PayPal To Launch a Venmo Credit Card in 2020
PayPal and Synchrony are extending and expanding their credit card partnership. As part of the expansion, Synchrony will become the exclusive issuer of the Venmo credit card. The card will be launching in the second half of 2020.
Rumors of an upcoming Venmo credit card first surfaced in April 2019. Sources told The Wall Street Journal that PayPal would announce the card by the end of the year. The Venmo debit card launched last year, giving users instant access to funds in their Venmo wallet.
The Venmo credit card will tap into Venmo’s social analytics to create a “personalized shopping experience” for users. Cardholders will be able to monitor card transactions and balances through the Venmo app, and set up real-time alerts for purchases.
The Venmo card will have new options for splitting and sharing purchases. Earlier this week, American Express announced that cardholders can now split payments on their account using PayPal or Venmo.
PayPal and Synchrony have worked together for over 15 years. They launched the first PayPal cash back credit card in 2017, which offers 2% cash back on all purchases. There is currently no information about a rewards program for the new Venmo credit card.