Venmo is one of the more popular mobile payment apps out there, and now it seems that it’s going to take things one step further by getting into the credit card business. Today, PayPal – which is Venmo’s parent company – and Synchrony announced that the new credit card will be arriving next year, with Synchrony acting as the issuing bank for the card.
At the moment, there aren’t a ton of details about this credit card, probably because it isn’t slated to launch until the second half of 2020. That means it could still be more than a year away, so details like interest rates and rewards probably haven’t been hammerws out yet. We know the card will be targeted at millenials, though, with Synchrony saying as much in a press release today.
Though details about the card itself are rather sparse at the moment, Synchrony’s announcement did say that users will be able to apply for it, use it, and manage the account associated with it all through the Venmo app. “In addition, cardholders will receive real-time alerts and can interact in new ways including splitting and sharing purchases,” Synchrony said.
It isn’t all that surprising to see Venmo go this route. Venmo is more or less the go-to mobile payment app out there, and with PayPal already offering a credit card of its own, it was only a matter of time before Venmo followed suit. There’s also the fact that Venmo already offers a debit card, so a credit card was the next logical step.
Venmo isn’t the only company to decide to get into the personal finance game recently. Apple has done the same with its Apple Card, which was launched just a couple of months ago, and back in 2017, Sony did the exact same thing with its PlayStation card. It seems the lure of slapping your brand on a credit card is too great for many companies to ignore these days, but in any case, we’ll keep our ear to the ground for more on Venmo’s credit card.