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PayPal Venmo Allows Credit Cardholders to Buy Cryptocurrency With Cashback

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Highlights:

  • PayPal Venmo allows credit cardholders to buy crypto with cashback.
  • This way of acquiring crypto will not be subjected to any fees.
  • Any rewards converted to crypto will remain in their Venmo app unless they choose to sell them.

PayPal Venmo launched a credit card feature that allows users to convert their cash-back rewards into bitcoin and other cryptocurrencies for free. Venmo lets cardholders set an auto-purchase for the cryptocurrency of their choice to be made as soon as they receive their cash-back reward upon purchasing with the card. That conversion is free of transaction fees to customers, and they’ll get the price of the cryptocurrency at the time of the conversion.

The users can at any time hold or sell such assets within the Venmo app and change their choice of cryptocurrency. Other finance firms and startups have also started offering more crypto options, with Renaud Laplanche’s Upgrade Inc. introducing a Bitcoin rewards card in July.

Venmo senior vice president and general manager Darrell Esch said:

“The Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto. Cardholders will be able to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through the “Cash Back to Crypto” feature and will not be charged fees for the transaction. The peer-to-peer payment service already allows its more than 70 million users to purchase the four cryptocurrencies through its direct buying option, which was introduced in April and carries a fee”.

Venmo and PayPal maintain their tiered fee structure for regular buying and selling starting at 50 cents for transactions under $25. From $25 to $100, it charges 2.3%. It assesses a 2% fee for transactions between $100 and $200; 1.8% for transactions between $200 and $1,000; and 1.5% for anything above $1,000.

To enable Cash Back to Crypto:

  • First, navigate to the Venmo Credit Card home screen in the application.
  • Select the Rewards tab and click on the “Get Started ” option.
  • From here, agree to the terms, select the crypto of their choice, and confirm their selection.
  • Once enabled, when the cash-back funds hit the customer’s Venmo balance, the money is immediately used to make a crypto purchase — no interaction on the user’s part is required.

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