Most credit cards these days offer some kind of reward to users, whether it's a percentage of your spending in cash back, airline miles or some other perk. Venmo launched its own credit card last fall, and while it offers up to three percent cash back, the company is now letting users do something relatively unique with that refund. As of today, Venmo credit card users can automatically get that cash back in cryptocurrency.
Once you opt in, you can choose one of four cryptocurrencies to purchase with your cash back: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. There are no transaction fees for the purchase, and the transfer happens automatically. From there, you can turn that crypto back into cash at any time, or change what currency you get each month from your cash back.
This feature builds on the cryptocurrency features that Venmo added to its app earlier this year. Since April, Venmo users have been able to buy those same four cryptocurrencies directly in the app, so a feature to easily turn cash back into crypto might make it easier for more people to dip their toes into the Bitcoin world.