Started in 2009, Venmo has become a popular peer-to-peer mobile payment app that provides a convenient way for people to send and receive payments through linked credit cards, bank accounts, debit cards and account balances. Venmo has since then expanded their products to offer their Venmo Mastercard® Debit Card, which is accepted anywhere that takes other Mastercard payments.
Learn more about the Venmo debit card, including features, fees, usage and other aspects of the card to see whether it’s worth getting.
How Does the Venmo Debit Card Work?
The Venmo debit card is free to use, but there may be fees associated with certain features, which is one of the ways that Venmo makes money.
Here’s how the Venmo debit card works:
- Usage: The Venmo debit card comes with a physical debit card that can be used to make purchases at any merchant that accepts Mastercard transactions. Cardholders can also make ATM cash withdrawals, but there may be fees associated with withdrawals.
- Funding source: The funding source for the Venmo debit card is the money in your Venmo balance, so you’ll need to make sure you have a positive balance before using the card.
- Adding money: You can add money to the Venmo debit card with a bank account, pay a 3% fee to transfer money from a credit card, or deposit a check by taking a photo of the front and back. The purchases you make with the Venmo debit card are charged to your Venmo account, and most people have a linked bank account to transfer funds to their balance.
How Do You Apply for a Venmo Debit Card?
To apply for a debit card, you’ll first need to download the Venmo app. There is no fee for the Venmo debit card application, and users do not have to worry about an annual fee either.
Applying for the Venmo debit card is easy, and you only need to give some basic information including:
- Valid home address
- Phone number or email address
- Valid form of identification, such as a driver’s license, U.S. passport, government-issued ID, etc.
If approved, people usually get their Venmo debit card in the mail in less than 15 business days.
Features & Perks of the Venmo Debit Card
Get Cash at the ATM from Your Venmo Balance
If you need cash from your Venmo balance, ATM withdrawals are free at a MoneyPass ATM within the United States or in some U.S. territories. At other ATMs, you can expect to pay $2.50 plus an additional fee from the ATM’s owner. Besides MoneyPass, you can use the Venmo debit card at ATMs that accept Mastercard, PULSE or Cirrus, though fees may apply.
You can also withdraw cash at a bank or other financial institution. If a signature is required, you can expect to pay a $3 fee plus an additional fee from the bank.
Get Money at a Store
At many stores that accept Maestro, Mastercard or PULSE payments, you can use your Venmo debit card to get cash back. The card has a $400 daily withdrawal limit for ATMs and cash back, and people can’t withdraw funds if they’re not available in the account. Some stores may not offer cash back, or they could impose lower limits.
Earn Rewards With a Venmo Debit Card
Earning rewards is usually for credit card holders, but the Venmo debit card has a number of attractive perks. With Venmo Offers, you can get cash back on purchases with select merchants. Users with the Venmo debit card are enrolled into Venmo Offers automatically.
Check the Offers section of the Venmo app to see current offers. Some include online purchases, and others may only give cash back for in-person transactions. After making an eligible purchase, you can see the estimated cash back in the app right away. However, the amount will not go to your Venmo account until the merchant completes the charge.
Here are some more important things to know about Venmo Offers:
- Transactions usually take one to five days, but they can take up to 30 days with some merchants.
- The cash back that you receive usually has the same privacy settings as your payments to other Venmo users. You can set payments to “Public” to let everyone know about your transactions. “Friends” notifies your friends, and “Private” keeps payments from being visible to other users.
- Venmo Offers eventually expire, and you can check the Offers section of the app to make sure that an offer is active.
- Some offers may have limits, but the cash back that you receive from completed, eligible transactions will not expire in your Venmo account.
Each Venmo Offer is powered by Dosh, and cash back accumulates automatically when you use your debit card on qualifying purchases at more than 10,000 merchants. You can transfer the money to your bank, Venmo, or a charity. V
Seamless Integration with Venmo App
The Venmo debit card comes can be used seamlessly with the Venmo app. Manage your transactions with the app, split bills with a roommate, or reload funds when your balance is low.
When you send a payment, you can add images or emojis. You can also use the Venmo app to chat with friends and set up recurring payments. Looking at your past transactions and keeping track of your balance is convenient and easy with the app. You can use these features when you pay with the debit card, or you can use the app by itself if you leave your card at home.
Security & Other Features
Besides cash back, the Venmo debit card is loaded with plenty of other features:
- The Venmo debit card comes in light blue, white, black, purple, and pink.
- If you lose your card, you can disable it using the app. If you find it again, you can use the app to reactivate it.
- When you pay with the Venmo app, it shares your location with friends and third-party data collectors. You can turn off this feature in Settings.
- Contactless payments are available.
Can I Use My Venmo Debit Card With Zelle?
Zelle is a free money transfer service that works between many banks in the United States. You can use it with many banking apps, including Venmo. Zelle only works for transferring money from one bank or credit union account to another.
How To Use Zelle with the Venmo Debit Card
- Download the Zelle app.
- Add your Venmo debit card as a payment method.
- Start using Zelle and your Venmo debit card to send money to friends or family members. This transaction shows up on your debit card’s list of purchases when you access the Venmo app.
To send money using Zelle, you only need the recipient’s phone number or email address. Zelle sends the person an email or text letting them know that they have a payment waiting and providing a link to accept it. First-time users may need to wait up to three days, and people who already have a Zelle account can receive funds in a few minutes. There are no fees for sending or receiving payments with the Venmo debit card through Zelle.
There’s no way to use Zelle through the Venmo app or with your physical card in a store. However, when you add funds to your Venmo debit card, you don’t need Zelle. You can enter your bank account number, routing number, and the amount you want to transfer in the Venmo app.
Who Should Get the Venmo Debit Card?
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.
If you are already a frequent Venmo user, getting the Venmo debit card offers added flexibility when it comes to spending your funds. For example, with the debit card you’d be able to make online purchases or pay bills with your balance instead of waiting days to transfer money to a checking account. If Venmo is the primary account you use to manage your money, then the debit card is an excellent option for your everyday banking needs and a great addition to expand your digital wallet.