Do Prepaid Cards Work for Venmo?

Do Prepaid Cards Work for Venmo?

December 21, 2020         Written By Heaven Speirs

Venmo is a peer-to-peer payment platform that PayPal acquired in 2013. Venmo can be used to send money to friends and family members, and it is also accepted at millions of retailers in America. The platform is completely mobile, and it has a built-in messaging system so users can discuss their transactions.

There are many ways to load funds for a payment transfer. Venmo accepts funds from credit cards, debit cards, bank accounts, and even prepaid cards. However, only certain prepaid cards are eligible for Venmo transfers.

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Prepaid Cards That Work for Venmo

Venmo accepts some forms of prepaid cards, but not all. According to Venmo’s card FAQ section, the app accepts “prepaid, network branded (e.g. American Express, Discover, MasterCard, Visa) cards registered under your name.” This mostly refers to reloadable prepaid cards.

A reloadable prepaid card can be used multiple times over, similar to a debit card linked to a bank account. After the initial deposit, the cardholder could continue to load funds to the card as needed. In most cases, the account will have a temporary card number until the card is registered. A cardholder can register their card by providing their name, date of birth, address, and Social Security number. Then the card issuer will send out a new card with the person’s name on it.

Prepaid Cards That Do Not Work for Venmo

Based on Venmo’s terms, a reloadable prepaid card has to be registered before it can be used for payment transfers. Thus a temporary card number would not be eligible for transactions. Non-reloadable prepaid cards would also not be eligible because they are not linked to a person’s name.

These practices reduce the risk of fraudulent transactions on Venmo. For example, if someone found a prepaid card on the street, they could not link it to their Venmo account to withdraw funds. The card would only be accepted if it was registered to the Venmo user.

Are There Fees for Using a Prepaid Card with Venmo?

Venmo does not charge any fees for prepaid card transactions. That does not mean that the entire transaction is free though. Some prepaid cards charge for each transaction on the card. In that case, the Venmo transfer may be subject to a transaction fee, which will vary from card to card. Check your prepaid card’s terms of agreement for more information.

The information contained within this article was accurate as of December 21, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Heaven Speirs

Heaven Speirs is a contributing writer for LowCards.com. She remains up-to-date with the latest developments in the credit card industry and the financial sector as a whole. Heaven has over 10 years of experience in online journalism, the bulk of which has been focused on personal finance. Heaven attended Oklahoma State University, where she discovered her talent for research and content creation. In her spare time, Heaven enjoys painting, playing poker, and spending time with her husband and three dogs.