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Venmo introduces new debit card

Venmo introduces new debit card

Venmo, the mobile payments app owned by PayPal, has just officially unveiled a new debit card for consumers based in the United States. Basically this new debit card will allow users to complete payment transactions using their Venmo accounts anywhere in America where Mastercard is accepted. The new debit card can also be used at an automated teller machine (ATM) when withdrawing money from the Venmo’s account balance.

Some may remember that last year, Venmo had initiated a beta program that featured the company’s debit card, and now this same service is made available, albeit in limited release. It should be noted though that participants of the aforementioned beta program will not be able to continue using their debit cards, mainly because those beta cards were issued by Visa. They can, however, choose to accept an invitation to avail of the new Mastercard debit card (issued by The Bancorp Bank). The new Mastercard branded debit card comes in half a dozen color options, including black, white, yellow, pink, blue, and green. 

Going back to the subject of withdrawals, the new Mastercard debit card can be used to withdraw as much as $400 on a daily basis, at ATMs that show the Mastercard, Cirrus, PULSE, and MoneyPass acceptance marks. For US MoneyPass ATMs, no charges will be applied. Other ATMs, however, will be charging a $2.50 domestic withdrawal fee.

When using the new debit card for purchases, no fees are applied, even if the user gets cash back at the point of sale. In instances, however, that require a user’s signature to get money back at a bank, that user will pay an Over the Counter Domestic Withdrawal Fee of three dollars. And while it is true that users could allow the card to take the place of a credit card in their wallets, it can not replace their bank card. This means that there is no bill pay functionality, and no means for depositing money or checks to the user’s Venmo account.

It goes without saying that the new debit card can also be managed using the Venmo mobile app. Through the app, users can enable the new card, reset the personal identification number (PIN), or even deactivate a lost (or stolen) card.

As mentioned earlier, the new Mastercard branded debit card is on limited release as of the moment. Interested parties, however, can start reserving theirs by visiting this link.