Venmo Has Released a Physical Mastercard Debit Card
Venmo is an app that can be used to send and receive money between friends. There’s no fee when using a bank account or a debit card, but you get charged 3% when using a credit card for these payment. You can keep money in your Venmo account also, but using the balance is kind of difficult. You need to transfer it to a bank or just send money to people.
Now they are planning on releasing a physical Venmo debit card. That would make spending your Venmo balance in the real world more convenient. The company has been testing a physical Visa card for a while, but it looks like they have switched to Mastercard for the official release.
The card has a vertical design. Users can now save their spot in line to get a Venmo debit card in the app. When it’s ready to ship, you’ll be able to choose from a selection of colors. The card has a chip for security, and an icon that indicates support for contactless payments.
The card is available in the United States only and has no annual fee and it’s free to use wherever Mastercard is accepted. But, there’s a $2.50 fee if you want to withdraw money from your Venmo account using an ATM. The debit card is issued by the Bancorp Bank.
For now the card is in “limited release”. Once you’re approved, the debit card should arrive within 5 to 7 days.
Conclusion
This debit card makes it easier to instantly use your Venmo balance in the real world. You don’t have to wait for the money to transfer to your account. Not a major improvement, but a useful addition for some people.
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