Venmo Debit Card Review: Is It Worth It?

The digital payment industry in the United States is booming, with consumers flocking to the convenience such services offers. According to Statista, digital transactions reached a staggering $3.6 trillion in 2023, and we can expect a leap to over $4.6 trillion by 2028. Venmo, one of the most popular mobile payment apps, is right at the heart of this trend. It’s not just for splitting dinner bills anymore. 

Does Venmo have a debit card? Yes, and with it, you can shop online, swipe in stores, and pull cash from over 37,000 ATMs without getting dinged by fees. But is this card all it’s cracked up to be? So, let’s discuss  how to get a Venmo debit card and whether you should do that.

Why Is the Venmo Debit Card Worth It?

There are quite a few advantages a Venmo debit card can offer an average American. For example:

• Card issuing is free;
• Personalization options with various card colors;
• Real-time balance updates in the Venmo app;
• Cashback rewards on purchases made with the card;
• Low fees for transfers and ATM withdrawals outside Venmo’s network;
• Effortless integration with the Venmo app for managing finances;
• Easy online shopping;
• Social features to split bills and track shared expenses;
• Unique Venmo MasterCard services;
• Instant card freeze on demand;
• Early access to direct deposit funds.

The card also has decent user protection. When attempting an unauthorized transaction from the account, the app requests confirmation via SMS, call, or another type of verification.

Compared to other payment aggregators, Venmo has several significant advantages.

Venmo cards are optimal if you’re actively using the service in your daily life. Moreover, cardholders can receive bonuses like partial refunds, discounts at partner networks, etc. However, it is essential to remember that you will still need to link your primary credit card to fund the additional account and deal with a range of technical limitations. This requires careful management of your financial resources and an understanding of Venmo’s policies to maximize benefits. It’s all about making sure the card’s benefits align with how you handle your money.

Weaknesses of Venmo Debit Card

However, there are also several downsides to the Venmo card:

• You need to utilize the app to get the most out of this offer;
• A somewhat complex process of how to get a Venmo card;
• Fees for money transfers, even within the Venmo card balance network, as well as for cash withdrawals from non-affiliated ATMs;
• Potential risks to your confidential information when using the card;
• Automatic replenishment of the card from the primary bank accounts if the balance at the time of the transaction is low;
• Accreditation of cards exclusively in networks supporting MasterCard;
• Ability to use funds only within the USA;
• Lack of support from the aggregator for foreign stores and marketplaces.

Comparing Venmo with other providers, we get an additional list of disadvantages.

All these options have significant drawbacks, but each payment aggregator shines in certain circumstances. Should you prefer one over another? Perhaps, but only if your transactions occur exclusively within a single network, which is unlikely.

Final Thought

Let’s remember that the US is teeming with payment systems and mobile banking options. Each one is vying for attention, dangling perks like bonuses, partner deals, and slashed fees to keep users coming back for more.

Venmo, while part of the PayPal family (which does give it a bit of a trust boost), isn’t the only option. Sure, it’s got its advantages, but its uses are limited. Think about the no-go on international transactions or those pesky fees when you hit up an ATM that’s not in their network. This is just something to keep in mind when you’re navigating the digital wallet world.

Should you use Venmo? It depends on if you have access to the technical means of the network, your friends and family using these cards, and so forth. In other cases, it’s worth considering alternatives, of which there are plenty on the market.

Do you have further questions about Venmo or wish to deepen your understanding? Feel free to explore our additional resources on the subject:

• What is a Venmo Account and How Does it Work?: a Step-by-Step Guide
• Venmo Review: Pros and Cons of Choosing this Payment App
• Venmo Transfer Fees: A Complete Overview

And, in any case, we hope this Venmo debit card review will prove useful to you.

FAQ