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Venmo is one of the most popular ways to digitally send cash to friends, shop at small businesses and otherwise get by in a world where cold hard cash is becoming a thing of the past. To help make your digital cash hoard more assessable, Venmo partnered with Mastercard to launch a debit card. The card can be used anywhere Mastercard is accepted and it keeps a tally of the purchases so you can easily split costs with friends. Since its launch, the physical card has only available in a range of solid hues but Venmo has just announced a limited edition version featuring a rainbow paint job.
Just like American Express did with the Rose Gold version (no longer available) of the American Express® Gold Card and the exclusive nature of the metal Chase Sapphire Preferred® Card, Venmo is using cosmetic updates to try and drive signups. The rainbow edition of Venmo's debit card will be available starting March 4th until supplies are exhausted.
All that said, we generally can't recommend anyone use the Venmo or any other debit card simply because you're missing out on a trove of points, rewards and miles if you were to use a credit card. Of course, that advice is only applicable to anyone who can pay off their credit card bills in full each month to avoid accruing costly interest.
Our top credit card pick to get the most out of your everyday purchases is the Chase Sapphire Preferred® Card. It'll net you 50,000 points when you spend $4,000 in the first 3 months, which translates into a value of about $1,000 and offers 2x Ultimate Rewards points in dining and travel categories. There's a $95 annual fee but that's waived your first year as a cardholder.
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