Back in October of 2018, Venmo released a debit card. While I always advocate that you should never use a debit card for anything other than withdrawing or depositing money, Venmo is out here adding deals to their debit card when you sign up for it.
If you have never applied for a debit card through Venmo before, they will give you a sign up bonus of sorts. This comes in the form of giving you 5% cashback on grocery purchases, for the first 30 days after making your first debit card purchase.
As far as the terms involved, there is a $20 cashback limit, which means that you earn 5% back on up to $400. While the maximum you can spend on this offer is $400, the minimum you need to spend is $10. Of course, as stated before, you only get this bonus for the first 30 days. Keep in mind, purchases have to clear in order to qualify, pending charges in the 30 day window will not count Finally, this offer is also targeted, and will show up for you inside of the app. There is no direct link to apply for the card.
It’s no secret that I am not an advocate of using a debit card, pretty much ever. That being said, if you are looking for a debit card, there aren’t too many places that will reward you for opening it up. The only exception I can think of is the Target Redcard, wherein that card gives you 5% off your Target purchases.
Otherwise, you aren’t really getting any sort of benefit from having a debit card. In that sense, being able to earn some cashback, even if it’s only for a month is better than nothing. That being said, I don’t think I would apply for a debit card just because I could earn $20.
Is this an offer that would convince you to get a debit card from Venmo? Let us know below!