Venmo is one of the best online platforms that allow you to pay and request money from your friends. Recently we wrote an article about Venmo accounts, and can you have two Venmo accounts. In this article, we will analyze Venmo payment cards.
Does Venmo Accept Prepaid Cards?
Venmo accepts prepaid cards, but only from major card issuers such as Discover, Visa, American Express, and MasterCard. Venmo can reject other prepaid cards.
Venmo is known for being one of the best money transfer applications. It accepts any card, including prepaid ones. Remember that Venmo accepts selected network brands’ prepaid cards recorded under your name. These brands include Discover, Visa, MasterCard, and American Express. No other prepaid card of any other brand mentioned previously would not be accepted by Venmo. In the case of the concerned acquirer, Venmo makes sure there is no cheating or access of funds involved, and for those reasons, they might decline your prepaid card.
Why Won’t My Prepaid Card Work on Venmo?
Venmo does not usually reject prepaid cards, but if it does, then it is due to either security reasons or detection of fraud or cheating. Venmo makes sure your privacy is safe with them, so if anything threatens your bank account or personal information, Venmo would immediately decline your prepaid card.
If your prepaid card is getting declined by Venmo, it could be caused by the following reasons. Firstly, if your prepaid card is of any other brand rather than Discover, Express, MasterCard, or Visa, Venmo would indeed reject it as it does not accept prepaid cards other than the brought-up networks. Secondly, for your safety reasons, Venmo makes sure your funds aren’t related to any deception or fraud and declines your card based on the mentioned. Thirdly, Venmo that before allowing the funds to you, it makes sure that the stored money is available before accessing it forward to you. Therefore, if your account is short of cash, Venmo will decline your prepaid card. Fourthly, prepaid cards can be refused by Venmo because some credit cards require a zip code to your bank account before accessing it onwards.
What Prepaid Cards Work With Venmo?
Venmo allows Visa, Discover, MasterCard, and Express prepaid cards. As long as your prepaid card is registered under your name and belongs to the registered brands, you’re allowed to work it out with Venmo. If it’s not, then Venmo has the right to decline your transaction or reject your prepaid card altogether.
As previously mentioned, Venmo allows only selective organizations to let their users access their prepaid cards with them. These organizations are namely American Express, Discover, MasterCard, and Visa. None other brands can access their prepaid cards with Venmo. These cards work a lot like debit or credit cards, but the only difference is, unlike payment cards, a prepaid card is not related to your bank account.
Can You Add a Credit Card to Venmo?
You can indeed add your credit card to Venmo as Venmo accepts its customers’ credit cards along with prepaid cards, debit cards, and gift cards.
You can add your credit card to Venmo as they accept debit, prepaid and organizational cards along with the credit ones. To use a credit card for money transactions from your bank account, Venmo subtracts about a three percent fee from your funds. Immediately removing funds would cost you a one percent deduction from your account, while standard removal would cost you none. Although if you use your Venmo account for the transaction of money, no fee would be deducted. Suggestively, transaction through your credit card while working with Venmo is more preferably reliable and easy to use.
How Do I Use a Prepaid Visa on Venmo?
- 1. Go to your Venmo application.
- 2. Click on the “menu” and go to “settings.”
- 3. Tap on the “payment methods” in the settings menu, right under preferences.
- 4. Click on “add bank or card.”
- 5. A menu will pop up. Click on “card.”
- 6. Type in your Visa prepaid card information and use your zip code.
- 7. Lastly, click on “add,” which would add the card to your Venmo account.
Venmo makes sure that every step taken by its users is straightforward and understandable. For example, using your prepaid card would seem effortless after following the steps listed below.
How to Add Visa Gift Card to Venmo?
You can easily add a Visa gift card to your Venmo account. Following are the steps you can convey to add your Visa gift card:
- 1. Click on your Venmo application.
- 2. Go to “settings” and click on the “Payment Method” button.
- 3. Press on “Add bank or card.”
- 4. Set your Visa gift card details and then click on “add a card to your account.”
You can easily insure your Visa gift card on your Venmo account by these steps. It is to be noted that your gift card should be registered under your name. Otherwise, Venmo can reject it.
Adding your gift card to Venmo is just as easy as using your prepaid card or credit cards on Venmo. By carefully applying to the above-listed steps, you can add your Visa gift card or any other organization gift card to Venmo.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com