Venmo launches new cash back rewards program

Venmo has entered the card rewards space with a new program aimed at increasing cash back earnings.

The money movement platform recently launched Venmo Stash*, a tiered cash back rewards program for Venmo Debit Mastercard®** members. Venmo Stash allows cardholders to earn up to 5% cash back on qualifying purchases that are part of three designated bundles offered by retailers and service providers, which cardholders can switch every 30 days.

If Venmo is your preferred way to send and receive money, and you’re an existing Venmo debit card holder (or planning to get one) and want a way to earn cash back on the platform for purchases you’ve already made, Venmo Stash has your call.

That’s why those who value simplicity and flexibility when it comes to earning and redeeming rewards will want to consider this program.

What is Venmo Stash?

Here’s how Venmo Stash works: First, you select a bundle that includes a specific brand, and for 30 days, you’ll earn 1% cash back on every purchase you make with your Venmo debit card (tied to your Venmo balance) from the retailers in the selected bundle.

Currently, the bundles are broken down as follows:

• Bundle 1: Walmart, Taco Bell, Lyft, GameStop and ESPN
• Bundle 2: Target, McDonald’s, TikTok Shop, Uber and Uber Eats
• Bundle 3: DoorDash, Amazon, Walgreens and Taco Bell

Each bundle has multiple stores and services to choose from, allowing you to tailor the bundle to your specific spending habits. But remember, once you select a bundle, you’ll be locked into that selection for 30 days.

I get immediate value from certain combos at restaurants (don’t sleep on the French Vanilla Latte at McDonald’s!) and services like DoorDash because I usually get lunch delivered when I’m stuck at my desk.

I also like that the bundles are not permanent and you can replace them every month or so. This is a huge win for me because I value the freedom that flexibility brings.

How to use Venmo Stash

To double your rewards rate and earn 2% net cash back on your transactions, you can choose to turn on auto-recharge so you always have cash in your debit card balance.

If you’re going all-in and want to earn the top 5% cash back rate, you’ll need to set up recurring direct deposits of at least $500 per month to qualify.

As a Venmo debit card holder, you don’t have to worry about maintaining a set minimum balance or paying monthly fees – an ideal option for those who want the ease of a free online banking experience.

Venmo Stash cash back is added to your Venmo balance, providing a seamless redemption experience. You should see your cash back rewards arrive in your account in approximately 30 days, but it may take longer.

What else should you know about Venmo Stash?

Venmo Stash offers up to $100 in cash back per month. That means no matter how much you spend with your Venmo debit card, you can earn up to $1,200 in cash back rewards each year.

To qualify for the maximum $100 monthly reward, debit card holders must spend at least $2,000 per month at the 5% cash back rate.

You can also take advantage of exclusive offers with your Venmo debit card that provide additional savings and the potential to earn rewards on specific purchases (think: groceries and entertainment expenses).

To activate the offer:

• Sign in to the Venmo app.
• Click Venmo Debit Card under “Cards.”
• Click to activate each offer that interests you and start earning cash back on your purchases.

Best of all, you can double up and earn cash back using Venmo Stash along with the offers you activate.

I like to rack up rewards whenever I can, which is why in addition to constantly browsing PayPal Honey, I’m always browsing for offers on the card (if you know it, you know it). If you’re as keen on deals as I am, you’ll likely have fun searching for Venmo debit card deals to use with your designated bundle.

Venmo loyal users, this rewards program is just for you

For me, cash back isn’t as good as earning transferable points and miles, but it’s still part of my overall rewards strategy. Find yourself in the same boat? Or maybe you prioritize cash back as your reward currency of choice? Either way, Venmo Stash is a great option.

Don’t have a Venmo debit card? no problem. Signing up is free and you can add your new card to your mobile wallet instantly, meaning you can start earning cash back immediately. The Venmo Debit Card lets you withdraw cash from thousands of MoneyPass® ATMs across the United States, but I recommend using your balance to make purchases so you can earn cash back through Venmo Stash.

If you like a diverse rewards package, the Venmo Debit Card and Venmo Stash rewards program may benefit your strategy. If you prefer cash back over all other reward types and using Venmo to manage your money, then this customizable rewards program is designed for you. Learn more and register here.

*Venmo Stash terms and exclusions apply. Get up to $100 back per month. See terms at venmo.me/stashterms.

**Venmo Mastercard® is issued by U.S. Bank of North Carolina under license from Mastercard International. The card can be used anywhere Mastercard is accepted. Bancorp Bank, NA is the sole issuer of this card and has no responsibility for related Venmo accounts or other products, services or offers.