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Venmo just turned splitting the bill into a credit card rewards category

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Venmo just turned splitting the bill into a credit card rewards category

Splitting the dinner bill with your friends could soon earn you a little extra cash.

Venmo is overhauling its credit card rewards with a new perk designed specifically for splitting the bill. Starting October 15, new Venmo Credit Card customers can earn up to 4% cash back on eligible dining and entertainment purchases, but there’s a catch: To get the full 4%, you’ll need to make your friends pay you back.

Cardholders will automatically earn 3% cash back on eligible dining and entertainment purchases, including restaurants, food delivery, streaming services, and event tickets. If you then split that purchase with a friend through Venmo and get paid back within 30 days, you’ll earn another 1% cash back. Venmo is calling the new feature “split-to-earn” and says it’s an industry first.

“Venmo users have always been social spenders. They go out together, they split the bill, and they settle up in the app,” Alexis Sowa, general manager of Venmo, said in announcing the changes. “We built split-to-earn around how customers actually live and spend with friends, and it delivers on something we believe in deeply: the more you do with Venmo, the more you should get back.”

Say you go out for a $200 dinner with three friends and put the whole thing on your Venmo Credit Card. That purchase would automatically earn 3% cash back.

After dinner, you can find the transaction inside the Venmo app and send your friends requests for their shares of the check. If they pay you back within 30 days, the purchase qualifies for the additional 1%, bringing the total cash-back rate to 4%.


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