Venmo card review: A debit card for the app lover

Pros

• Use your Venmo balance anywhere Mastercard® is accepted in the U.S.nFree withdrawals at MoneyPass ATMs in the U.S.nCan use linked bank account to cover transactions that exceed your Venmo balance

Cons

• Can’t be used with international merchantsn$2.50 ATM withdrawal fee for ATMs outside the MoneyPass network in the U.S.nCovering transactions with your bank account could trigger overdraft fees

What you need to know about the Venmo card

Venmo makes it easy to send and receive money from friends and family. But what if you want to spend your Venmo balance inside an actual store? The Venmo card makes that possible. Here’s what you need to know about the Venmo card and how it works.

Instantly access your Venmo balance for free

Venmo users who don’t have the Venmo card can transfer funds to their linked bank accounts for free, but it takes one to three business days for funds to arrive. With Venmo’s instant-transfer service, you can move part of your Venmo balance over to an eligible debit card. With instant transfer, funds are usually loaded onto your card within minutes. Venmo charges a 1.5% fee for instant transfers, which has a 25 cent minimum and a $10 maximum.

But with the Venmo card, you can use your Venmo balance at any store that accepts Mastercard® in the U.S., and there isn’t a fee when you use the card for purchases.

And if you don’t have enough available funds in your Venmo account to cover your entire transaction, the Venmo card can pull money from your linked bank account to cover the purchase. It’s an opt-in feature called “Venmo card reloads.” If it’s enabled, it will move funds over in increments of $10 to cover any purchases that exceed your Venmo balance.

You can also choose to preemptively add money to your Venmo balance from a linked bank account via the Venmo app. Just keep in mind that transfers take three to five days to post, so don’t count on the funds being available right away — unlike a prepaid card.

Free withdrawals from MoneyPass ATMs in the U.S.

If you want to convert your Venmo balance into cash, the Venmo card could help you do that. ATM withdrawals are free at more than 37,000 MoneyPass ATMs in the U.S., with a daily withdrawal limit of $400. Getting extra cash back from debit card transactions in stores is also free.

But keep in mind that you’ll be charged a fee of $2.50 for withdrawing cash from an ATM that’s outside of the MoneyPass network. And the Venmo card won’t work for cash withdrawals from your own bank account. You’ll need to have the funds already sitting in your Venmo account.

No other fees … if you’re careful

The Venmo card doesn’t charge any application, annual or monthly usage fees. But if you enable Venmo reloads, you’ll want to make sure that you have enough funds in your linked bank account to cover the transaction. If not, your card can be declined or trigger expensive overdraft fees.

Deep integration with the Venmo app

Venmo is primarily known for its app, so it’s no surprise that the Venmo card is tied closely to it. In fact, you can apply for the Venmo card through the app.

But the connections don’t end there. Venmo card purchases show up inside the app, and you can even split or share the transaction with friends. Lastly, if your card is lost or stolen, you can use the Venmo app to disable the card until you find it again.

Can’t be used with international merchants

You can only use your card where Mastercard® is accepted in the U.S. If you frequently travel abroad, this isn’t the debit card for you. You’ll want to find a debit card with no foreign transaction fees instead.

What else you need to know

Here are a few other details that you’ll want to keep in mind.

• Venmo cards can handle contactless payments, if you don’t want to swipe or insert your card.
• You can’t add authorized user cards for family members.
• Venmo lets you pick the color of your Venmo card from five color options.

Who this card is good for

The Venmo card is a bit of a conundrum. At first glance, it’s easy to think that it would be a viable option for consumers who don’t or can’t have a bank account. But without the ability to load cash for instant access or set up direct deposit with the Venmo card, it isn’t a full-fledged checking account alternative like a good prepaid card can be.

The Venmo app can be great when you need to pay for things that you can’t typically use a card for — situations like needing to split a restaurant bill with friends or paying the babysitter.

So who is this card good for? The Venmo card could come in handy for people who need access to their Venmo funds quickly and don’t want to pay the instant-transfer fee. A college student, for instance, who relies heavily on Venmo transfers from family or friends may find value in this card.

But students studying abroad will want to stay away from the Venmo card since it can’t be used overseas. And if you’re a student (or anyone else) who can’t wait a day or two for your Venmo balance to transfer to your checking account, you may just find it simpler to stick with your bank’s debit card.

Not sure this is the card for you? Consider these alternatives.

• American Express Serve® Cash Back: If you’re looking for a prepaid card that could be a viable checking account alternative while also offering cash back, this prepaid card could be exactly what you’re looking for.
• Chase Sapphire Preferred® Card: This card could be a great option if you plan to spend a lot of time overseas.
• Capital One Savor Cash Rewards Credit Card: This could be the card for you if you want cash back on fun activities with no annual fee.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the card shown, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.