New VENMO CARD Honest Review

by birtanpublished on September 2, 2020

What's going on guys welcome back to the channel this is a quick tech review today about the all-new venmo card I think it's great for students or non students and I'm going to talk about why you might want it first of all I want to say I'm not sponsored by venmo

I'm not getting paid to make this video so this really is just an honest review of the pros and cons of this card so starting off who would actually want to get this card first of all I think

It'd be great for any high school or college students myself included as somebody who really finds this card very useful in everyday life especially when you're on a campus and you are around a lot of people you will inevitably be

Splitting bills I'm going to talk about that a little bit later in a second but starting off I have three main categories of people that would want to get this card the first one is somebody who doesn't already have a bank account

Or a credit card so if you don't already have a credit card or a debit card you really want to get something like this so that when you're in public maybe if you're trying to fly in an airport and you need to check your bags for example

That's a place where you cannot pay cash there are tons of other places where you have to have a card in order to make a transaction so if you are going anywhere that might need a card and you don't want to open a bank account you don't

Want to get a credit card you don't trust yourself with that then go ahead and get the venmo app and get this this card it's really it's free it's easy to use and it might come in clutch for something like that so that's Group one

Group number two is somebody who might not have enough money in their bank account but it has a lot of money in their venmo account so if your bank account while you're in college goes down to four or five dollars which it

Has for me plenty of times but my venmo account was way up there maybe I had $50 in my venmo account because you know other things I gave people stuff and they paid you know whatever people in college pay a lot with venmo and it's

Very likely that you'll have more money in your venmo account than your actual bank account at some times in your college career so with that being said venmo card might be the card for you so you don't have to send that money over

To your bank account and then pay from your bank account it's a lot easier if you just pay directly with this card and then the very last group I think is what can is going to be the majority of people out there and that is anyone

Who's looking to split you know if you go out to dinner or you want to go to a concert and you want to split the bill among several people and you're maybe worried that they're not going to pay you right away

The venmo card is a great way to do that there's two different ways to do that with this card the first one is when you make a transaction it'll pop up and you can accept the transaction you can split the transaction you can charge other

People or another way you could do it is when you before you even use your card you can tell everyone hey I don't have money in my fan mail account I need you to send me the money first and then I'll use my card to pay for it so that's a

Great way to ensure that you will not be screwed over you won't lose your money when you're trying to split a bill so now getting into what are the bonuses of this card why is it cool and why would you want to get it

Well first of all you can choose from one of six awesome colors I'll show all six of them right down there on the bottom of the screen they all look pretty cool this card is actually very strong plastic so this is a very thick

And durable card as you can see bending it has absolutely no impact in the card it is very you know honestly a lot more durable than I expected it's even thicker than most of my other credit cards that I have and I think that's

Partially because of the ability to have connectionless transactions so you don't need to make contact with this card you can just go up just like Apple pay and tap it on something and it will pay as you need to when you accept the payment

So again just like Apple pay but along with that you also have the traditional mag stripe on the back and on the front you have your your standard chip payment method so you can pay with three different ways with this card which i

Think is very cool very modern it's a MasterCard debit card so that means you'll be able to use this almost anywhere in the world was over 40 million MasterCard accepting merchants in the world there's really a few places

That you will really not be able to use this so when paying with this card you can isolate yourself from your bank account very simply by not allowing automatic withdraws or refills as they call them from your bank account so

That's one way that you can isolate yourself if you're worried about this card being stolen or another way that you could use this card is by allowing refills automatically so it draws from your bank account instantly and you

Don't even need to worry about your traditional bank account debit card you can just use this to swipe and use that of course you can also simply use the money in your venmo account but if you over draw it will be rejected as a

Payment now with that being said what are the security measures on this this card is actually very convenient because within the app if you ever think you lose the card or you thought it was stolen

You can simply deactivate the card and whenever you find it you can reactivate it so a lot of people you know if you just lose the card if it's stolen you can cancel the card you can get a new one you can only have one at a time but

If you're like me and you lose it and you think you know what I lost it but I didn't really lose it I'm just being an idiot you can wait a couple days and when you find it you can reactivate it very easily so talking a little bit

About the safety of the app you might be wondering when you sign up for it why they need your social security number and that is because they're FDIC insured through the Bend Corp bank so you can look that up in your own time and find

Out more details of that I encourage you to research before you give out your social security number to anybody but if you choose to get this one thing that is really cool with this is that you actually have a pin on the app if

You want so not only will you be signing into your phone but you can also sign into the app then to have a double security measure between you or between whoever is touching your phone and your actual money so this app is also a great

Way to track your spending and split cost with people along with that you can also use this in ATM so you can use money pass ATMs for free other ATMs might charge you you know two or three dollar transaction fee so now moving on

To the cons of this card there are three big ones first of all you cannot withdraw more than $400 in a day from an ATM I don't know if that's really a huge con but that you know if you want to draw a lot of cash out that could be

Something that's a little bit annoying you can always transfer more money to your bank account in a day but the actual cash from an ATM is limited so the two remaining cons of the venmo account and the card really explain why

It's free and why venmo is still in business and that is on the money side so if you get a bank account with Wells Fargo or PNC you'll notice they give you interest on the money you have in a savings or a checking account now the

Money that you have there they might be paying you you know less than 1% interest and so if you're a college or a high school student and you don't have much money in there that is really insignificant but if you have a lot more

Money in there maybe that's a drawback for you and the second con that I was going to mention is why this is not better than a credit card so credit cards actually give you rewards for using their card and as you might have

Known something like a Discover card or something like that might give you one to two percent cash back on every purchase this however does not give you cash back on any purchases but nonetheless it is a card that I

Think is useful it was free so I it might as well have it in my wallet in case I ever need it to split bills and share costs at restaurants and concerts so guys that was probably a little bit more than two minutes but I hope you

Enjoyed this video thanks for watching guys I'll see you next time

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