This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.
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.
With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game. Here are the top 5 reasons it should be in your wallet, or read our definitive review for more details.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards