Venmo Credit Card Introduces ‘Cash Back to Crypto’ Feature

Funto OmojolaAug 10, 2021

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies.


Venmo has upped its crypto game. Starting Aug. 10, 2021, holders of the Venmo Credit Card will gain the option to automatically purchase cryptocurrency using cash-back rewards earned from their card, with a new feature called Cash Back to Crypto.

When you opt to enable the auto-purchase feature of the Cash Back to Crypto option, you won't incur an additional transaction fee. But a cryptocurrency conversion spread will be built into each monthly transaction. That means Venmo will charge a small spread (or margin) between the crypto market price and the current exchange rate.

Cardholders can enable this new feature by selecting the Rewards tab on their home screen and can choose from four cryptocurrencies to purchase: bitcoin, ethereum, litecoin or bitcoin cash. Users will then be able to choose to sell or hold their crypto through the Venmo app.

Note that customers can change which crypto they want to purchase, and that the auto-purchase feature can be turned off at any time.

Nerdy tip: Customers could previously use their Venmo balance to purchase crypto, but this new feature auto-redeems all of the monthly cash-back rewards earned from the Venmo card for crypto purchases. When you're not enrolled in the Cash Back to Crypto auto-purchase feature and you choose to redeem your rewards for crypto, you will be charged an additional transaction fee.

The $0-annual-fee Venmo Credit Card earns the following rewards:

  • 3% cash back in your top spending category per billing cycle.

  • 2% back in your second-highest spending category per billing cycle.

  • 1% back on all other purchases.

In addition to cryptocurrency purchases, rewards earned from the card can be applied to your credit card bill or transferred to a linked bank account, as well as used to make purchases from merchants that accept Venmo or to send money through the Venmo app.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.