By Adam Jusko, ProudMoney.com, adam@proudmoney.com

The money transfer app Venmo is making it easier to use your Venmo balance in the real world with the launch of the Venmo Debit Mastercard. For Venmo users with high balances, or those who don’t want to use credit cards (or can’t qualify for credit cards), this could be an attractive card to have.

No Fees Unless Out-Of-Network ATM

The Venmo Debit Mastercard has no fees unless you use it for ATM transactions outside of the MoneyPass network, in which case you’d be charged $2.50 for the transaction. (ATMs must display the Mastercard, Cirrus, PULSE, or MoneyPass acceptance marks.) Note, of course, that the bank’s ATM could charge its own fee, which Venmo obviously has no control over.

Transactions Show Up in Venmo App

Your card activity will appear in your Venmo account just like other transactions, so it is easy to track it as part of your overall Venmo experience. If you’re splitting a bill with friends and use the card, for example, it will show up in the app, reminding you to request payments from your friends.

Other Notes

  • The Venmo Debit MasterCard comes in your choice of six colors: black, white, pink, green, yellow, or red.
  • If you lose the card, you can disable it within the Venmo app to prevent it from being used fraudulently.
  • You can choose to use the card’s Reload feature to ensure you have enough of a balance to cover any purchase you make. This feature automatically transfers a set amount from your bank account or other funding source if you want to make a purchase with the card but your balance is too low.
  • The card is issued by The Bancorp Bank.

No Rewards

If the card has a downside, it might be in the fact that it offers no rewards for using it. In our view, that makes it less attractive. We’d rather use a credit card for our purchases (or even a debit card that does offer lesser rewards) than a debit card that offers nothing in return.

The Verdict

Overall, the Venmo Debit Mastercard will be a welcome addition for Venmo users who’d like to get even more usage out of their Venmo accounts. Its lack of fees is just right, too. While we see the lack of any rewards as a real downside, for those who love Venmo and/or can’t or won’t use credit, this card makes good sense.