Listen Now: A Social Credit Card
The money sharing site Venmo is getting into the credit business.
Venmo is the app which lets people pay and request money from their friends. People use it to pay bills, split dinner bills, and tip hairdressers.
Now the app is unveiling its first credit card. In a statement Monday, the company said the Venmo Visa credit card is “super social” and can be managed through the app.
The card has no annual fees and gives users the opportunity to earn rewards, based on where they spend their money. Three percent cash back on groceries, two percent on transportation and one percent on everything else. Those number can be adjusted based on how you spend.
The cash back you earn can also be used to pay your credit card bill. In an effort to stay true to its roots, the credit card can make it easier for people to send you money.
Each card has a QR code on the back—someone simply scans it in order to pay you through the app. Plus, it comes in a variety of colors.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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