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Venmo introduced the first credit card with a maximum cashback of 3%.
Venmo, PayPal's mobile payment service, launched the first credit card-Venmo credit card. The company said that it has invited "select users" to experience and plans to open it to everyone in the next few months. Users can submit applications through the Venmo application. It is reported that this kind of credit card has a low application threshold, as long as they live in the United States, have a Venmo account and use it for at least 30 days.

In the Venmo application, users can directly manage Visa cards, and users can view your consumption records, track your rewards, make payments (you can use Venmo balance to repay) and purchase in installments. Users can use virtual cards for online shopping.

Like the Venmo account, the Venmo card will have a unique QR code on the front, and others can scan, send or request payment with the mobile phone camera. They also have an RFID chip that allows peer-to-peer payment transactions. You can choose one of five designs.

Although many plans have built a cash reward incentive mechanism according to the categories they choose (for example, Amazon's credit card gives a maximum rebate of 5% when shopping in Amazon and Whole Foods Supermarket; The rebate for gas stations, restaurants and pharmacies is 2%; Everything else is 1%), but Venmo's card will reward cash back according to your own consumption habits.

Venmo will classify your shopping behavior, including catering and nightlife, travel, bills and utilities, health and beauty, groceries, gasoline, transportation and entertainment. Your "highest expenditure" category (the category that you spent the most during the reporting period) will receive a cash return of 3%, the second highest expenditure category will receive a cash return of 2%, and other categories will receive a cash return of 1%. There is no annual fee for this card, but there are other typical fees, such as cash advance, deferred payment and refund payment, as well as interest.

At the end of each reporting period, your cash bonus will be automatically transferred to your Venmo account. Then, you can use it like a Venmo balance: you can pay friends, shop online or transfer money to a bank or debit card associated with your Venmo account.