You might use Venmo to pay back your room mom or donate to the bake sale, but did you know you can use it at regular stores and earn rewards while you’re at it? Venmo just introduced a new rewards program that earns you perks at your favorite store like Target.
Venmo Rewards, which is the company’s first reward program, allows users to earn automatic cash back on purchases when paying with a Venmo card at select retailers. Venmo is launching the new program with limited time five percent cash back deals at Target, Dunkin’, Wendy’s and Sam’s Club.
The cashback earned is deposited straight into your Venmo account and can be used to make payments through the Venmo app or transferred to your linked bank account. In order to sign up for the Venmo Rewards program, you will first need a Venmo debit card. The card, which is free to sign up for, allows Venmo users to shop with their Venmo balance at real-world retailers.
The new Venmo Rewards program will roll out at the beginning of November, just in time for the holiday shopping season.