When Venmo first launched its card in beta last September, it was backed by Visa. After 10 months of trial, the PayPal-owned Venmo notified its users that they can get a Venmo debit card through a link on its website.
Based on Venmo’s website, cash can be withdrawn only at ATMs displaying the Mastercard, PULSE or Cirrus acceptance marks. There is a $2.50 ATM Domestic Withdrawal Fee that applies to this withdrawal. Further, there is also a $3.00 Over the Counter Withdrawal fee that applies when a signature is required at the bank or financial institution. The only withdrawals that do not have any fees attached to them are through using MoneyPass ATMs. There are about 25,000 MoneyPass ATMs in the country, according to the MoneyPass website. Also important to note, that there is a daily withdrawal limit of $400.
For the Venmo card, the user will be asked to link their bank accounts. The card will have features linked on the app such as tracking, purchase history, contactless payments and free reloads. The card will come in six colors. The card is only available in limited release for now. The Bancorp Bank is the banking partner on this venture. In September, Metropolitan Commercial Bank was the issuer, when Venmo announced its card with Visa. On its site, Venmo has not provided information on why it changed from Visa to Mastercard.
Bank Innovation has reached out to Venmo for comment.