If you’re looking for more ways to use Venmo, the popular payment app recently introduced a Venmo Mastercard debit card. The company was beta-testing this feature last fall, according to a previous LendEDU report.
Linked to a consumer’s Venmo account, the card will enable users to spend funds from their account balances where Mastercard is accepted in the U.S. It can’t, however, be used with international merchants, even if orders are placed online from the U.S.
The card, issued by Bancorp, has no application fee nor any monthly fees, but when using it to withdraw cash, there is the familiar $2.50 ATM charge or a $3 fee for withdrawals at banks or institutions requiring signatures for over-the-counter withdrawals. To obtain no-cost withdrawals, they can be done with U.S. MoneyPass® ATMs. Locations can be found here.
So how does the card work? The card can be linked to a selected bank account so if the Venmo account runs low on funds for transactions, users can “reload” their funds. The “Reload” function needs to be turned on, allowing the Venmo Card access to automatically withdraw funds in $10 increments from this account, covering the total card purchase amount. Here’s a closer look at Venmo’s fees.
Similar to any debit card transaction, cardholders will be responsible to ensure the selected funding source has enough money to cover the transaction. Withdrawals are limited to funds sitting in one’s Venmo balance and there is an up to $400 daily withdrawal limit.
As for card perks, such as earning miles or cash back opportunities, the card doesn’t offer this. But using a debit card from a Venmo balance may appeal to users. No matter what they intend to buy with it.
Managing Card Usage
To keep track of Venmo debit card actions, card purchases can be accounted for through the Venmo app by tapping the “☰” icon in the upper left-hand corner and going to “Purchases.” All transactions can be reviewed there via the transaction history as well as any Venmo card reloads (remember to enable it), Venmo card purchases, ATM withdrawals and fees, online purchases, payments to friends, plus more under the “Me” feed on the Venmo App.
And for consumers used to splitting costs with others on the Venmo app, this popular feature will also be available for the Venmo debit card. After completing a purchase using the Venmo card, consumers will have an option to either split or share it. To do this, open the Venmo app and select “Purchases” from the drop-down menu. Similar to Venmo transactions, users will have privacy options for each purchase.
The debit card, available in six colors, currently has a waitlist due to its limited release. Interested consumers can join the waitlist by going to the Venmo App, then to Venmo Card under “Settings.” If Venmo is taking applications, a screen will appear to apply. If not, there will be a prompt that says, “Get in Line.” The site does not give an estimated wait time.