Credit cards can be your asset or a liability depending upon your usage and how you perceive it to be. However, we are all aware that when we use these cards, banks automatically provide us with some percentage of what we spend as cashback rewards to keep their customer base loyal and happy. Cashback rewards can depend on anything from a percentage of your expenditure with the card to miles on your flight, and much more.
Having said that, Venmo offers an application that allows users to make their payments and share money with friends and family for different services that the platform provides. Now, this company is doing something very unique with its credit card cashback rewards and hopefully, the industry will follow.
Venmo credit card users can now convert their cashback rewards into cryptocurrency, free of cost with no extra conversion charges. This is something relatively unique that Venmo is doing and there is no chance that industry leaders will not follow this trendsetter. So, Venmo credit card users can automatically earn their cashback rewards in cryptocurrency without any effort. The feature launches today!
However, there is one so-called limitation to this feature that users can only opt from the four specified cryptocurrencies i.e., Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Credit card users will have to choose from one of these four cryptocurrencies to begin receiving cashback in them. Nonetheless, there is no transactional fee on these cryptocurrencies and users can opt for any one of them for free and the transfers happen automatically.
As you can see, Venmo is going places with its credit car features and there is no reason for users to not buy their credit cards. This added advantage is huge for the industry, especially when cryptocurrency prices are soaring high. Cryptocurrencies are the potential financial structure for the future that the world is beginning to embrace at the moment and will continue to do so for a long time.
The good thing about Venmo’s initiative is that it is not binding to convert your cashback rewards to cryptocurrency and the fact that you can turn your crypto back into cash at any moment with your choice is what makes it more interesting. The value for cashbacks is usually not that high to convert into cash and cryptocurrency makes it an investment whose value is going to depend on the market.
Venmo has begun a revolution in the financial market with this new feature and from what I understand in the financial world, major banks and card issuers will soon introduce this feature in their cards as well. So, if you don’t want to buy a Venmo card, wait for some time to get those same offers or even better ones on your existing credit card.