NEW YORK—Venmo Credit Card users can now automatically purchase cryptocurrency using cash back earned from card purchases.
The new feature "expands choice in how customers can spend their cash back while allowing them to start exploring crypto," according to the mobile payment service, which added cryptocurrency features to its app earlier this year.
PayPal-owned Venmo in April jumped onto the crypto bandwagon, introducing the ability to buy, hold, and sell Altcoin online, PC Mag explained.
The first Venmo credit card, issued by Synchrony and backed by Visa, launched last fall in the U.S., offering a cash back rewards program that adapts to a person’s spending habits. Each month, users earn 3% and 2% on their highest and second-highest spending categories, respectively, and 1% on all other purchases.
The ability to use Venmo’s Cash Back to Crypto service will become available to all eligible customers "in the coming weeks," PC Magazine said.