Venmo Debit Card is one of the best peer-to-peer payment services that enables its users to send money or make purchases.
Basically, the Venmo debit card is owned by PayPal, Venmo started in 2009 as a P2P service, and in 2018, they launched a plastic debit card for the Venmo app users.
A Venmo debit card works with a MasterCard service that gives access to secure protection from bank overdraft on ATM.
Although PayPal owns the Venmo debit card, the two companies’ peer-to-peer transfer platforms are vastly different.
Venmo debit cards provide users with a free debit card that once can use and anywhere in the United States, as well as the ability to withdraw and spend money from their account incurring no additional fees.
In this article, I’ll be explaining everything you need to know about Venmo debit card, How it works, why you should have a Venmo Debit Card, fees charges on a Venmo debit card, the pros and cons of having a Venmo debit card, and many more.
Table of Contents Hide
- Why You Should Have a Venmo Debit Card
- How Does a Venmo Debit Card Works
- How Can You Apply for a Venmo Debit Card?
- How to Reload your Venmo Debit Card
- How Much Does it Cost to Get a Venmo Debit Card?
- Where Can I use my Venmo Debit Card?
- When Can I Get my Venmo Debit Card after Applying?
- What is Venmo Withdrawal Limit?
- Pros of having a Venmo Debit Card
- Cons of having a Venmo Debit Card
- Charges on a Venmo Debit Card
- Venmo Security
Why You Should Have a Venmo Debit Card
With the Venmo debit card, there are a lot of benefits associated with it. As a Venmo card user, you stand a chance of earning rewards via cashback promo in association with Dosh, Dosh is a card-linked cash-out app.
When you use the Dosh app, you’ll 3 to 5% cashback reward when you make payments at supermarkets or gas stations with your Venmo debit card. Other rewards include:
Check Also: Venmo vs PayPal: The Best Payment Apps of 2022?
1. Free Card Cost
Venmo debit card is absolutely free and when you make use of Venmo debit card, it gives you fast access to your funds, with little to no extra change fees.
A venmo debit card is available at all times, you can withdraw funds, transfer or make use of the card at any retailer.
2. Cash Back Offers
One reason you need a Venmo card is the cash back rewards available, meaning when you make some purchase there is certain cash back offer available to you.
Although there are some terms and conditions applied, you can earn 3% cashback on your spending regardless of what you buy, and you can earn up to 2% on your second spending and 1% on all of your transactions.
3. Venmo Debit Card
Venmo owns multiple ATM networks, regardless of the cashless policy, Venmo cards can operate on any ATM which includes moneypass and others. That is, even when you’re not buying anything, a Venmo debit card is available for use 24/7.
Not only can you withdraw funds from your account, but you can also keep track of your Venmo card activities like the balance, the money coming in and so much more.
On the official Venmo app, there is a log that helps you note important informations and helps you monitor your spending, even if you are on a strict budget, you get to observe how you spend with overspending.
With the Venmo app. You don’t need to make a visit to the bank before you can deactivate your card should in case you lost it or even if your debit card was stolen, you can simply deactivate your Venmo debit card on the app.
The Venmo debit card enables its users to reload cash balances easily. With a Venmo card, you don’t need to stress yourself over consistent reloading, because when they credit your Venmo account, automatically your debit card is available for use.
Technically, your Venmo account is linked with your Venmo debit card and gives you free access to its features.
4. Venmo Debit Card Color
It might sound a bit cheesy but who doesn’t like being given a choice? One of the unique features of a Venmo Debit card is that they give access to users for picking the color of the debit card.
You can decide to choose any of the available professional colors for your card. You can decide to choose: Black, Purple, White, Blue or Pink.
How Does a Venmo Debit Card Works
Unlike prepaid debit cards, you need to have an account with Venmo before you can gain access to a free Venmo debit card. Venmo is very easy to use, and you can easily pay bills and make purchases with your debit card immediately after you get your card.
Here is a quiet view of how Venmo debit card works:
1. Open a Venmo account; the first step is, the opening of an account with a Venmo account, as this will give you access to the credit card.
2. Install the Venmo app: Once you have verified your account, you need to install the Venmo app, in other to request a Debit or credit card, and this step is optional.
3. Link your Venmo account to your credit card: the next step is linking your Venmo debit card to your account for quick access and the Venmo debit card is available and free.
How Can You Apply for a Venmo Debit Card?
One can easily do applying for a Venmo debit card at the comfort of your home or work. All you need in order to apply for a Venmo card is by installing the official Venmo app, locating the settings, and clicking on Venmo card.
Once it takes you to the page, you can read more on how to apply there, then you need to click on the Get the Venmo Card. It’ll take you to a page where you can choose one color.
The next step is more of your personal information such as your name, social security number, date of birth, and other inquiries. Generally, it takes 5-7 working days to get your Venmo card after approval.
How to Reload your Venmo Debit Card
One of the pleasant features of using a Venmo debit card is that they are easy to use, which includes the reloading of your Venmo debit card.
Venmo account is the primary sourcing funds for your debit card, with your Venmo account, you get to keep track of your businesses and transactions on the account.
They link your Venmo account to your debit card which means anytime you withdraw or buy goods, the money will be directly taken from your account and when you receive money, you can withdraw the funds from your Venmo debit card.
You can add or transfer money from another bank account when you link them with your Venmo debit card and you can do this by including a verified account, then click on ‘add or transfer’ in the transaction section.
Here are a few steps on how to reload your Venmo credit card:
1. You need to install the Venmo app on your mobile or computer
2. Then go to the settings section of your Venmo app, then click on Manage balance. And click on Add money and input the amount you needed.
3. Input the bank account number you want to transfer funds from and click on Next.
4. Recheck the transfer information carefully and click on add money
How Much Does it Cost to Get a Venmo Debit Card?
With a Venmo debit card, there is no fee needed for applying for the Debit Card.
In spite of zero-fee for obtaining a Venmo debit card, there are other fee associates when you make use of the Card.
As a Venmo debit card user, your daily withdrawal limit is $400, with $2.50 withdrawal fees.
Where Can I use my Venmo Debit Card?
Venmo debit card works with a MasterCard Network and this enables its users to make use of the card anywhere in the U.S and its environments.
Your Venmo debit card can be used in any ATM that accepts MasterCard.
When Can I Get my Venmo Debit Card after Applying?
After applying for a Venmo debit card, it is expected that your request get approved.
It takes at least 5-7 business day to get you Venmo debit card, and it will be sending directly to any address you provided. In a rear case when you did not receive your card, you can contact Venmo through their official app.
What is Venmo Withdrawal Limit?
Just like any other debit card, Venmo debit card also has some limits on their card, there is a daily withdrawal limit of $400 USD on daily transactions and $$4,999 weekly limit on transferring money.
You can get more information on charges from their official site https://venmo.com/resources/our-fees/
Pros of having a Venmo Debit Card
There are lots of advantages associated with having a Venmo debit card. With the debit card, you can carry out various transactions with free withdrawals from MoneyPass ATMs.
The exciting fact is that you get to pick the color of your choice for your Venmo card, and most debit card transactions in supermarkets/stores are free with extra cashback.
With a Venmo debit card, there are no extra charges, that is, if you are careful enough you won’t be spending above your pocket for any extra fees, and there are no charges on monthly fees
Cons of having a Venmo Debit Card
As amazing as Venmo can be, they also have their own downside. A Venmo debit card is only limited to U.S and U.S territories. We cannot use the card with international merchants or for buying anything overseas.
As a foreigner, you can’t make use of a Venmo debit card, in case you plan on using it in another country aside U.S.
Although, when you make use of a Venmo card with a MoneyPass network, you won’t need to charge and it will be for free. But using your card elsewhere would attract a fee of $2.50 for withdrawals, and 3% of the transfer total of money you’re sending through your card. And if you’re not careful enough, you can attract an overdraft fee.
In some cases, a Venmo debit card is often mistaken for a prepaid debit card but it is not and they cannot use it without you having a Venmo account and you cannot add another person like your family to your card.
Charges on a Venmo Debit Card
There are no charges on monthly or late payment fees for users, and no debit card charges when you apply for a card as they made this feature free.
One nice thing about Venmo cards is that no overdraft because you can only use what you have and when you don’t have enough to withdraw, the transaction gets declined.
When you withdraw funds from MoneyPass, it is free but when you use other ATMs, you will spend a token of $2.50 for out of network fee.
There may, however, be transaction fees associated with your card. For example, while it is free to withdraw money from a MoneyPass ATM, other ATMs will incur a $2.50 fee (plus any additional fees charged by the ATM operator).
Answer: The waiting time for a Venmo debit card after approval is 5 to 7 working days.
With its financial information and personal data being well encrypted with a massive, secure network to protect its users against all unauthorized transactions. Also, against all fraudulent activities, with its data being kept in secure places.
You can apply for a Venmo debit card on the Venmo app.
Venmo debit card is free.
The waiting time for a Venmo debit card after approval is 5 to 7 working days.
Yes, Venmo debit card is one of the best in U.S, and the financial institute has claimed that the security of the debit card is a bank grade.
No, Venmo does not charge their users monthly fees.
A venmo debit card is very famous for low card charges and is easier to use than others.
Not only does Venmo enable their card users to earn up to 3% cash back when they make purchases with the Venmo debit card, they are also safe to use with no monthly fees.
I do hope this overview answers most of your questions on “How a Venmo debit card works”.
1. Venmo- https://help.venmo.com/hc/en-us/articles/360000743767-Venmo-Debit-Card-FAQ#:~:text=The%20Venmo%20Mastercard%C2%AE%20Debit,your%20Venmo%20balance%2C%20click%20here.
2. Simplemoneylyfe- https://simplemoneylyfe.com/reviews/debit-cards/venmo-debit-card/
3. Bank rate- https://www.creditcards.com/credit-card-news/venmo-debit-card/
4. My bank tracker- https://www.mybanktracker.com/blog/find-my-answers/venmo-debit-card-286173