Whether you’re divvying up the check at brunch or splitting the electric bill with your roommate, peer-to-peer payment apps have made it easier to divide purchases among friends and family members.
One popular payment app – Venmo – has taken it to the next level with the introduction of a physical card that can be used anywhere Mastercard is accepted in the U.S. The Venmo card is linked directly to your Venmo account and can be used to make purchases in-store and online, withdraw money from ATMs and even earn cash back at select merchants. Read on to discover more about how the Venmo card works.
How to apply for the Venmo card
You can apply for the Venmo card in the Venmo app. Simply go to settings and tap “Venmo Card.” On the next screen, you’ll see a rundown of the card’s features. Tap “Get the Venmo Card” to proceed.
After that, you’ll pick one of the available five colors for your future card and be prompted to provide your information, including your legal name, date of birth and the last four digits of your Social Security number.
Since the Venmo card is a debit card, it requires no credit check for approval, and your credit score won’t lose any points due to a hard inquiry when you apply.
Once you are approved for the card, you can expect to receive it within 15 business days.
How to use the Venmo card
Venmo’s parent company, PayPal, launched the Venmo card in 2018 , and the card works like many other debit cards. You can use it in stores or online anywhere Mastercard is accepted, as well as at ATMs that display the Mastercard, Pulse or Cirrus acceptance marks. You can use your Venmo balance to pay for your purchases or transfer money from your linked bank account. And the best part: You can earn rewards on your purchases.
Reloading your Venmo card
The Venmo debit card is connected both to your Venmo account and your linked bank account, which acts as a funding source. Each time you make a purchase, funds are automatically drawn from your Venmo balance.
To add money to your Venmo balance, follow these steps:
- Go to the settings section of your Venmo app.
- Tap “Manage balance.”
- Tap “Add money.”
- Enter the transfer amount (note that Venmo has a $1,500 weekly rolling limit on transferring funds).
- Select the bank account you want to transfer funds from and tap “Next.”
- Review the transfer information and tap “Add money” to complete the transfer.
You can expect the transfer to reach your Venmo account within one to three business days.
If you ever want to make a transaction that’s greater than the funds available in your Venmo account – no worries. You can enable automatic “reloads” from your linked funding source to cover the total purchase. In that case, funds will automatically be added to your Venmo account in increments of $10.
Just be sure that your linked account has enough money available to cover the purchase to avoid declined transactions and overdraft fees from your bank.
Earning rewards with the Venmo card
Most of the time, cash back is a privilege for those with rewards credit cards. However, some banks offer cash back debit cards, and others may offer limited-time cash back deals with specific merchants.
The latter is the case with the Venmo card. Though similar cards require users to activate cash back deals on their debit card, Venmo automatically applies offers to your account.
Venmo card holders earn Venmo Rewards in the form of cash back through a partnership with Dosh, a rewards platform that allows you to earn rewards with activities like shopping, dining out and booking hotels.
You can find current offers in the Venmo card section of your app. At the moment, participating merchants include brands like Sephora, Wendy’s, Dunkin’ Donuts, Chevron, Sam’s Club and Macy’s.
Splitting bills with the Venmo debit card
Once you make a purchase using your Venmo card, you’ll receive a prompt with an option to split or share the transaction with others. You can also access this feature by choosing Transactions from your feed in the Venmo app.
Keep the fees in mind
The Venmo card does not charge an application fee or annual fee to use the card. And since you can only spend what’s available in your Venmo account, you won’t incur overdraft or late payment fees.
There may, however, be transaction fees associated with your card. While it is free to withdraw money from a MoneyPass ATM within the U.S. and in some U.S. territories, you can incur fees if you are using other ATMs or methods to withdraw cash. For instance, there is a $3 fee when you withdraw money over the counter at a bank or financial institution. The fee applies when a signature is required.
Other Venmo debit card features
You can personalize your debit card by choosing from five different color options. The Venmo debit card also allows for touchless shopping, without the need to swipe or insert your card to make a purchase. And, if your card is lost or stolen, you can simply tap “disable” in the Venmo app to immediately prevent anyone from using the card.
Who should get the Venmo card?
If you regularly use Venmo and need quick access to your funds in the app, this card can be a good option for you. For example, you might find it useful if you’re a student regularly receiving money from your parents, or if you often go out with friends and use Venmo to split the check. Since it doesn’t cost anything to apply for or maintain the Venmo card, you don’t have to worry about too many fees – just use your card whenever it’s convenient.
On the other hand, if you’re looking for a card to earn cash back, a rewards credit card is still your best bet. The Venmo Credit Card is one option, but any cash back credit card is likely to provide you with more value than the Venmo debit card, and some of them, like the Discover it® Cash Back or Citi® Double Cash Card, don’t charge an annual fee.
If you’re worried your credit score might prevent you from qualifying for a rewards credit card, a cash back debit card can be an alternative worth considering. For instance, look into the Discover Cash Back Debit card, which offers 1% cash back up to $30 a month with no fees, or the American Express Serve Cash Back card – a prepaid debit account with unlimited 1% cash back.
Tips for maximizing your Venmo card
If you’ve decided the Venmo card is the right choice for you, use the following tips to make sure you’re getting the most out of it:
Keep an eye on the card’s cash back offers and use it when you’re shopping with eligible merchants.
Watch your Venmo balance and ensure your linked bank account has enough funds to cover the transaction so you don’t get hit with an overdraft fee.
Avoid withdrawals that can trigger fees. Unless you’re withdrawing funds from a MoneyPass ATM, you’ll incur a $2.50 withdrawal fee.
Report fraudulent transactions immediately, even though you’re likely to be covered by Mastercard’s zero liability policy. If Mastercard doesn’t cover the charges for any reason, you still have Venmo’s liability coverage that limits your responsibility to $50, as long as you notify Venmo within two business days. Otherwise, the liability limit caps at $500.
Bottom line
So, is the Venmo debit card worth it? The Venmo card can be a good addition to your wallet if you frequently use the Venmo app and would like instant access to your Venmo funds. Otherwise, it doesn’t make much sense to sign up for this card. Other prepaid debit or cash back cards can offer more value.
Editorial Disclaimer
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
Tim Maxwell is a freelance personal finance writer and blogger with a particular focus on credit cards and consumer lending. In 2002, he stumbled upon a copy of "The Millionaire Next Door," by Thomas J. Stanley and William D. Danko, which ignited a passion for learning and sharing fact-based money principles. Tim has a passion for demystifying personal finance and helping people live their best lives.
FAQs
Is the Venmo debit card a good idea? ›
The Venmo debit card works well for everyday consumers and small business owners, and more than 83 million people use the debit card. The Venmo debit card offers protection from fees similar to other debit cards issued by banks, making it a safe way to make many payments and purchases.
What's the catch with the Venmo debit card? ›Keep the fees in mind
The Venmo card does not charge an application fee or annual fee to use the card. And since you can only spend what's available in your Venmo account, you won't incur overdraft or late payment fees. There may, however, be transaction fees associated with your card.
The Venmo Mastercard® Debit Card is a debit card connected to your Venmo balance. There is no line of credit offered with the Venmo Debit Card. The Venmo Credit Card is a Visa® credit card issued by Synchrony Bank.
How much credit do you need for Venmo credit card? ›While Venmo's audience skews younger, the Venmo Credit Card requires good to excellent credit to qualify (corresponding to a FICO score of at least 690).
What is the downside to Venmo? ›The biggest downside to using Venmo is the potential for your money to be stolen. If a hacker gains access to your Venmo, it's pretty easy to change the associated bank account – so the hacker could change the account to their own and transfer the money in your Venmo to their bank.
Does applying for Venmo credit card affect credit score? ›Yes, the Venmo card will affect your credit score just like any other credit card. So you'll want to make sure you're always making your payments on time and keeping your credit utilization low to help keep your credit score as high as possible.
Do most places accept Venmo debit card? ›Retailers which accept both Venmo debit and credit cards as payment include Adidas, Amazon, Coach, Dick's Sporting Goods, Home Depot, Kohl's, Macy's, Nike, Nordstrom, Samsung, The North Face, Under Armour, Walmart and Wayfair.
Is the Venmo debit card really free? ›The Venmo debit card, issued in partnership with Mastercard, is free to use except for some ATM fees, which you can avoid if you're careful. There are no annual or monthly fees, processing fees, or interchange fees, Merchants pay the transaction fees.
How do I pay my Venmo credit card? ›The easiest way to pay your Venmo Credit Card bill is to make the payment from your Venmo app. Navigate to the Venmo Credit Card section of the Venmo app and click “View and Pay”. From there, you can pay your bill using the money in your Venmo account or with a verified bank account on file.
Why does my Venmo credit card keep declining? ›Venmo may have blocked your card in error or because of a policy violation. This could be the reason your payments aren't going through. To be able to use your card without any problems, ensure that it is active and not blocked. You can unlock your card by going to Account Settings> Privacy.
Should I link my debit card or bank account to Venmo? ›
Though you can add a checking or savings account to Venmo, it's more secure to link it to a credit card. Though you'll be subject to a 3% transaction fee, credit cards typically have much stronger theft and fraud protection than a conventional bank account.
Can I use Venmo credit card anywhere? ›In addition to the card being automatically added as a payment method in your Venmo app, you can also use your Venmo Credit Card everywhere Visa® credit cards are accepted.
How long does it take to get approved for a Venmo card? ›Review your information, then tap "Submit" at the bottom. Venmo will then verify your identity, and if it is approved, your Venmo card will be "in the works" — it will then show you the address the card is being shipped to and when to expect it, which is typically five to seven business days.
What bank does Venmo use? ›The Venmo Mastercard® Debit Card is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated. The Bancorp Bank; Member FDIC.
What are two pros and cons of Venmo? ›| Pros | Cons |
|---|---|
| Send and receive money digitally Place to deposit your checks if you don't have a bank account Cash-back debit or credit card Early direct deposit | Money transferred to you within the app isn't FDIC insured No interest earned on money in the app Fees for depositing checks |
Venmo uses encryption to protect your account information. You can also work with Venmo to set up multi-factor authentication or create a PIN for your account. PayPal offers similar security protections as Venmo, but it also provides a more robust set of security features for businesses.
How does a Venmo card work? ›Issued by The Bancorp Bank, the Venmo Debit Card allows you to withdraw cash from ATMs, and there's no charge for doing so as long as you withdraw at a MoneyPass® ATM in the U.S. ATMs outside of the MoneyPass network charge $2.50 per withdrawal.
Is it better to use credit card or bank account with Venmo? ›If you use a credit card, Venmo charges a 3% fee. Instant outgoing bank transfers cost 1%, while standard bank transfers are free. No fees to send or receive money. Your connected bank may charge fees, however.
Does Venmo give credit line increases? ›You can request a credit line increase for your Venmo Credit Card by contacting Synchrony Bank at 855-878-6462. Some cardholders also have the ability to request a credit line increase in the Venmo Credit Card section of the Venmo app. Requesting a credit line increase will not result in a hard inquiry on your credit.
What banks does Venmo not accept? ›What Banks Use Venmo? Venmo allows credit, debit and prepaid, network branded (American Express, Discover, MasterCard, Visa, etc.) cards registered under your name to be added to your Venmo account for payments. This means that it should work with any US bank.
Can I use my Venmo debit card at mcdonalds? ›
If you have registered a card to the Google Pay™ app on your Android, you can select Google Pay™ as a payment method in the McDonald's app. Payments with PayPal and Venmo are also available with Mobile Order & Pay.
Can you take cash out of Venmo debit card? ›Yes! You can use your Venmo Debit Card to make cash withdrawals at ATMs or, as cash back when completing a purchase, nationwide.
Can I use my Venmo card with no balance? ›No. Any cash withdrawal (ATM, cash back, or Over the Counter) is funded solely with your Venmo balance, even if you have reloads enabled, up to a $400 USD daily withdrawal limit.
Where can I load my Venmo card for free? ›If you're a registered customer at Walgreens, there are no fees for loading the Venmo card. Now, give cash to the cashier for reloading money to your cash card. Finally, this entire reloading of your cash card gets completed within just a few seconds.
What ATMs can I use with Venmo card? ›You may withdraw funds from your Venmo balance at an ATM that displays the Mastercard®, PULSE® or Cirrus® acceptance marks. A $2.50 ATM Domestic Withdrawal Fee applies. You may also complete a withdrawal at a bank or financial institution.
What is the hidden fee for Venmo? ›1.9% of the transaction amount plus an additional 10 cents to receive payment for goods or services.
How long do Venmo cards last? ›Cards expire on the last day of the expiration month. You'll then be able to request your new card by tapping the in-app notification or going to the Venmo Debit Card section of the Cards tab in the app.
How do I spend my Venmo credit? ›There are several ways to use your Venmo Credit Card account: you can make online purchases using your virtual card number, you can use your physical card in stores and online, or you can use your Venmo Credit Card as a payment method within the Venmo app. Your physical card number can be used in-person and online.
Do you need a bank account for Venmo? ›You must have a bank account, credit card or debit card. You must have a unique U.S. cell phone number not linked to another Venmo account.
How do I know when my Venmo credit card payment is due? ›You can tap on the image of your Venmo Credit Card to see your current balance, as well as your due date, remaining credit, your credit limit, and your current APR(s).
Does Venmo have a limit? ›
If you have not yet completed identity verification, you can send up to $999.99 to your bank per week (depending on security checks at Venmo) If you've confirmed your identity, you can transfer up to $19,999.99 to your bank per week. There's a $5,000 per transfer limit.
Why can't I transfer money from Venmo to my debit card? ›If your bank account or debit card is listed as a payment method but greyed out when you try to make an instant transfer (you can't select it), your bank does not currently participate in an instant transfer service.
Does Venmo refund money if scammed? ›Venmo makes no promises that they'll refund money you sent to a scammer — only that they'll “investigate any available options.” Contact support in the Venmo app under “Home” and then “Get Help” or use this online form. Make sure you include: The username of the person to whom you sent money.
Is it safe to add bank info to Venmo? ›Venmo secures your linked bank account and all other data using encryption. Moreover, the company stores all data on servers in secure locations.
What's safer Zelle or Venmo? ›Unlike Zelle, Funds Stored in Venmo Are Not FDIC-Insured
Zelle transfers money directly to and from FDIC-insured bank accounts, so you know the funds you send or receive are protected up to $250,000 per account.
Though you can add a checking or savings account to Venmo, it's more secure to link it to a credit card. Though you'll be subject to a 3% transaction fee, credit cards typically have much stronger theft and fraud protection than a conventional bank account.
Is it smart to keep money in Venmo? ›While these apps are convenient, make sure you transfer any funds over to your bank instead of storing them in an app like Venmo. When you keep extra funds in payment apps, your money isn't protected by the FDIC, it takes time to transfer funds to your bank, and your money won't earn interest.
How long do Venmo debit cards last? ›It's important to activate your new card right away once it arrives. Replacement cards that are not activated within 90 days will be permanently closed. Once your new card is activated, the expired card should be destroyed.
What is the limit on a Venmo card? ›If you have a Venmo Mastercard debit card, there are limits on how much you can spend and withdraw. The daily spending limit for the Venmo card is $2,999.99, and the daily ATM withdrawal limit is $400. Additionally, there is a monthly limit of $6,000 for Venmo card transactions.
Does Venmo credit card charge a fee? ›There is no annual fee and no foreign transaction fees.