Can You Add a Prepaid Card to Venmo?
Venmo is a popular online service for sending and receiving payments between individuals. Many users may wonder if it’s possible to add a prepaid card, like a gift or prepaid debit card, to their Venmo accounts. The short answer is yes, but there are a few limitations.
Types of Prepaid Cards
The first step in determining whether your card is compatible with Venmo is to determine what type of prepaid card you have. Venmo accepts Visa and Mastercard prepaid cards. It also accepts prepaid debit cards registered with Visa or Mastercard as long as they have a minimum balance.
Venmo Card Limits
When adding a prepaid card to your Venmo account, you are subject to some limitations. The card’s balance can not exceed $500, and the total cumulative balance of all your prepaid cards can not exceed $2,000. Adding a prepaid card will also enable users to make payments for up to $2,000 in total before requiring an additional form of payment.
Other Considerations
If you decide to add a prepaid card to your Venmo account, there are a few other things to keep in mind. First, Venmo will charge a 3 percent fee for using a Visa or Mastercard prepaid card. Second, prepaid cards will not be accepted for Venmo deposits. Finally, Venmo may close the accounts of prepaid card users who are found to be in violation of their terms and conditions.
Conclusion
In conclusion, it is possible to use a Visa or Mastercard prepaid card with Venmo, but users must be aware of the limitations and fees associated with doing so. Before adding a prepaid card, it is important to understand the restrictions on the balance and total cumulative balance of all your prepaid cards, as well as any associated fees.