Venmo to launch its first credit card in 2020

guest · Oct 17, 2019

Venmo to launch its first credit card in 2020
October 17, 2019
https://techcrunch.com/2019/10/17/venmo-to-launch-its-first-credit-card-in-2020/

Venmo announced today its plans to launch its first-ever credit card. The card is being issued in partnership with Synchrony, already the issuer behind Venmo parent company PayPal’s Extras Mastercard and Cashback Mastercard. The move is meant to help Venmo, a still unprofitable arm of PayPal’s larger business, generate more revenue.

Once the new card is available, Venmo credit cardholders will be able to both apply for the card in the Venmo app and then manage their account from there, if approved. They’ll also receive real-time alerts, and will be able to split purchases using the card.
The launch follows the much-anticipated launch of Apple Card as well as a larger shift in how younger consumers are using payment cards and banking services.

The new co-branded credit card will be launched to U.S. Venmo users in the second half of 2020, the company says. More details about the card, including other perks it may offer, will be available later.
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