friends with the Venmo app, make purchases from millions of online and mobile retailers that accept Venmo at checkout, or transfer those funds to a linked bank account or debit card.

Why people will love the Venmo credit card:

  • Personalized rewards experience. The card provides a unique and intelligent rewards system capable of managing and personalizing the consumption habits of each customer. The top expense categories change each month based on where customers spend the most. Customers earn cash back rewards in eight different spending categories: groceries, bills and utilities, health and beauty, gasoline, entertainment, food and nightlife, transportation and travel.

  • Easily track and manage finances. The Venmo Credit Card offers customers an easy way to manage their card and spending right in the mobile app. Customers can track real-time activity organized by expense categories, split and share purchases, view cash back status, make payments, manage credit card and more, all in the app . Additionally, customers can choose to receive real-time alerts to help them see when and where purchases are made, and when cash back is being applied to their account.

  • Custom card design. Available in five vibrant and colorful designs, each card is printed with a customer’s unique QR code on the front, creating a separate card design for each customer. The QR code can be scanned through a cell phone’s camera to activate the card, or in the Venmo app by friends to send payment or split purchases.

  • Buy virtually. Customers have access to a virtual card, which allows them to make purchases online at any time, even before their physical card arrives in the mail.

  • More secure and contactless payments. The Venmo credit card is equipped with an RFID chip, so customers can pay at the point of sale, allowing minimal contact, instead of inserting the chip or swiping their card at the point of sale.

  • Hassle-free card management. If the card is lost or stolen, customers can quickly and easily freeze their physical card directly from the app and continue to use their virtual card to shop online.

  • Powered by Visa. Venmo Credit Card Offers Cardholder Benefits, Including Visa’s Zero Liability Policy[1], which protects cardholders from being liable for unauthorized charges made with their account or account information, in addition to emergency money transfers and travel protection services.

  • No annual fee **. No foreign transaction fees.

“We are delighted to introduce the Venmo Credit Card, offering our community a new kind of mobile-first credit card – backed by Visa – that only Venmo and Synchrony can provide,” said Darrell esch, Senior Vice President and General Manager, Venmo. “The card gives our customers the same unique Venmo experience they already know and love, in an intuitive and easy-to-use card and rewards program, all managed and controlled seamlessly from within the Venmo app. Venmo has become an integral part of the way our community spends, shares and manages their money, and the Venmo Credit Card is another way to extend Venmo’s capabilities in people’s daily lives. “

“We are delighted to deepen our long-standing relationship with PayPal and Venmo to market the Venmo / Synchrony card,” said Dennis Bauer, senior vice president and general manager of PayPal and Venmo at Synchrony. “The Venmo credit card sets a new standard in the industry with its self-personalized rewards program in a native app experience that we believe Venmo customers will find very appealing.”

“Venmo is one of the first platforms to successfully combine payments and large-scale social experiences,” said Matt Dill, Senior Vice President Global Head of Digital Partnerships & Ventures at Visa. “We are truly excited to help take this unique capability to the next level by partnering with Venmo and Synchrony to introduce a first digital Visa credit card that will connect the Venmo community to Visa sellers around the world. “

The Venmo credit card is now available to select customers using the latest version of the Venmo app and will be available to all eligible Venmo customers in the United States in the coming months. To learn more, visit venmo.com/about/creditcard.

About PayPal
PayPal has been at the forefront of the digital payment revolution for over 20 years. By leveraging technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform enables more than 300 million consumers and merchants in more than 200 markets to join and thrive in the world. Mondial economy. For more information visit paypal.com.

About synchronization
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs, as well as innovative banking products for consumers, in key industries including digital, retail, home, automotive, travel, health and animals. of company. Synchrony allows our partners to increase their sales and retain consumers. We are one of the largest private label credit card issuers in United States; we also offer co-branded products, installment loans, and consumer finance products for small and medium-sized businesses, as well as healthcare providers.

Synchrony is changing what’s possible with our digital capabilities, deep industry expertise, actionable data insights, seamless customer experience, and personalized financing solutions.

For more information visit synchronie.com and Twitter: @Synchrony.

* Use of cash back is subject to Venmo account terms. View the Venmo credit card Rewards program conditions for details.

**See Conditions and prices for new Accounts.

1Visa’s zero liability policy does not apply to transactions not processed by Visa. Cardholders should take care to protect their card and immediately notify their issuing financial institution of any unauthorized use. Contact your transmitter for details.

Venmo credit card is issued by Synchrony Bank under license from Visa United States Inc. Visa is a registered trademark of Visa International Service Association and used under license.

Venmo is a service of PayPal, Inc. (“PayPal”), an authorized provider of money transfer services. All money transfers are provided by PayPal in accordance with PayPal’s licenses. PayPal’s NMLS ID is # 910457.

Contacts for media relations

Venmo
Jaymie sinlao
[email protected]

Synchrony
Lisa lanspery
[email protected]

Easily track and manage finances.

Easily track and manage finances.

Each Venmo credit card is imprinted with the customer's unique QR code on the front.

Each Venmo credit card is printed with a customer’s unique QR code on the front.

The Venmo credit card is equipped with an RFID chip, which allows customers to pay at the point of sale.

The Venmo credit card is equipped with an RFID chip, which allows customers to pay at the point of sale.

The QR code on the front of the card can be scanned through a cell phone's camera to activate the card, or in the Venmo app by friends to send payment or split purchases.

The QR code on the front of the card can be scanned through a cell phone’s camera to activate the card, or in the Venmo app by friends to send payment or split purchases.

Cision

Cision

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SOURCE PayPal, Inc.



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