Cochinoman tech, sushi, poker
You may have heard about Paypal’s Venmo credit card offering. But did you know that you can get Bitcoin and other crypto as cash back from your purchases? Yes, you can. And I do.
To get started, first open a Venmo account:
Next, apply for the Venmo Visa card:
https://venmo.com/about/creditcard/
Once approved, while you wait for your physical card, you can start using it. Go into your Venmo account and touch the “Card” icon (red circle shown below in left screen below). Then touch the large “Credit Card” box on the left.
That will bring up the middle screen shown above with your Visa card statistics. Now, scroll down this screen and you will see the screen on the right screen shown above. While here, notice they give you a “virtual card” with the information you can use with Apple Pay or Google Pay on your phone.
You can also use this virtual card number for online purchases. There are online stores that will refuse the number and you may have to use your physical card. But it’s always safer to use the virtual number in case there’s a hack at the online store. You can also request a new virtual number if you think your number has been compromised.
Towards the bottom of this screen, you will see the “Rewards” section. Here, you can turn on “Purchase crypto” shown in the red circle above. Touch the “Change crypto” to select the crypto that you want. Once you have this setup, when you make purchases with your Venmo Visa, you will earn your selected crypto.
Now start using your Visa credit card. Venmo will automatically figure out what category is your biggest spend. Frankly, I don’t understand why my Chase Visa doesn’t automatically do this for me. Wake up Chase.
In the example below from the Venmo website, the user’s biggest category is Groceries where she will automatically earn 3% (highest of 3 levels). My highest category is “Dining and Nightlife.”
So at the end of the month rewards period, you will get the cash back automatically converted to your selected crypto. Not only is this the easiest way to get crypto, there is no extra charge or fees for doing this. Yes, you heard me. You get 3% crypto cash back with no fees.
If you are new to crypto, this is the best way to get into it because this is money that you already spent. Basically, it’s free crypto. Hello, no-brainer.
