Venmo is coming out of your smartphone and into the real world. The mobile payments app announced this week the limited release of an actual, physical debit card that users can use to pay directly from their Venmo balance. Venmo announced the arrival of its Venmo card in a blog post.
The Venmo card is a MasterCard issued by Bancorp Bank, even though at early testing in the past months it was Visa issued. There’s no annual fee. It can be used anywhere MasterCard is accepted, as well as at ATMs to withdraw cash. Purchases at brick-and-mortar establishments won’t have any extra fees, but cash withdrawals will cost users $2.50. Potential cardholders will be able to choose from six colors: white, yellow, pink, black, green, and blue.
You can use the card now, but it’s currently in “limited release.” You’ll have to get in a queue for a chance to apply. It’s super simple to add your name to the Venmo card waitlist, too. First, update your Venmo app on either iOS or Android to the latest version from the App Store or Google Play, respectively, and then you’ll find the option called “Venmo Card” in the Venmo drop-down menu. Tap on Venmo Card, and then tap where it says “Get In Line” at the bottom of the screen. As for finally receiving a Venmo card, you’ll get an email inviting you to apply for the card once you’ve moved to the top of the waitlist.