– Venmo Credit Card Fees –
Venmo credit card fees: Venmo is a peer-to-peer (P2P) payment platform that allows the use of credit cards. Like other P2P platforms, Venmo requires you to add a funding source for payments sent to family, friends, or merchants.
You can directly connect your bank account to Venmo or you can add a debit card or credit card. Venmo, which is owned by PayPal, does not charge fees when you pay someone using your bank account or debit card, but fees do apply to credit card transactions.
What is Venmo?
Venmo is a peer-to-peer digital-payment service that allows you to send money to friends and family. You can also use the service to send money to companies. And because there’s a social feed baked into Venmo, you can keep track of what your friends are doing with their funds.
How does Venmo Work?
Venmo works by linking your bank account, debit, or credit cards to a Venmo account. Your information is saved in your account, and you can choose at any time to send money to contacts or even some businesses. You don’t need to maintain a balance in your account, either.
You can simply send money in a transaction and it will debit your linked cards accordingly. It’s worth noting that you can send money from your bank account, balance (if you have one), or debit card for free. For credit cards, there is a standard 3% fee per transaction.
Once you’ve received the money, you’ll need to send a request to transfer the funds directly to your bank account. You can’t withdraw money with a credit card. Venmo also takes safety seriously; it uses encryption for all your transactions to keep your money safe.
Venmo Fees Highlights
- Venmo charges a three percent fee to send money from your credit card, though if you only use your Venmo balance or bank account to send money, there are no fees.
- Instant transfers to your bank account come with a one percent fee, though standard transfers are free.
- If you have a Venmo Card, there may also be additional fees for cash withdrawal.
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Does Venmo Charge Fees?
Like any financial service, Venmo does charge fees in certain cases. Though, depending on how you use Venmo, it’s entirely possible to use the app for free without ever paying fees.
- The most common fee you are likely to encounter with Venmo is when you make a purchase or send money to another person. If you send money using a credit card, Venmo adds a three percent fee (which is the fee from the credit card company being passed on to you).
- You can avoid the three percent purchase fee by only sending money from your Venmo balance, bank account, or debit card. As long as you’re not using a credit card directly, Venmo does not charge a fee to send money.
- There will be a fee if you transfer money to your bank account with an Instant Transfer. If you choose an Instant Transfer, Venmo charges one percent (with a minimum fee of 25 cents and a maximum of $10). Standard bank withdrawals, which take 1-3 business days, are always free.
- If you get the optional Venmo Card, there are additional fees associated with it, including an ATM cash withdrawal fee ($2.50) and an over-the-counter cash withdrawal fee at the bank ($3).
Venmo is an easy-to-use service that caters to mobile users. It’s free for most transactions involving money transfers, though you can incur fees when using a credit card.
It has a simple rewards program that offers cashback for those who participate and does its part to keep your information secure. All in all, it’s a good option for just about anybody.
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