Venmo to allow credit card holders to convert cash back to crypto
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 earned from their card purchases. The new feature, which further enhances the Venmo Credit Card’s dynamic rewards experience, expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment they know and love.
Starting today, Cash Back to Crypto will be rolling out to Venmo Credit Cardholders, offering more ways to use cash back and expanding on Venmo’s crypto functionality, which launched earlier this year. Customers will be able to manage their cash back to crypto auto-purchases in real time and can choose to change their crypto of choice at any time. Purchases made from their Venmo account using the auto-purchase feature with Cash Back to Crypto will not have any transaction fee associated with the purchase, with a cryptocurrency conversion spread built into each monthly transaction.