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Venmo Debit Card Review

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Venmo Debit Card

Since 2009, Venmo has been a fast, safe, and social payment application between friends. In this app, settling down is like catching up. Money can enhance friendships rather than complicate them. Eleven years later, after 60 million users, and countless delightful payments (and emojis and internal jokes), they are still that way—and more. Now, you are allowed to pay with Venmo almost anywhere. You can use the Venmo MasterCard@Debit Card to put Venmo in your wallet. You can connect with brands and companies just like making friends. Their user communities like you have made them where they are today. They can’t wait to see where you will take Venmo next.



Pros & Cons Analysis of Venmo Debit Card

Pros

  • accepted widely

  • free withdrawals at MoneyPass ATMs in U.S.

  • you can use the linked bank account to pay for transactions that exceed your Venmo balance

Cons

  • $2.50 ATM withdrawal fee

  • can't be used with international merchants

  • may cause overdraft fees


Venmo Debit Card Highlights

No annual fee: automatically customized rewards according to your consumption habits, you can immediately use the money sent through Venmo to pay and use Moneypass ATM for free. 


Rewards: One of the main benefits of the Venmo debit card is that it functions like cash, while providing rewards for your consumption. The cash back reward runs on the tier system. You can get a 3% return in the highest consumption category, a 2% return in the second category, and a 1% return on all purchases. These levels are automatically adjusted to match your spending, which means you can get benefits without thinking about it. In other words, the bonus is capped. After the first year, the 3% and 2% categories only apply to your first 10,000 USD purchases. However, after that, you will continue to earn 1%. 


Cash Balance: As we said, the function of the Venmo debit card is to withdraw funds directly from your Venmo account. In other words, you may want to use the card more often than you receive Venmo payments. In this case, you can easily reload the card. Since your Venmo account is already linked to your bank, transferring funds is very simple and straightforward. The app allows you to instantly transfer money from your checking account to your Venmo. You can even set up automatic reloading. If you enable this feature, Venmo will automatically transfer funds in increments of $10 to make up for the difference between the amount you spend and the amount in your Venmo account.


FQA of Venmo Debit Card

  • Can I use a prepaid card or gift card for venmo debit card?

    They allow credit, debit and prepaid cards, and online brand (such as American Express, Discover, MasterCard, Visa) cards registered under your name to be added to Venmo. Card issuers or Venmo may refuse to issue cards for reasons of availability of funds or fraud prevention. In addition, some payment cards may require a zip code to be linked to your account. If you use a credit card to make payments to friends on Venmo, some credit card providers charge cash advance fees (which may include additional dollar amounts or percentage rates, and other possible cash advance service fees, including higher APRs). For more information about whether your card provider charges these fees, please contact your card provider.

  • Can I change where my payment is coming from at venmo debit card?

    Actually, no. The payment method and payment amount cannot be changed once sent, and the moment you send the payment in Venmo, the funds are authorized to be withdrawn from your payment method. Sorry for that! If you can use your Venmo balance and have enough balance to cover all payment fees, Venmo will use your balance to pay for your payment. Otherwise, Venmo will charge the full payment fee to your preferred payment method. If you sent a payment using iMessage but it has not been accepted, or it goes to "New User", you can still choose to cancel the payment. You can read more about it here.

  • Can a bank account or card be added to two separate Venmo accounts?

    If you share ownership of a bank account or debit card with another Venmo user, you may all be able to use the payment method on Venmo. (Please note that this payment method can only be linked to two Venmo accounts at a time, so any other users who try to add it will be rejected.) For more information on linked bank accounts, please visit this article. Currently, credit cards cannot be used for multiple Venmo accounts at once. If you cannot add a payment method because it is already linked to another Venmo account, please feel free to contact them.

  • Why was my card charged $0/$1 when I added it to Venmo?

    Sometimes when people add a card to Venmo, they will see a small line on the debit/credit card statement like this: The amount can also be $0, but it will never exceed $1. This is their temporary authorization to run on your card to confirm that the details you entered are correct. It is important to note that this is not the actual charge for your card. After they create this authorization, they cancel it so that you can use the money again. If you still see the $1 authorization from Venmo after 5-7 business days, please contact your bank and ask them to remove it for you. They have already tried to cancel all of them when they were created, and once they have done so, they cannot take further action.


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