Venmo Card Review: Is This Debit Card Worth It?


The Venmo MasterCard Debit Card

Venmo is one of the most popular money exchange smartphone applications.  The phrase “Venmo me” has become an everyday term – almost everyone understand this simply means send the money you owe through Venmo.  In addition to the primary function of allowing to easily and instantly exchange money, Venmo also offers a debit card which can easily be linked to your Venmo Account.  The funds you have available in your account are available for use or withdrawal when using your ATM.  Additionally, Venmo periodically offers incentives and cash back rewards for using your card.

Venmo MasterCard Debit Card
Venmo MasterCard Debit Card – Available In Multiple Vibrant Colors

What The Venmo Card Provides Consumers

  • Make debit purchases anywhere MasterCard is accepted
  • Withdraw funds at ATMs with many free withdrawal options
  • Link an separate account to Venmo to reload your card balance
  • Sweep free purchasing with contactless payments

It is important to point out that the Venmo MasterCard is a debit card.  Venmo has announced plans to release a credit card later this year.  We are closely following the release of the highly anticipated Venmo Credit Card.  For the time being, the Venmo Card (debit card) is the only card option offered for Venmo users.

For individuals who frequently use Venmo this card may be a great option.  One of the most frustrating things about Venmo is that very often you carry a balance in your account that can only be used with Venmo.  Unless you are regularly transferring funds to and from Venmo you will almost always be carrying some level of a balance.  The Venmo Debit Card allows customers to easily access their funds without having to transfer their money between accounts.

Applying For and Activating The Venmo Card

At this time application for the card is available through the Venmo App.  You will need to have an account set up before you are able to apply.  Signing up for the card is extremely easy.  Customers will select their card color and then provide their information to complete the card application.  There is no credit check when applying for the card.

Once you have been approved for you new card you will receive the card by mail.  Your new card will need to be activated within the Venmo App before you can begin using your card for purchases.

Venmo Card Color Choices

One thing many customers enjoy about this card is the ability to highlight your personality with you color choice.  During the initial application process users will decide what color Venmo Card they would like to receive.  Choices include:

  • White
  • Yellow
  • Pink
  • Green
  • Blue
  • Black

All of the different color cards have the exact same features so there is no worry about selecting the “best color”.  Each card has a swipeless chip embedded in it which can be used for chip readers or for swipeless payment.

Venmo Card Color Options
Venmo Card Color Options

Using Your Card For ATMs Withdrawals

Your card will work just like any other debit card when you want to withdraw cash from your account.  There is a daily limit of $400 for ATM use.  Customers will receive free ATM transactions at ATMs labeled with the following signage:

  • MasterCard
  • Cirrus
  • MoneyPass

If you use your card at any other ATM besides one specifically labeled with these acceptance marks normal ATM fees will apply.

Who Is The Venmo Card Best Suited For?

As mentioned above, the primary customers best suited for this card will be regular Venmo users.  Transferring funds between accounts is a huge hassle.  This debit card provides frequent users with an easy way to access their funds without the need of first sending them from Venmo to your linked account.  Adding money to your account is simple because if you already use Venmo then you already have a funding mechanism set up with you account.

Not looking for a Debit Card?  Check out our Best Credit Card Picks for 2019!

Venmo Card Fees and Security

Venmo charges a 3% fee for money transfers in general but this fee is waived when you are using funds in your account or funds from a linked account.  If you use your Venmo Debit Card for a credit purchase you will incur a 3% processing fee.  It is best to avoid this card for credit card transactions as you will be paying a 3% premium for your purchases.  Non-supported ATMs (listed above) will charge a $2.50 fee in addition to the processing fee charged by the ATM.  Finally, there is no application fee or maintenance fee with the card.

There are a variety of security features available for the card but the best option is the ability to instantly shut down your card using your Venmo App.  If your card is lost or stolen you can instantly freeze it to avoid unauthorized charges.

Venmo Card Rewards

Currently Venmo is offering 1% back on all purchases with your card up to the first $20 of an individual transaction.  This offer is good for 30 days after activating and will expire on 6/30/19.  Your cash back rewards will automatically be deposited in to your account around 7/15/19.  Consumers can likely expect to see more reward options with their card.  Venmo is trying to grow their card user numbers.  Debit card reward programs are very rare and if Venmo continues to offer periodic cash back offers like this it will make it a very appealing debit card option.

Do you use a Venmo Debit Card?  Let us know what you think about it in the comments below!


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