Update on Wednesday, June 17, 2020
If youâ€™ve ever wished you could spend your Venmo balance at your favorite lunch spot, youâ€™re in luck â€” the money-sharing company offers a Mastercard debit card that you can use to make purchases or get cash. Even better, when you use the Venmo debit card at select merchants, you can earn some cash back.
The card lets you use money available in your Venmo account when you need it, instead of waiting to transfer it to an external account. Still, its limitations on international use and the fact it doesnâ€™t earn interest may not make it worth your while.
The Venmo Debit Card is connected to your Venmo account, giving you a physical way to spend your balance. This balance can come from money your friends have sent you via Venmo, or through money transfers from an external bank account youâ€™ve linked to Venmo.
You can use the Venmo Debit Card to make purchases at any business or website within the U.S. that accepts Mastercard. It has the technology youâ€™d expect to find in a debit card, including an EMV chip and the ability to make contactless payments.
You might be wondering what happens if you try to use your Venmo Debit Card for a purchase that exceeds your balance. If youâ€™ve turned on â€śreload,â€ť Venmo will automatically pull money from your linked bank account in increments of $10 to cover the difference. But even if youâ€™ve disabled that feature, thereâ€™s no need to worry about getting slammed with an overdraft fee â€” the purchase will simply be declined.
Need cash? You can hit up any MoneyPass ATM (available in the U.S. and Puerto Rico) for free with your Venmo debit card. For a fee, customers can get cash from any ATM with the Mastercard, Pulse or Cirrus mark. You can also get cash back at some merchants.
The Venmo app keeps track of all your card activity. It will give you the option to split recent purchases (say, last Sundayâ€™s brunch) with your friends, making it easier to get paid back. You can also share your purchases in the Venmo feed, if you wish.
If your card happens to get lost or stolen, you can disable it immediately within the Venmo app.
Once you have a Venmo Debit Card, youâ€™re automatically enrolled in Venmo Rewards. That means you can use your card to earn cashback rewards at select merchants, including Dunkin, Wendyâ€™s, Samâ€™s Club and Sephora. This includes online purchases, although Venmo suggests you double check an offerâ€™s details since each cashback offer is different.
You can find the complete list of current merchant offers in the Venmo appâ€™s Venmo Card section. Itâ€™s important to check this list before making a purchase, as these offers can rotate out and expire. You should also check offers for any potential limits to the rewards you can earn.
Venmo Rewards post to your Venmo balance once the merchant completes your purchase. Once theyâ€™re there, the cash rewards are yours and wonâ€™t expire.
Venmo Rewards are powered by a third-party called Dosh, which checks whether your purchases are eligible for a cashback reward offer and pays out the reward when it is. Venmo says it shares â€śthe minimum amount of data necessaryâ€ť with Dosh to complete these transactions.
The Venmo Debit Card doesnâ€™t have any major fees, like a monthly service charge or a purchase fee. However, customers should watch out for out-of-network ATM surcharges and fees and try to only use free ATMs through the MoneyPass network.
|Venmo Debit Card Fees|
|ATM withdrawals||Free at MoneyPass ATMs
$2.50 per ATM withdrawal within U.S. (plus any amounts charged by the ATM owner).
|ATM balance inquiry (in-network or out-of-network)||$0|
|Over-the-counter withdrawal||$3 per withdrawal at a bank or financial institution when signature is required|
|Overdraft fees||None, but transactions that exceed your available
balance will be declined
|Electronic withdrawal of Venmo balance||$0 for standard withdrawal
1% for Instant withdrawal (min. $0.25)
|Sending money||$0 via balance, debit or bank account
3% via credit
There are no requirements to make a minimum deposit or maintain a specific balance. However, withdrawal limits might be something to keep an eye on if you plan to spend more than a few hundred dollars per day.
|Venmo Debit Card Limits|
|Withdrawals maximum||$400 per day for ATMs, over-the-counter withdrawals and cash back with purchases|
|Purchase amount maximum||$3,000 per purchase|
It wonâ€™t hurt you to sign up for a Venmo Debit Card and use it for the occasional purchase. After all, itâ€™s free, and thereâ€™s the opportunity to earn some extra cash back in rewards. But if you need a card to use as your primary payment method for all your purchases, keep looking; this card is best left for Venmo enthusiasts who need quick access to their Venmo balance. Venmo already allows you to transfer your money to an external account for free â€” it just takes a day or three.
No Venmo overdraft fees may be appealing to many customers. However, you might end up with fees from your other bank if the cardâ€™s automatic reload feature accidentally overdraws from that account. Keep a careful eye on the balance in both of your accounts if you enable automatic reloads.
The inability to use the Venmo Debit Card at international merchants (even if youâ€™re shopping online from within the United States) is a huge limitation. Frequent travelers and people who order products from stores overseas will need to rely on another card for their purchases. Many other debit cards will work abroad, as long as you give your bank a heads up.
The Venmo Debit Card offers no interest, so thereâ€™s little incentive to hold a high enough balance to cover the average personâ€™s regular purchases. Essentially, the Venmo Debit Card is a free workaround for the small fee you would otherwise have to pay to have instant access to your Venmo funds. Other than that, itâ€™s just extra weight in your wallet.
Apply directly through the app. Got a Venmo account? Then youâ€™re eligible to apply for a Venmo debit card. The process is as simple as youâ€™d expect from a company that prides itself on easy payments.
Simply open the menu in the Venmo app and tap â€śVenmo Card.â€ť The app will then prompt you to enter your legal name, date of birth and last four digits of your Social Security number.
Youâ€™ll also choose from one of six colors for your debit card, giving you some control over your debit card design.
Thereâ€™s no credit check or application fee, so once you finish the application, youâ€™re done. Look out for the debit card in your mailbox in five to seven business days after youâ€™re approved. Youâ€™re also automatically enrolled in Venmo Rewards, so thereâ€™s no extra step involved there, either.
Once youâ€™ve got the card in hand, you can activate it in the app. Itâ€™ll be ready for immediate use, as long as you have money in your Venmo account. Keep in mind, though, that if Venmo hasnâ€™t yet verified your identity, your rolling weekly spend limit on the card will be $299.99. Venmo may ask you to submit extra proof of identity, such as your driverâ€™s license or passport, in the app before it gives you the full features of the card.
The card offers about the same level of protection as a typical debit card. Mastercardâ€™s zero-liability protection means you wonâ€™t be responsible for unauthorized transactions if your Venmo Debit Card (or any other Mastercard) is reported as lost or stolen. The ability to disable the card from within the app does offer some peace of mind, but this feature is widely available in other debit and credit cards.
Since the debit card is attached to your Venmo account, itâ€™s worth brushing up on how to protect your financial safety on the peer-to-peer (p2p) payment app. Only send money to people you know and trust. While Venmo will cover 100% of unauthorized transactions (with a few limitations), it does not offer protections for purchases of faulty products, so you should only make purchases from authorized merchants.
This debit card could work well for someone who regularly receives a lot of money through Venmo and wants access to those funds right away. People who donâ€™t spend a lot on a daily basis or need to make purchases at international merchants could find this card somewhat useful.
An ideal customer might be a college student who relies on Venmo to receive money for books and groceries from their parents. It could also work well for people who regularly pick up the tab when they go out with friends, since Venmo makes the process of getting paid back quick and easy.
Otherwise, this debit card probably wonâ€™t add a lot of value to your life since it doesnâ€™t earn interest, canâ€™t be used abroad and earns limited rewards.