www.venmo.com – How To Apply Venmo Master Card
If you are the kind of a person who always look for comfort and flexibility in whatever you are doing then this post is definitely for you to take a note about. Whoever has a previous experience of registering with the payment vendor (that you use to pay your bills for shopping, dining, drinks Etc) knows very well that exactly how smooth the experience is. You attend a get together with friends in a cafe and when the party is over you pay the bill from your payment vendor account balance. In a similar way you can also make payments for your shopping bill and also the bill that was payable after your dinner with Friends. Now imagine a payment vendor account that allows you a social platform to post your bill payment status (with a note that what was the bill for) which you can share with your connected friends so that in turn they can share the payment amount. Is it not a smart idea to share your bill with your friends? Of course yes. That is exactly what Venmo offers you.
Venmo is an online payment vendor that is owned by PayPal and presently operates within the United States only. During the initial days Venmo subscribers also had to wait for 1 to 3 days for a transaction to be updated (similar like a bank online wire transfer). But later when PayPal took over Venmo, the introduced one instant transfer features to the account which now allows the Venmo subscribers to send money to their friends within 30 minutes (almost instantly). When other payment vendors are still struggling with their phone apps (android or iOS), Venmo has moved far ahead to make the payment experience even smoother for their subscribers by introducing Venmo debit card in collaboration with MasterCard Network.
What Venmo MasterCard is all about?
- Venmo MasterCard is a debit card that you can use as a subscriber for paying your bills.
- Venmo debit card is accepted in any merchandise wherever MasterCard is accepted.
- Venmo MasterCard can transfer money from your linked funding source for purchases.
- Venmo keeps a track of all your transactions on behalf of you and reflects it in your Venmo account so that you can simply share it with your Venmo friends to split the bill.
- Just in case if you have lost your Venmo MasterCard, you can simply log into the app (that is installed in your mobile phone) and disable your card and when you get it back again (found it or reissued) you can once again enable the card through the app.
- The Venmo MasterCard can also be used as a typical ATM card (like the other debit cards can be used) for withdrawing money from your Venmo account balance.
- If you were falling short of fund at the time of a big purchase you can either transfer money into your balance from a linked funding source with the Add Money feature Or use reloads (if offered) to cover the purchase.
- For those who are tired off swiping and inserting chip cards, Venmo MasterCard comes with a feature of contactless payment. Look for the contactless symbol at the checkout and when prompted for payment, simply tap your Venmo card in front of the reader.
Fees for the Venmo MasterCard:
- The Venmo debit card is absolutely free to be issued. You can apply for your Venmo card through the App (settings –> Venmo Card).
- The Venmo card also does not charge you anything when you pay for your bills.
- $2.50 domestic withdrawal fee is applicable on your Venmo card for withdrawing money in any ATM.
- $3.00 Over the Counter Withdrawal fee applies when a signature is required at the bank or financial institution.
- You can withdraw funds from your Venmo balance at no cost when using a MoneyPass® ATM within the U.S.
- Cash back with a purchase is also available at Point of Sale devices at no-cost, as permissible by a merchant that bears the Maestro® or PULSE acceptance marks.
- Fee ($0 or 3%) is applicable also for sending money to people (balance/debit/bank or credit).
- Withdrawal on your Venmo debit card is limited to your fund availability with a maximum of $400 per day.
- There’s a 1% fee to transfer money from your Venmo account to your eligible linked debit card with the Instant Transfer option. (Minimum $0.25 – maximum $10).
How could I add money to my Venmo account balance?
- Venmo users who have been approved for a Venmo MasterCard, have the option to add money to their Venmo account balance from a linked and verified bank account.
- Log into your Venmo app
- Tap the “☰” icon in the upper-left corner of the app
- Tap “Manage Balance”
- Tap “Add Money”
- Enter the amount you’d like to transfer and tap “Done”
- Confirm the bank account you’d like to transfer the money from, and tap “Next”
- Review the transfer information and estimated arrival, and tap “Confirm Transfer”
- You are done.
- Transfers would typically take 3 to 5 business days and when the transfer is completed you will receive an email on your registered email ID.
How does the Venmo card reload option works?
The reload option on your Venmo MasterCard, we would say, is The X Factor and the most important feature of this card. The reload option allows any user to pull funds from the linked bank account when he’s falling short of balance on his Venmo account. It pulls fund in the increment of $10. Let’s understand by an example. Imagine that your Venmo account balance is $0 and you want to buy something that will cost you $50. If reload option is activated on your Venmo card, then it will pull $50 from the bank account that you have linked with your Venmo account and when the purchase is completed your Venmo account balance will once again become $0 with no fund left over. The only thing you should be careful about is that your linked bank account should have sufficient fund for Pulling.
Information and documents required for Venmo MasterCard:
- Your personal information – name, address and date of birth.
- Your social identification number – social security number or social insurance number.
- Additional information (if required) – driving license number, U.S. passport number, ITIN assignment number, U.S. Government-issued identity number
- Customer service helpline number: 855-204-4090
- Customer service helpline email: firstname.lastname@example.org
- Venmo Headquarters: 95 Morton St. Floor 5, New York, NY 10014