If you’ve ever wished you could spend your Venmo balance at your favorite lunch spot, you’re in luck — the money-sharing company now offers a Mastercard debit card you can use to make purchases or get cash. Issued by The Bancorp Bank, the card comes in six colors and lets you use money available in your Venmo account when you need it, instead of waiting to transfer it to an external checking or savings account.
Wondering if the Venmo debit card is right for you? Read on to learn about the key features, potential fees, application process and how it stands up to the typical debit card.
Venmo debit card features
- Connected to your Venmo account balance
- Make purchases anywhere Mastercard is accepted in the U.S.
- Free access to MoneyPass ATM network
- Can reload card with money from a linked bank account if you choose
- There’s no credit check or application fee
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 you’ve linked to Venmo.
You can use the Venmo debit card to make purchases at any business or website that accepts Mastercard, as long as the merchant is in the United States, Puerto Rico or an American territory. It has the technology you’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 you’ve turned on “reload,” Venmo will automatically pull money from your linked bank account in increments of $10 to cover the difference. But even if you’ve disabled that feature, there’s no need to worry about getting slammed with an overdraft fee. The purchase will simply be declined.
Need cash? You can hit up any of the 32,000 MoneyPass ATMs 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 Sunday’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.
Venmo debit card fees and fine print
While the Venmo debit card doesn’t have any major fees, customers should watch out for surcharges from out-of-network ATMs and only try to use free ATMs through the MoneyPass network. There are no requirements to make a minimum deposit or maintain a specific balance. 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 fees and info|
|ATM fees||Free at MoneyPass ATMs; $2.50 for each transaction at out-of-network ATMs, plus any fees from the ATM owner|
|Withdrawal limits||Up to $400 per day for ATMs, over-the-counter withdrawals and cash back with purchases|
|Over-the-counter withdrawal fee||$3 per withdrawal at a bank or financial institution when signature is required|
|Purchase amount limits||Maximum of $3,000 per purchase|
|Overdraft fees||None, but transactions that exceed your available balance will be declined|
Opening a Venmo debit card
Apply directly through the app. Got a Venmo account? Then you’re eligible to apply for a Venmo debit card. The process is as simple as you’d expect from a company that prides itself on easy payments.
Simply open the menu in the Venmo app and tap “Venmo Card.” The app will then prompt you to enter your legal name, date of birth and last four digits of your Social Security number.
You’ll also choose from one of six colors for your debit card.
There’s no credit check or application fee, so once you finish the application, you’re done. Look out for the debit card in your mailbox in five to seven business days after you’re approved.
Once you’ve got the card in hand, you can activate it in the app. It will be ready for immediate use, as long as you have money in your Venmo account. Keep in mind that if Venmo hasn’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 driver’s license or passport, in the app before it gives you the full features of the card.
Who the Venmo debit card is best for
This debit card could work well for someone who receives a lot of money through Venmo regularly and wants access to those funds right away. People who don’t spend a lot on a daily basis or need to make purchases at international merchants could find this card to be somewhat useful.
An ideal customer might be a college student who relies on Venmo to receive money for books and groceries from his or her 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.
Overall review of Venmo debit card
Unless you’re a Venmo enthusiast who frequently receives peer-to-peer payments and needs instant access to those funds, this debit card probably won’t add a lot of value to your life. Venmo already allows you to transfer your money to an external account for free — it just takes a day or three
The fact that the Venmo debit card doesn’t charge overdraft fees may be appealing to many customers. However, you might end up with fees from your other bank if the card’s reload feature accidentally overdraws from that account. Keep a careful eye on the balance in both your accounts if you enable automatic reloads.
The card offers about the same level of protection as typical debit cards. Mastercard’s zero-liability protection means you won’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, it’s worth brushing up on how to protect your financial safety on the p2p payment app. Only send money to people you know and trust. While Venmo will cover 100 percent of unauthorized transactions (with a few limitations), it does not offer protections for purchases of faulty products. Only make purchases from authorized merchants.
The inability to use the Venmo debit card at international merchants (even if you’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 there’s little incentive to hold a high enough balance to cover the average person’s regular purchases.
The bottom line: It won’t hurt you to sign up for Venmo debit card and use it for the occasional purchase. After all, it’s free. But if you need a card to use as your primary payment method for all your purchases, keep looking. The risk of incurring an overdraft fee on an external account from your Venmo reloads is just too high, and the inability to use the debit card overseas is a huge drawback. 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, it’s just extra weight in your wallet.