Before I get into this post, I want to get out the way that Venmo is a payment service owned by Paypal. Paypal recently announced that two million U.S. retailers will be accepting payments via the mobile app Venmo. With millions of mobile and retail merchants accepting PayPal, I assume that Venmo will adopt such a list of merchants.
Furthermore, if you’re a current Ink Business PreferredSM cardholder, a possible scenario would be that you’d no longer be able to trigger the 3x on Venmo when this rolls out. Of course, the worst scenario possible since merchants will be the ones pushing out the bills via the Venmo App.
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Venmo Payment Accepted At 2 Million Retailers Summary:
- Paypal recently announced that two million U.S. retailers will be accepting payments via the mobile app Venmo
- Ink Business PreferredSM could possibly be affected by this ordeal
Ink Business Preferred Features:
- Earn 3 points per $1 on the first $150,000 spent in select categories each account anniversary year
- Earn 1 point per $1 on all other purchases–with no limit to the amount you can earn
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
- Redeem points for travel, cash back, gift cards and more – your points don’t expire as long as your account is open
- No foreign transaction fees
- Employee cards at no additional cost
- $95 Annual Fee
Conclusion:
Venmo, a subsidiary of PayPal, will soon be an acceptable payment method for millions of online and retail merchants, which can come detrimental to Ink Business PreferredSM cardholder considering there’s a possibility that you won’t be able to trigger the 3x on Venmo anymore. Be sure to check out our complete list of Credit Card Promotions today!
