Venmo is to Roll Out Their First Credit Card in 2020
Yesterday Venmo, a service owned by PayPal, that allows their account holders to transfer funds to others via their mobile phone app, announced its new credit card. The credit card will be issued by Synchrony Financial whose partnership with PayPal has earlier brought us the PayPal Extras Mastercard and the PayPal Cashback Mastercard. According to the company official, the launch is expected in the second half of 2020.
It will be recalled that Venmo already offers a tap-to-pay debit card – the Venmo Mastercard. The card comes with no fees for purchases and provides free cash withdrawal options. Current Venmo digital wallet users can easily apply for it in the app. The debit card is issued by The Bancorp Bank. Still, credit cards are something of a novelty to the company. Thus, the new card is to make Venmo’s debut in the credit card sector.
Darrell Esch, senior vice president of credit at PayPal, said in an interview with CNBC: “The next natural extension was to have a Venmo credit card. This rounds out what was otherwise a gap with the debit card.” Obviously, Venmo and PayPal assume this solution to bring the companies additional revenue.
Unfortunately, new card’s features remain secret for now, since Esch abstained from disclosing those. The only thing mentioned so far is real-time alerts for purchases and the opportunity to split and share purchases. One can only guess what fees, interest rates, and benefits the card will offer, and what category of applicants will be welcomed to apply for it.
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