Customers who are at least 18 years old and have been regular users of the Venmo app for at least a month are eligible to apply for the Venmo Credit Card, which is Venmo’s own proprietary credit service and, as of this writing, the company’s exclusive credit offering to its users. The card was initially introduced in the year 2020 for a subset of the customers, but it was subsequently made available to practically all of the customers equally.
People have the impression that the Venmo Credit Card is a reward card, or as they more commonly refer to it, a cashback card. However, given that it is issued by Synchrony Bank, it would more accurately be described as a genuine credit card. At the very least, this is how it would appear in the company’s financial statements. In addition to rewards and other incentives, as well as a personalized QR code scanner, it also enables you to make payments and send money to other people.
The credit limit that is granted to you for usage with your Venmo Credit Card is what allows you to send money to other people using the Venmo platform. Remember that when you are using your Venmo Credit Card to make pay-outs to other Venmo users, you will still be liable for the regular fee of 3 percent that is charged by Venmo. This fee is equivalent to the fees that are charged by other credit card issuers.
Also Check:- Can Venmo Work With Credit Card?
Can I use my Venmo credit card to send money to someone?
On Venmo, the Venmo Credit Card is included as one of the available payment methods by default. This makes it very easy to choose the Venmo app to initiate transfers to other friends as well as authorized businesses via credit card. It is important to note that the Venmo Credit Card, just like any other credit card, will incur the regular 3% fee which Venmo levies whenever it is accessed to facilitate individual transfers.
If you want to avoid the 3% charge on the individual level transactions, feel free to change the payment mode at the time of checkout. The 3% charge rule may not seem quite a load at the start, but when you keep incurring it for a long time, you will start seeing the consequences of it on your budget.
Also Check:- How to Send Money on Venmo Using Credit Card?
How can I send money using my Venmo credit card?
To send money using your Venmo credit card, you will have to attach the credit card as a payment option. Thankfully, you don’t have to do that manually, as once you have the card allotted to you, it will show up on the payment checkout page. Simply follow the below steps to send money using a Venmo credit card:
- Launch the Venmo app on the mobile device you are using.
- To make a payment, click the corresponding symbol in the upper portion of the display.
- You can send money to a person already saved in the Venmo list of contacts, or you could just add a new user to the list. Simply add a new person by entering their Venmo username, email address, phone number, and other relevant information.
- Enter the sum of money that you would like to pay.
- Include a comment with the payment, and don’t be afraid to use emojis if you want to!
- Verify that you are drawing funds for the Venmo transaction from the appropriate Venmo credit card, and then proceed to transfer the funds by clicking the “Pay” option.
- Verify the payment.
Can you send money to Venmo from a credit card?
Credit cards can be used to fund the Venmo wallet. In order to store funds in your Venmo wallet and utilize a credit card, users must always be Venmo cardholders. Venmo charges a 3 percent fee if you’re using a credit card to fund your account.
Send money to Venmo using Credit Card by following these instructions:
- Open the Venmo app on any phone or tablet to send money.
- To access “Settings,” go to the home page and click the Menu, and then the Gear icon.
- Now, click on the Payment Methods option, which can be found at the very top of the Settings screen.
- Choose “Add card or bank.”
- Enter card details and, using the smartphone authentication mechanism, validate the details.
- Venmo now accepts the credit card you provided. Use your credit card to make a payment to yourself directly from your bank account. Please remember that you’ll be charged a 3% transaction fee.
Does Venmo charge to send money with credit card?
Most likely, when using a credit card, you are going to incur a standard fee when you send money to someone on an individual level. When sending money to someone from your contact list using a credit card, Venmo shall charge a 3% fee, which is more or less the fee that’s passed down to you from the card issuer’s end.
If you wish to not pay the 3% charge for money transfers, simply choose an alternative from your debit card, bank account, or Venmo wallet. When using the debit card for merchants or while buying anything, you may be exempted from the charge, which would instead be borne by the merchant. It can be very subjective and depends from situation to situation.
Can you send money to yourself using Venmo credit card?
Venmo Credit card is the official and, as of now, the only credit service offered by Venmo and backed by Synchrony Bank. The credit card is a cashback-based card that you can use to send money to yourself via a bank account or similar approach, but like with every other credit card out there, this too will come with a fee of 3%.
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