Venmo has soft launched its first credit card. The card, which is issued by Synchrony and backed by the Visa network, is currently available during the soft launch to select Venmo users only, but will be available to all Venmo users in the coming months, according to a report in CNBC.

Venmo customers for the soft launch were chosen at random from customers with a Venmo account for at least 30 days and showed account activity for the past 12 months.

The no-annual fee offers a cash-back program for users that adapt to a user's spending habits. The program offers:

• 3% cash back on the category in which the user spends the most.
• 2% back on the second-highest category.
• 1% back on all other purchases.

Users will be able to view their top spending categories and be alerted to which categories earn 3% and 2% from the Venmo app. Unlike other cash-back programs, users won't have to keep track of bonus categories. The algorithm awards 3% and 2% rates accordingly.

Beyond rewards, cardholders can benefit from a creative card design that is printed with a unique QR code on the front. Users can scan the QR code to activate the card and friends can also scan it to send the user payments from the Venmo app.

After applying, cardholders receive a temporary account number and after approval, they can shop before the physical card arrives in the mail. If the card is ever lost, stolen or misplaced, the user can freeze the use of the physical card from within the Venmo app and continue using the virtual card.

"The card gives our customers the same unique Venmo experience they already know and love, in an intuitive, easy-to-use card and rewards program, that's all seamlessly managed and controlled from the Venmo app," Darrell Esch, SVP and GM at Venmo, said in a press release.