does venmo charge a fee to pay with credit card

Your credit card company may view the money you send to friends and family as a cash advance.Venmo charges you a 3% fee for sending money to friends and family using a credit card.Tying a credit card to Venmo makes it easier to get into debt.It's possible to overspend your credit limit and incur fees from your credit card company.You could use your credit card for small Venmo payments, then repay them on time to build good credit.ĭrawbacks of using a credit card on Venmo Repaying your credit card each month helps you build your credit score.You could use Venmo to pay for things even when your checking account balance is low. Using a credit card means not having to worry about the ups and downs of your checking account.You won't get rewards from sending money to friends and family, though. When the credit card you're linking to Venmo is a rewards card, it's possible to rack up a bunch of rewards, particularly if you use Venmo to pay for everyday purchases.Here are some of the benefits and drawbacks of adding a credit card to Venmo.

There's no right or wrong answer regarding whether you should use a credit card on Venmo. Learn more: Read our Venmo review Should you use a credit card on Venmo? There's also a Visa-branded Venmo Credit Card that gets you cash back on things you buy most. You can pay with it on websites that accept PayPal, and the optional Venmo debit card lets you take cash out at an ATM. use the app to make payments.Īs a company, Venmo has expanded.

Today, nearly 90 million people across the U.S. The startup was acquired by PayPal in 2013 and took off from there. Venmo was created by college roommates who wanted to make their own lives easier by paying each other via smartphones. Splitting the dinner bill or sending your friend a $50 gift has never been easier. Venmo is frequently used to pay for goods and services, and you can use it to pay friends and family, no cash or checkbook needed. Want to pay the person who cuts your lawn but don't have cash on hand? Venmo lets you send money directly to that person's bank account. Venmo is a payments app that lets you send money anywhere you need it to go.

Does venmo charge a fee to pay with credit card