A credit card that can automatically purchase crypto assets with cash back

Venmo, a mobile payment service under PayPal, has announced the introduction of the Cash Back to Crypto credit card, a new feature that automatically purchases crypto assets as a fee with up to 3% cashback.

The newly introduced automatic cashback crypto asset purchase function can be used with the Venmo Credit Card, a credit card provided by Venmo. This card payment automatically categorizes eight spending categories: restaurants and entertainment, travel, bills and utilities, health and beauty, food, gas, transportation, and entertainment, with a 3% reduction in the highest paid spending category per period, 2 A 2% reduction is applied to areas with the highest expenditure, and a reduction of 1% is applied to other expenditure categories.

The return is deposited into your Venmo account and automatically converted into crypto assets every month. The cryptographic assets to be converted are 4 types of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Selecting the Buy crypto toggle switch will activate the auto-purchase feature, and you can turn off the auto-order feature at any time. The purchase of crypto assets through the automatic purchase feature does not incur transaction fees, but includes margin when converted.

From March 2021, PayPal has been providing a service that automatically converts crypto assets called Checkout with Crypto into fiat currency and pays them. .

Venmo is pleased to introduce this feature to the Venmo platform, providing customers with a new way to pay and manage their Venmo credit card and crypto assets capabilities. Related information can be found here.