Want to use your Venmo Credit Card cash back to get into cryptocurrency? Read on to learn more.
How does Cash Back to Crypto work?
When you sign up for Cash Back to Crypto for your Venmo Credit Card, we’ll use your normal cash back from your Venmo account to buy the cryptocurrency of your choosing. You can hold that crypto, buy more crypto, or sell it when you want.
How do I turn on/off Cash Back to Crypto?
You can turn Cash Back to Crypto on and off in the Venmo Credit Card section of the Venmo app. Tap the toggle for Purchase crypto. At the end of your next reward cycle, your cash rewards transferred to your Venmo account will reflect how you have the toggle set.
Can I change which crypto I purchase for my Cash Back to Crypto?
You can update which crypto will be purchased for your Cash Back to Crypto from your Venmo account in the Venmo Credit Card section of the Venmo app:
- Tap Manage in the rewards tab
- Tap Change crypto
- Pick a different cryptocurrency.
Will I be charged a fee for the crypto I get for my Cash Back to Crypto?
We waive the normal crypto transaction fees for Cash Back to Crypto auto-purchases made from your Venmo account. Please note that you would still incur fees for any crypto that you purchase or sell outside of the Cash Back to Crypto. The exchange rate for any crypto transaction includes a spread that Venmo earns on each purchase and sale. Learn more about the fees for buying and selling crypto on Venmo.
Can I sign up for Cash Back to Crypto if I live in Hawaii?
Venmo has not expanded cryptocurrency services to Hawaii at this time. This includes Cash Back to Crypto from your Venmo account for the Venmo Credit Card. Please keep an eye out for future updates.
When do I get my Cash Back to Crypto?
Your cash back rewards transfer to your Venmo account 1-3 days after statement end.
If you have questions about anything related to cryptocurrency, please contact Venmo. If you have questions about your billing cycle and rewards cycle timing, please contact Synchrony Bank at 855-878-6462.
Do I pay taxes on the crypto I get for Cash Back to Crypto?
You will need to report gains or losses from the sale of crypto on your taxes. This includes the crypto you purchase and sell by using Cash Back to Crypto for the Venmo Credit Card. For any tax advice, you would need to speak with a tax expert. Learn more about taxes for cryptocurrency on Venmo.
I got cash back instead of crypto. Why?
If your rewards are ever less than a dollar at the end of your reward cycle, Venmo will provide that to you as cash back. We’ll only auto-purchase crypto for you if the cash back is greater than a dollar.
My reward cycle is ending and I don’t like the price of my currently selected crypto. What should I do?
You can enable and disable Cash Back to Crypto for the Venmo Credit Card in the Venmo Credit Card section of the Venmo app. You’ll get your rewards in your Venmo account in the form you’ve selected at the end of the cycle. Please note that we can't reverse any crypto auto-purchases once they've been made.