Press Release: Presentation of Cash Back to Crypto with the Venmo Credit Card

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A new feature allows Venmo credit card holders to use monthly cash back in their Venmo account to automatically purchase the cryptocurrency of their choice, with no transaction fees.

SAN JOSE, Calif., Aug. 10, 2021 / PRNewswire / – Venmo today announced Cash Back to Crypto, a new way for Venmo credit card customers to automatically purchase cryptocurrency from their Venmo account using cash back rewards earned on their card purchases. The new feature, which further enhances the dynamic reward experience of the Venmo credit card, expands the choice of how customers can spend their money while still allowing them to start exploring crypto in the Venmo environment. they know and love.

Starting today, Cash Back to Crypto will be rolled out to Venmo credit cardholders, offering more ways to use Cash Backs and extending the crypto functionality of Venmo, which launched earlier this year. Customers will be able to manage their cashback for automatic crypto purchases in real time and will be able to choose to change their crypto of choice at any time. Purchases made from their Venmo account using the automatic purchase feature with Cash Back to Crypto will have no transaction fees associated with the purchase, with a cryptocurrency conversion spread built into each. monthly transaction.

“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 purchase automatically and seamlessly. ‘one of the four cryptocurrencies on Venmo,’ Darrell said. Esch, Senior Vice President and General Manager, Venmo. “We’re excited to bring this new level of functionality interconnectivity to the Venmo platform, connecting our Venmo credit card and crypto experiences to give our customers another way to spend and manage their money with Venmo. ”

Using Cash Back to Crypto To activate the new Cash Back to Crypto feature, customers can go to the Venmo credit card home screen and select the Rewards tab, then “Get started”. Once customers agree to the terms, they will be able to select the crypto of their choice, with a confirmation screen presented. Customers can go to the Rewards tab at any time to turn the auto-buy feature on or off, or even change the crypto they want to buy this month.

With Transparent Auto Buy, once customers receive their money in their Venmo balance each month, those funds are used to automatically purchase the selected crypto without any action required. Once completed, customers can choose to hold or sell the crypto in the Venmo app at any time.

Venmo Credit Card Venmo’s first ever credit card offers the Venmo community an exciting way to access the simplicity, convenience and fun of Venmo in their daily lives. The card can be used anywhere Visa® credit cards are accepted, enabling customers to shop at millions of retailers worldwide in-store and online, and has a smart and personalized rewards system that maximizes the opportunities to earn money. Each month, customers automatically earn Cash Back in eight different spend categories, up to 3% Cash Back * on their first qualifying spend category, 2% on the second, and 1% on all other purchases. Their top two spend categories adjust each month based on where they spend the most, allowing customers to get the most out of their cash back.

Cashback is automatically added to a customer’s Venmo account, giving them the freedom to choose from different ways to use the funds, including the new Cash Back to Crypto feature.

Crypto on Venmo With Crypto on Venmo, customers can view cryptocurrency trends, buy or sell cryptocurrencies, and access in-app guides and videos to answer frequently asked questions and learn more about the world of cryptography. Cash. When making transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.

Cash Back to Crypto is rolling out to Venmo credit card customers starting today and will be available to all eligible Venmo credit card holders in the coming weeks.

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 400 million consumers and merchants in more than 200 markets to join and thrive in the world. Mondial economy. For more information, visit paypal.com.

* Use of cash back is subject to Venmo account terms. See the Venmo Credit CardRewards terms and conditions for more details.

The Venmo credit card is issued by Synchrony Bank pursuant to a license from VisaUSAInc. 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 Tom Hunter [email protected]

Jaymie Sinlao [email protected]

SOURCE PayPal Holdings, Inc.

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