How to Send Money on Venmo Using Credit Card [2022]?

Send money on Venmo using Credit Card

You’ve presumably been in a situation where you needed to pay a merchant or return money to a friend at some point in the recent past, whether it was because you were at a party or because you had to acquire funds for an unexpected expense. Just do not panic when you do not have the ready cash because you are aware at the back of the mind on how you can always use your credit card in the event that there is a shortage of money. However, how? The easiest way to do this is by using Venmo in association with your credit card.

Note: Credit Cards can be risky in nature, so make sure to use them with proper knowledge, and at your very own risk. 

Venmo Credit Card
  • Open the Venmo app like you normally do whenever needed. 
  • Head to the Profile section 
  • Now, kindly proceed to Settings 
  • Look for the option that reads “Payment Methods” and click on it. 
  • Choose Add a bank or card and further select the option Card as you want to add the credit card details. 
  • Go ahead and enter the relevant details carefully. Alternatively, for faster and convenient approach, you can simply use the phone camera to scan the card and the details would themselves get verified and uploaded. 

That’s it! Now, whenever you make a payment, you will have the option of selecting a credit card at the time of check out.

Also Check:- Is Venmo Credit Card Good for Building Credit?

How to send money on Venmo without credit card?

There are actually a couple of ways to send money on Venmo without credit card. Some of these methods are direct, just taking a couple of minutes to get your funds sent, whereas others may be a bit time consuming. Let’s check them out one by one:

Send Funds via Bank Account:

You may link a bank account to your Venmo profile as a means of sending and receiving money across other users and merchants. In other words, you may pay for something by having your bank account debited. Let’s first learn the steps to link our bank account to Venmo:

  • Open the Venmo app which is obvious. 
  • Head to the “Me” section, and proceed to Settings. 
  • If you have followed everything correctly till now, you should see a couple of options and from it locate and select “Payment Methods”
  • Hit on “Add a Bank or Card”
  • As obvious, select “Bank” and now it’s time to select a verification approach. 

Before you start using the bank account on Venmo, it’s important that you get the account first verified so that it can properly work. Follow the below guidelines for verification stage:

Manual Approach:

The account number and routing number are all that are required for inputting data when adding any bank account. Avoid entering your check number to avoid transfers failing or being refused by your financial institution.

As part of the manual verification procedure, Venmo will deposit modest quantities of money in your bank, generally no more than a dollar. Lastly, always take precautions to prevent incurring overdraft fees or any other bank costs.

Quick Verification:

Instant verification can easily be achieved by entering the bank login details. You will have to use the internet banking login information (for validation purpose), in case your bank turns out to be one of those that is eligible for quick verification.

Send Money by Adding Debit Card:

Bank transfers are the sole method of immediately depositing money into your Venmo account. No matter how low your Venmo balance is, once you’ve signed up with the service, you may still transfer funds to others. A connected payment method can be used to complete mostly all the transactions.

In order to send money with Venmo, you do not require any Venmo funds. Verified payment methods are all that is necessary. It is possible to pay for goods and services using a debit card provided by a financial institution.

  • Open the Venmo app which is obvious. 
  • Head to the “Me” section, and proceed to Settings. 
  • If you have followed everything correctly till now, you should see a couple of options and from it locate and select “Payment Methods”
  • Hit on “Add a Bank or Card”
  • Choose Card as we want to link our debit card to send money. 
  • Put in the asked card details, including number, CVV, etc. Alternatively, for faster and convenient approach, you can simply use the phone camera to scan the card and the details would themselves get verified and uploaded. 

Venmo Debit Card:

Just like the Venmo Credit Card, the Venmo service has its own exclusive Debit Card (Mastercard), which is issued by Bancorp Bank and can be used pretty much anywhere across the US where Mastercards are accepted. It’s just like a normal debit card, which instead of being linked to a bank account, is linked to your Venmo profile.

The debit card can be used pretty much anywhere, right from online purchases to offline outlets like cafes, cinema halls, and so on. On top of that, you can even withdraw cash using the card. However, on every withdrawal, you will have to pay an ATM withdrawal fee of $2.50. If you decide to cash out using the over the counter approach, then you will be liable for $3 per transaction. 

The Venmo Debit card uses the Venmo wallet as the primary source of funding. If you happen to make a payment for an amount greater than what is available in the Venmo balance, then you could make use of the reload feature. As the name suggests, you can link a bank account as the reloading source, so that whenever there’s a need to cover a payment and the Venmo balance doesn’t meet the sufficient criteria, in that case, the money would get added to the Venmo balance from the linked bank account. 

In the above approach, make sure to not add up more than what’s available in the bank account as that can lead to overdraft or even penalty fees. 

Paycheck – Direct Deposit:

Every user, including you, has the choice of having your paychecks automatically transferred into your Venmo account, which is one of the least known methods for adding money to your Venmo account in a direct manner. To get your funds deposited directly into your bank account, follow these steps:

  • Launch the Venmo mobile app
  • Choose the tab labeled “You”
  • Select Direct Deposit from Settings.
  • Click the Show Account Number option.
  • Please make a record of the bank account as well as the routing number that is displayed.
  • Make use of the same particulars while filling out the direct deposit report form required by the organisation.
  • While completing out the form, you may be inquired for something like the contact details of the bank. If this is the case, you could perhaps obtain the information for Venmo’s partner bank. 
  • When you have already provided the necessary details for a direct deposit, it is then the responsibility of the employer to start making payments onto the Venmo profile. It’s possible that updates to your direct deposit information probably won’t happen for up to two billing cycles.

Cash a Cheque:

If you have enabled Direct Deposit or have hold of the Venmo Debit Card, follow the below steps to cash a cheque using the Venmo service:

  • Head to the Menu 
  • Proceed to Manage Balance 
  • Choose Cash a Cheque
  • Enter your sum of money, and upload the photos of the front and back of the cheque. 
  • Carefully select the timing approach that you want to fix for the deposit of your funds. The faster the approach, the more shal be the fees. 
  • Now that you have initiated the request, wait for it to get processed. Hopefully it should just be a matter of a couple of minutes. If it’s taking too long, reach out to the customer care. 
  • If everything goes out right, and your request has been approved, you shall be asked to take your cheque, write Void on it, and capture the photo of it. 
  • A final summary page shall display in front of you revealing all the relevant details of cheque request. 
  • That’s it! As per the option chosen, the money shall reflect in your account. 

Also Check:- How to Add Credit Card to Venmo App?

Why can’t I send money on Venmo with credit card?

We can possibly imagine three scenarios for such a case:

  • Security Concerns
  • An issue from your bank’s side 
  • An issue from Venmo’s side

At times, for security reasons, your Venmo transaction may be getting declined as the payment would have triggered the Venmo ‘s automated security flags. As a result, we request you to wait for some time and retry later. 

If it’s nothing related to security reasons, then it’s probably an issue from your bank or Venmo’s end. First, reach out to your bank, and try to figure out the problem with them. If you find there’s no fault from their end, then it becomes your responsibility to resolve the issue with the help of Venmo customer care.

FAQs

Can you send money on Venmo using credit card?

Yes, Venmo is a major peer to peer payment service which is used by millions of users every month. Having such a large user base, and not having the support of credit cards sounds a little funny! Even the most other competitors of the same genre have credit cards enabled as a feature. So, why shall Venmo restrict itself from doing so? 

Feel free to add a credit card and use it to send money via Venmo, or make merchant payments. Though, it’s important to note that there shall be a fee of 3% for every individual payments that you make via your credit card. The merchant payments become an exception in this case.

Is there a fee for sending money with a credit card on Venmo?

Yes, each transaction that you initiate on Venmo using a credit card will be liable for a 3% fee. In some cases, the bank may also charge their own processing fees. For this, we request that you confirm with your bank in advance. However, it’s important to remember that if you make payments to authorised merchants that accept Venmo as a means of payment, in that case, you need not worry about the standard fee being charged as that cost would be borne by the merchant themselves.

Is using a credit card on Venmo the same as a cash advance?

It depends! Of course, in the eyes of Venmo, it’s definitely not the same as a cash advance. However, we can’t guarantee the for some of the credit card issuers. Every payment that you try to make via Venmo may be considered a cash advance by such a bank, and in that you will bear a fee of 3-5%, interest rate which starts covering up immediately, and even some other fees at times. To make things clearer on your end, just reach out to your card issuer, and enquire on the same query. 

  • I am Digital Marketer, SEO Consultant & entrepreneur. I am the mind behind the Digitalpropertiesapp.us website. Hope you liked it.

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