Venmo in no longer a digital-only payments service.
The mobile app, which primarily lets you send money to friends (or even pay for goods within apps) so that you don't have to deal with cash, has embraced the physical payment card, just like its rival Square did. The company has been testing a Visa card for a while, though it looks like it is going with MasterCard now. Either way, a physical card will make it easier to spend your Venmo balance in the real world.
Why does Venmo have a physical card?
Some people just prefer a physical card. Venmo's card is a vertical debit card, and you can use it to spend your Venmo balance in more places. It's accepted everywhere MasterCard is accepted, and it's ATM-friendly. Venmo said its card is handy for when you don't want to transfer funds from your Venmo balance to your bank account and simply want to spend your balance at a store or restaurant.
Is Venmo's physical card free?
The debit card is issued by the Bancorp Bank, and there’s no fee for signing up for the card, as well as no purchases fees, though there is a $2.50 fee if you want to withdraw your balance via an ATM. All purchases will show up in your Venmo transaction history, and you can easily disable the card from the app should you lose it. If any of this interests you, it is launching now in six colors alongside new app features.
How to get Venmo's physical debit card
The card is now launching as part of a limited release. It's currently available in the US. Go here to reserve your spot to get one.