Most credit cards now give some sort of incentive to customers, whether it’s a percentage of your spending in cashback, airline miles, or some other benefit. Last fall, Venmo created its own credit card, and while it offers up to 3% cashback, the firm is now allowing users to do something unusual with their refund.
Venmo credit card customers can now get their money back in cryptocurrency immediately.
Once you sign in, you can spend your cashback on one of four cryptocurrencies: Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. There are no transaction fees associated with the purchase, and the transfer occurs automatically.
You can then convert that cryptocurrency back into cash at any time, or change the currency you receive each month from your cashback.
This feature expands on the cryptocurrency features added to Venmo’s app earlier this year. So far, Venmo users have been able to buy those same four cryptocurrencies directly in the app since April.
So a feature that allows users to easily convert cash back into cryptocurrency may make it easier for more people to get their feet wet in the Bitcoin world.