You may know Venmo as the app that allows you to request this month’s rent from your roommate or pay your friend back for last night’s drinks. The user-friendly app makes it easy to make and share payments, complete purchases, and quickly transfer money to your bank. Last week, the PayPal-owned app announced that it’s joining the physical world by offering its customers a debit card that can be used in any store that accepts MasterCard.
Apart from making purchases using your card, you’ll be able to withdraw cash from ATMs. Withdrawals are free within the MoneyPass network or $2.50 per transaction on other networks (not including additional fees the ATM owner may charge). Withdrawals are limited to the funds in your Venmo balance and there’s a daily withdrawal limit of up to $400. Don’t have enough money in your account to fund a transaction? No problem! The Venmo card allows you to “Reload” funds from the designated bank account already linked to your account.
The card is linked to your Venmo app so if you ever misplace it, you can deactivate the card using the app and later re-enable if and when it’s found. The app will also list all transactions made using the card so you can keep a close eye on your spending habits.
Issued by Bankcorp Bank, the card doesn’t charge any monthly or application fees and is available in 6 bright colors.