Venmo Debit Card Review: Spend Your Digital Cash in Person
The Venmo debit card makes it easy to access funds sent to you via the popular money-transfer app, but there are fees for withdrawals and limitations on where you can use the card. The card doesn’t provide the chance to earn any rewards on everyday purchases, either.
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- Fast (and free) access to cash from MoneyPass® ATMs
- Shop with your Venmo card anywhere Mastercard is accepted
- Link to your bank account to re-up your available balance
- Customize the color of your card
- $2.50 withdrawal fee at non-MoneyPass® ATMs
- Withdrawing funds from a financial institution will cost you $3 if a signature is required
- Can only use the card at U.S.-based merchants
- Can only withdraw money from U.S.-based ATMs
- No rewards program or other perks
Recommended Credit Score
Venmo Card Review: How to Use Your Venmo Balance on the Go
Mobile payment apps have taken the world by storm and have dramatically grown in popularity in recent years. This is especially true for young people who frequently find themselves in social situations where bill-splitting is required. Instead of having to pay for dinners or events with multiple cards, one person can pay, and the others can send them cash for free with apps like Venmo, Zelle, or PayPal.
Venmo now has a debit card so you aren’t stuck waiting for Venmo funds to be moved into your bank account before you can access them. Using a Venmo debit card means purchases are instead debited directly from your Venmo balance.
If you find yourself frequently sharing money with friends through Venmo or are paid through Venmo for work you do, having instant access to your money can be very helpful. You can also choose to reload your debit card from your bank account so you can use it for purchases big and small, even if you haven’t recently been sent any money through Venmo.
In this review:
- How Does the Venmo Card Work?
- Venmo Card Benefits
- Downsides of the Venmo Card
- How to Get a Venmo Debit Card
- Venmo Card Frequently Asked Questions
- How it Compares to Similar Cards and Apps
How Does the Venmo Card Work?
The Venmo debit card works just like any debit card: You can swipe your card when making a purchase and money comes directly out of your account. But while a traditional debit card pulls the money from your bank account, the Venmo card draws funds from your Venmo account balance instead.
Your Venmo debit card can be used at any ATM or to withdraw funds at a bank, but there are fees charged if you don’t use a MoneyPass ATM or you take money out with a teller. You can also swipe your debit card anywhere Mastercard is accepted in the U.S. — the card gives you multiple ways to easily access your Venmo balance.
The Venmo debit card is also versatile because you aren’t limited to accessing your funds on the app. You can also transfer money to your Venmo account directly from a linked bank account; however, this process takes three to five business days to complete, so funds won’t be immediately available. You’re limited to transferring $5,000 on a weekly rolling basis, with each transaction counting towards your limit for exactly one week from the date of the transaction.
You can also transfer money to your Venmo account directly from a linked bank account; however, this process takes three to five business days to complete, so funds won’t be immediately available. You’re limited to transferring $5,000 on a weekly rolling basis, with each transaction counting towards your limit for exactly one week from the date of the transaction.
Venmo Card Benefits
The Venmo card makes it convenient to access money sent to you through the app when splitting restaurant checks, sharing rent, or repaying friends and family fast (and for free). With the Venmo debit card, you can now use the money you’re sent to pay for purchases or can withdraw it instantly at an ATM or bank.
Although I don’t use the card very often, it’s nice to know that I can access the balance in my Venmo account quickly if needed, and it has worked perfectly every time I’ve needed to use it.Nate Matherson, CEO of LendEDU
Venmo also provides swipe-free shopping similar to Apple Pay, with contactless payments when you shop at participating merchants. You can also easily manage your card within the Venmo app. In fact, you can even enable or disable your card if it becomes lost or stolen.
Managing your balance is easy with the “add money” feature, and you can even enable automatic reloads. When you link your Venmo account and sign up for reloads, the Venmo card automatically pulls money in $10 increments from your bank account so you have enough cash available to complete your purchase.
Downsides of the Venmo Card
Although the Venmo card is a great debit card, there are also some downsides. For one thing, you cannot use your card for purchases outside of the United States. This can be limiting if you travel regularly or like to make purchases from companies based in other countries.
The fees associated with the Venmo card can also be a big drawback. You’ll pay a $2.50 ATM fee if you don’t use a MoneyPass® ATM, and a $3 fee if you make a withdrawal at a bank or other financial institution that requires your signature.
Venmo also places limits on the dollar value of reloads, as well as limits on the amount of funds you can add to the account each week, so it may not be ideal for big purchases.
How to Get a Venmo Debit Card
Venmo users can apply for a Venmo debit card within the Venmo app. You’ll just need to tap the icon that looks like three lines stacked on top of each other and click on Venmo card to apply. You will need the latest version of the app to access the application.
There is no fee to apply for the Venmo card, but you will need to provide personal information including your Social Security number. There’s no guarantee you’ll get access to the card right away, though. Although Venmo indicates the card is available to most users, it’s not yet available to everyone — so you may see a message that says, “Get in Line.” If you do, you’ll have to wait until you’re notified that it’s your turn to apply.
Venmo Card Frequently Asked Questions
Here are answers to some of the most frequently asked questions about the Venmo debit card and app.
You can add money from your verified bank account to your Venmo app once you’ve been approved for the Venmo debit card. You’ll need to click the icon that looks like three stacked lines, then click “manage balance” and select the option to “add money.” Simply input the amount of money you want to transfer, verify which bank it should come from, and click “confirm transfer.”
If you want money to transfer over automatically when you try to make a purchase, you also have the option to link a bank account and opt into automatic reloads.
Most Venmo services are provided free of charge, but Venmo does impose a fee for processing certain transactions. For example, you won’t pay an application fee but will be charged a $2.50 fee if you use an ATM that isn’t a MoneyPass® ATM — or $3 if you enter into a transaction with a financial institution that requires a signature.
>> Read More: Venmo Fees
You can use Venmo with any U.S. merchant that accepts Mastercard payments.
There is only a Venmo debit card to access your Venmo funds via ATM or to use your Venmo funds to make purchases. There is no Venmo credit card.
How it Compares to Similar Cards and Apps
Although there are other money-transfer sites out there, such as Zelle, most do not offer debit cards.
Venmo Debit Card vs. Zelle
Zelle and Venmo both allow fund transfers, but Zelle doesn’t have a debit card. However, funds can transfer instantly to your bank account with the Zelle app. So if you have a debit card associated with your existing checking account, you can simply use that debit card to make purchases with Zelle funds.
In a nutshell, you can still access your cash relatively easily with Zelle but won’t have a dedicated debit card like you can with Venmo.
If people in your life regularly send you money through Venmo, you should consider the Venmo debit card. There are no transaction fees unless you use the card at certain ATMs or for signature transactions, and the card gives you convenient new ways to use or access your Venmo balance.
Author: Christy Rakoczy