(Pocket-lint) – PayPal-owned Venmo, a mobile app you can use to send funds to others or even receive money, now allows Venmo Credit Card holders to automatically buy cryptocurrency with their cash back earnings.
What’s new with the Venmo Credit Card?
Venmo is a popular service for people who want to split a restaurant bill, for instance, or pay a friend back. But it also offers a “Venmo Credit Card”, which, like the Apple Card, lets you earn up to 3% cash back on purchases. Your cash back is sent right to your Venmo account to spend or send to others. But now, you can use it to buy cryptocurrency, or you can automatically convert your cash back to cryptocurrency.
This all happens directly in your Venmo account.
How to enable cash back to crypto in Venmo
It’s easy. Follow these steps:
- Open the latest version of the Venmo app.
- Navigate to the Venmo Credit Card home screen in the app.
- Select the Rewards tab.
- Select Get Started and agree to the terms
- Select the crypto of your choice, and confirm it.
That’s it. Once enabled, your cash back in your Venmo balance will be immediately used to make a crypto purchase – no other steps required. The idea is it’s a set it and forget it feature. It can also be turned on or off at any time if you change your mind and don’t want to use it.
Are there any transaction fees?
There are no transaction fees when you automatically convert the cash back you earned from your credit card purchases to crypto every month.
When will this feature be available?
The new option is rolling out from 10 August 2021 to Venmo Credit Card holders.
Writing by Maggie Tillman. Originally published on .