Why this Cashback to Bitcoin, Ethereum, Litecoin, or Bitcoin Cash feature works for this firm

Bitcoin or Ethereum may or may not be the best way to make purchases, but it can still be part of one’s spending strategy — thanks to a growing number of crypto rewards credit cards. Instead of points and miles, risk-taking investors earn rewards redeemable toward certain cryptocurrencies.

Latest development

Paypal-owned payments firm Venmo recently launched a new crypto ‘cash back’ feature by enabling credit cardholders to convert their cash-back rewards into bitcoin and other cryptocurrencies for free.

According to the official press release, Venmo offers its credit cardholders between 1% and 3% cash back on select purchases. The report stated:

‘Each month, customers automatically earn cashback in eight different spending categories, earning up to 3% cashback on their top eligible spend category, 2% back on the second-highest, and 1% back on all other purchases,’

‘Cashback’ is automatically added to a customer’s Venmo account, giving them the freedom to choose from several different ways to use funds – including the new cashback to crypto feature.

At the time of writing, the payment firm supported Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

According to Darrell Esch, SVP and GM, Venmo,

“The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo.”

He further added:

“We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.”

PayPal started offering crypto services since the time it first enabled crypto purchases back in November 2020. As per PayPal’s Q2 earnings call, Venmo’s revenues have surged by 183% year-over-year.