Venmo’s parent company, PayPal, has launched a new debit card that can be used anywhere Mastercard is accepted in the U.S.
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Venmo’s parent company, PayPal, launched a debit card in June 2018, known as the Venmo card. Issued by The Bancorp Bank, 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.
See related: How to send/receive money with Venmo
How does it work?
The Venmo card operates as a debit card and is linked to your Venmo account, so each time you make a purchase, funds are automatically drawn from your Venmo balance.
Where can I use the card?
While the Venmo card can be used anywhere Mastercard is accepted, it cannot be used outside of the U.S. or with international merchants (even if you are making an online purchase from the U.S.)
The Venmo card can also be used at ATMs that display the Mastercard®, Pulse® or Cirrus® acceptance marks.
What if I don’t have enough funds to cover a purchase?
When you sign up for the Venmo card, you are required to link your account to a bank account, which acts as a funding source. If you ever want to make a transaction that’s greater than the funds available in your Venmo account – no worries. You can “reload” money from your linked funding source to cover the total purchase. If you enable reloads, 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 banking institution.
Are there any fees?
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. 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). To locate a MoneyPass ATM near you, click here.
Additionally, 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.
Can I earn rewards with the Venmo card?
Yes. The Venmo card offers cash back through a partnership with Dosh, a card-linked cash back app similar to Ebates, Ibotta and Swagbucks. Through Dosh, you’ll earn rewards (usually around 3 to 5 percent cash back) at select stores and retailers when you pay with your Venmo card. At launch, participating merchants included brands like Target, Sephora, Wendy’s, Dunkin’ Donuts, Chevron, Sam’s Club and Papa John’s. Though your choice of stores will be limited to those offered by Dosh, this is a welcome feature considering most debit cards earn no cash back.
How do I apply?
You can apply for the Venmo card, which is available in six different colors, in the Venmo app. Simply go to settings and click on “Venmo Card.” Because the Venmo card is currently available in limited release, some users will be able to sign up for the card right away, while others will be put on a waitlist. If you are prompted to “Get in Line,” Venmo will inform you when you are eligible to apply.
Once you are approved for the card, you can expect to receive it in five to seven business days.