Venmo Introduces a Debit Card for Purchases in the US
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In case you prefer holding your money in hand rather than on your phone, Venmo now has you covered. The popular peer-to-peer payment app has launched a Mastercard debit card, which is linked to your Venmo account.
Issued by Bancorp, the card doesn’t charge any monthly or application fees, although you will pay a $2.50 ATM fee for withdrawing cash, or $3 for over-the-counter withdrawals at banks or any other institution that requires a signature. According to Venmo, the physical card cannot be used overseas or with international merchants, even for users placing an online order from the US.
What happens if you don’t have enough dough in your Venmo account to fund your transaction? The Venmo Card lets you link a designated bank account as your source for “Reload” funds. When Reloads are enabled, the Venmo Card will automatically withdraw from the funding source in $10 increments to cover the total purchase amount. As with any debit card purchase, you are responsible for ensuring that your funding source has sufficient funds to cover the transaction. Withdrawals are limited to the funds in your Venmo balance, up to a $400 daily withdrawal limit.
This debit card obviously isn’t a great choice from a rewards maximization perspective — you won’t earn points, miles or cash back on spending, but if the ability to cover purchases with your Venmo balance appeals to you, it could make sense. And while you can fund Venmo app transactions using a credit card for a 3% fee, it isn’t clear yet if you can designate a credit card as the Reload source for the Venmo Card.
The card is available to Venmo users on a rolling application basis. If you’re interested in applying for the card, the Venmo Card FAQ says to fire up the app and go to Settings, then select “Venmo Card”. You’ll be able to see if you’re currently eligible to apply for the card, or if you’ve been added to the Venmo Card waitlist. However, it’s worth noting that several TPG staff members didn’t see a link for the Venmo Card, even after making sure the app was up to date.
Featured image by Shutterstock.
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