Venmo is one of the best online platforms for paying and requesting money from friends. Recently, we wrote an article about Venmo accounts and the possibility of having two 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. Venmo would not take any other prepaid card of any brand mentioned previously. In the case of the concerned acquirer, Venmo makes sure there is no cheating or access to 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, it is for security reasons or detection of fraud or cheating. Venmo ensures your privacy is safe with them, so if anything threatens your bank account or personal information, Venmo will immediately decline your prepaid card.
If Venmo is declining your prepaid card, it could be caused by the following reasons: Firstly, if your prepaid card is of any brand other than Discover, Express, MasterCard, or Visa, Venmo would reject it as it does not accept prepaid cards other than the brought-up networks. Secondly, for safety reasons, Venmo ensures your funds aren’t related to deception or fraud and declines your card based on the above. Thirdly, Venmo, before allowing the funds to you, makes sure that the stored money is available before accessing it forwarded to you. Therefore, if your account is short of cash, Venmo will decline your prepaid card. Fourthly, Venmo can refuse prepaid cards because some credit cards require a zip code in your bank account before being accessed.
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 can work it out with Venmo. If not, Venmo can 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 American Express, Discover, MasterCard, and Visa. None of the other brands can access their prepaid cards with Venmo. Prepaid cards work a lot like debit or credit cards, but the only difference is that, unlike payment cards, a prepaid card is not related to your bank account.
Can You Add a Credit Card to Venmo?
You can add your credit card to Venmo as Venmo accepts its customers’ credit cards, prepaid cards, debit cards, and gift cards.
You can add your credit card to Venmo as they accept debit, prepaid, organizational, and credit cards. 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. However, no fee will be deducted if you use your Venmo account to make a money transaction. Transiting through your credit card while working with Venmo is more likely to be 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 “add,” which would add the card to your Venmo account.
Venmo ensures that every step its users take is straightforward and understandable. For example, using your prepaid card would seem effortless after following the below steps.
How to Add a 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 the “Payment Method” button.
- 3. Press on “Add bank or card.”
- 4. Set your Visa gift card details and click “add a card to your account.”
BWiththese steps, you can easily insure your Visa gift card on your Venmo account. 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 as easy as using your prepaid or credit card on Venmo. By carefully applying 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