Venmo allows users the option to automatically turn cash-back into a cryptocurrency of their choice. Here’s how it works and how to get started.
Venmo allows users the option to automatically turn cash back rewards into a cryptocurrency of their choice, minus any applicable transfer fees. The process itself is pretty straightforward but there are a couple of things users should keep in mind before setting the automatic transfers up. Venmo has proven to be a popular option for a variety of money-related reasons, from simply receiving money to splitting taxi fees.
The company, which is part of fintech giant PayPal, started over a decade ago, and was popularized by users who frequently engage in quick and reliable money transfers, or those who want to split bills with their friends. One of its biggest draws is its promising Rewards Program, which gives cash back depending on where the service was used and the frequency of expenditure. Now that its parent company is fully embracing cryptocurrency, it was only a matter of time before crypto tricked down to Venmo’s Rewards system as well.
Venmo Credit Card users can convert their cash-back into cryptocurrency. Cardholders can earn as much as 3-percent cash back on eligible purchases made with a Venmo Visa credit card. These amounts can then be automatically converted to any cryptocurrency currently being offered, namely Bitcoin, Bitcoin Cash, Ethereum and Litecoin. From here, users can then use the Venmo app to either sell the cryptocurrency immediately or hold on until its value reaches a desired amount.
How To Convert Cash Back To Crypto Using Venmo
With many big-name investors hoping for cryptocurrency to succeed, perhaps it’s wise to also invest in something that can potentially grow even bigger than the minimal, likely static money value one can get from cash-back. To get started, users will first need to visit their Venmo Credit Card homepage and then select the Rewards tab. After tapping on “Get Started” and agreeing to the terms presented, users will have the option of choosing their preferred cryptocurrency.
Users can also change the type of cryptocurrency they want to invest in on a monthly basis, as well as toggle the auto-conversion feature on or off via the same Rewards tab, which is useful since cryptocurrencies can often change in value separately or simply depreciate altogether. While the process won’t come with any transaction fees, it’s worth noting that the exchange does have an adjusted conversion spread, which means users will be getting a lesser amount of cryptocurrency than its actual market value. Of course, it’s also worth pointing out that the value of cryptocurrencies are still volatile, and can spike dramatically upwards or dip dangerously low, so it’s always best to tend to such investments cautiously.
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