Tips For Maximizing Your Venmo Card
If youve decided the Venmo card is the right choice for you, use the following tips to make sure youre getting the most out of it:
- Keep an eye on the cards cash back offers and use it when youre shopping with eligible merchants.
- Watch your Venmo balance and ensure your linked bank account has enough funds to cover the transaction so you dont get hit with an overdraft fee.
- Avoid withdrawals that can trigger fees.
Venmo Vs Paypal: Reviews
On both the Apple App Store and the Google Play store, the Venmo and PayPal apps receive similarly high marks: 4.9 stars on iOS with almost 11 million reviews, and 4.4 stars from about 443,000 Android users. Ease of use is a significant driver in the favorable ratings, with both apps being well-designed and enabling payments and requests with just a few easy clicks.
Your Card Is Personalized
If youve used the Venmo app before, you know that each account has a dedicated QR code to simplify the process of paying an individual. You can easily open your phones camera and scan the code to directly pay that Venmo user.
The same now goes for the Venmo Credit Card.
The card comes in five designs, with each card printed with a customers unique QR code on the front. The QR code can be scanned via a mobile phone camera to activate the card, or in the Venmo app by friends to send a payment or split purchases.
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Can We Link Venmo To A Credit Card
The answer is yes. Not only can you link to credit cards, you can also link Venmo to bank accounts and Mastercard debit cards. Additionally, Venmo now issues credit cards to eligible account holders. In the upcoming section, well show you how to link Venmo to your credit card and sign up for a Venmo credit card.
Dont Make This Mistake
In many cases, a cards sign-up bonus could be worth hundreds, even thousands of dollars depending on the card. One of the biggest mistakes a consumer can make is failing to meet the minimum spending requirement within the allotted time and missing out on a cards sign-up bonus. I always suggest waiting to apply for a credit card until you have a major expense lined up that will bring you close to, if not meet, the minimum spending requirement of that card.
For example, you could time the opening of a new account with the planning of a lengthy vacation. You can purchase the airfare and lodging on this new card, as longs as the charge processes within your introductory bonus period. Or lets say your house needs a major renovation and you are anticipating a couple thousand dollars of expenses. These purchases are large enough to justify applying for a new credit card. This strategy is doubly beneficial as it also prevents using credit card bonuses as an excuse to justify frivolous spending.
Unfortunately, life happens and the unexpected can get in the way. Perhaps you no longer need a big purchase, or you lose track of time and only have a few days to spend the remaining $1000 to meet your requirement. This can make it difficult or even impossible to earn a cards sign-up bonus. Fortunately, there are ways to ensure you meet the spending requirement without buying the unwanted or unnecessary.
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Instructions To Link Venmo To A Credit Card
Here are the detailed steps for you to link Venmo to a Credit Card:
- Go to the home screen of the Venmo app, click the three dashes icon in the corner of the screen
- Go to Settings, select the Payment method button
- Next, you can use your phones camera to add card information automatically or fill it out manually
Conditions for you to link your credit card with Venmo:
- You need to complete identity verification
- Valid credit card
- Venmo is only available in the US, but your credit card can be paid anywhere
Which Credit Card Should You Use On Venmo
Using a credit card on Venmo to pay family and friends is rarely, if ever, worth it because of the 3% transaction fee. However, using your credit card on Venmo can help you reach the minimum spending requirement for a signup bonus on a new credit card, which could outweigh the 3% fee. Even so, there probably are lower-cost ways to reach your minimum spend.
If youre shopping at a retailer that accepts Venmo, adding your best rewards credit card to your Venmo account could help you make the most of your .
Keep in mind that tiered rewards are based on merchant categories. For example, your rewards program might dictate that to earn higher rewards on dining purchases, the transaction must come through with a merchant category code tied to restaurants or eating places. The merchant category on Venmo purchases may not come through with dining-related MCCs, meaning you may not earn the maximum amount of rewards. In that case, you might just want to use your physical credit card, but having it at the ready on Venmo could come in handy.
Make sure the card you add to your account has enough available creditfor the types of transactions youll make so youll avoid denied transactions or penalties for exceeding your credit limit.
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How To Use The Venmo Card
The Venmo card works like many other debit cards. You can use it in stores or online anywhere Mastercard is accepted, as well as at ATMs that display the Mastercard, Pulse or Cirrus acceptance marks. You can use your Venmo balance to pay for your purchases or transfer money from your linked bank account. And the best part: You can earn rewards on your purchases.
Tip: While the Venmo card can be used anywhere Mastercard is accepted, it cannot be used outside of the U.S. or with international merchants
Venmo Vs Paypal: Fees
Fees for the two services are fairly similar. Both offer free payments from linked bank accounts, and both charge about 3% for payments from a credit card. Where they differ slightly is that Venmo extends its no-fee option to payments made from debit cards, while PayPal only allows free payments directly from a bank account. For debit and credit card payments, PayPals fee is technically 2.9% plus 30 cents.
One exception to the fee on payments made with a credit card is on payments made via American Express. Through a very new development, American Express is offering free payments through both PayPal and Venmo, though the payment has to be initiated through the American Express app instead of using the PayPal or Venmo apps. But doing so enables users to pay with a credit card and avoid the roughly 3% fee on that transaction.
How quickly you want to transfer accumulated money from your PayPal or Venmo balance to your bank account also has free options on both platforms. Both Venmo and PayPal allow you to choose a standard transfer speed of one to three days for free, or to upgrade your transfer to take place within seconds for a fee of about 1%. Both services cap the transfer fee at $10, while Venmo additionally stipulates a minimum charge of 25 cents.
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Whats The Design On The Card What Does It Do
The QR code printed on the front of your Venmo Credit Card is unique to you. Its the same personal QR code found in your Venmo app. If another Venmo user scans this code, theyll be brought to your Venmo profile where they can send or request money from you. The QR code also allows you to activate your card without calling a phone number just scan the front of your card when you receive it. Easy peasy.
Venmo Credit Score Card Options
Right heres a have a look at among the options of the Venmo bank card:
- Private QR code: Your Venmo code is printed on the entrance of your card, making it simple to have a tangible merchandise for buddies and acquaintances to scan and pay you.
- Cut up transactions: Identical to within the Venmo app, you possibly can break up transactions made in your card. Make a purchase order on the cardboard after which settle for partial fee via the app. You possibly can put this fee proper in your card, lowering your stability.
- Select a card colour from 5 choices: Whether or not its only a private choice otherwise you need to make it simpler to maintain observe of, you possibly can decide the colour on your card.
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Venmo Credit Card Highlights
- Earn 3% cash back on your top eligible spending category
- Earn 2% cash back on your next top eligible spending category
- Earn 1% cash back on all other purchases
- Eligible spending categories include travel, transportation, grocery, entertainment, dining and nightlife, bills and utilities, health and beauty, and gas
- Get instant access to your Venmo balance
- Cash back shows up in your Venmo balance and can be used for purchases, as statement credit towards your credit card bill, to send to friends and family, or send to your linked bank account
In Regards To The Venmo Credit Score Card
The Venmo bank card is a card issued by Synchrony Financial institution and licensed by Visa USA Inc. for use together with a longtime Venmo app account. The bank card can be utilized as a fee technique with the app and likewise options among the choices of the Venmo app stability, equivalent to the power to separate purchases.
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Use Your Venmo Debit Or Credit Card
Another way to use Venmo at a store is to bring your Venmo debit or credit card. The cards work everywhere Visa and Mastercard are accepted and can help you make payments with Venmo at stores that dont accept contactless payments.
And the good thing is, Venmo has a fantastic cash-back rewards program for Venmo card users. Youll earn rewards when shopping with your Venmo cards for eligible purchases at select retailers.
It kicked off in 2019 with lucrative limited-time offers like 5% cash back at Wendys, 4% cash back at Sams Club, and 5% cash back at Target. Today, the program carries cash back offers for eligible purchases from select merchants.
With the Venmo credit card, you will earn cash back up to 3% on eligible purchases every month. In addition, a cash back rate of up to 6% is also possible on Venmo credit cards on a limited-time basis.
Again, you can use your Venmo to get cash back at stores like Walmart that give the most cash back on debit cards and skip a trip to the bank. Plus, most places that give $5 or $10 cash back dont charge cash back fees or set purchase limits. So whether you buy cheap diapers, get a cheap hair cut or discount message, youll be eligible for cash back in most stores and gas stations that do cash back.
Luckily, a Venmo debit card can be used to withdraw money from eligible ATMs. Look for ATMs that carry MoneyPass, MasterCard, Cirrus, and Pulse logos to withdraw money with your Venmo card.
Bottom Line: Venmo Credit Card Review
If you use Venmo, the Venmo credit card may make sense. It offers easy-to-use rewards but has a somewhat high APR.
If youre the type that uses a credit card to get the rewards and pays your balance in full each month, it may be worth it.
If you like to carry a balance or want higher rewards than 3% on only one category, you may want to look elsewhere.
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Choosing The Right Digital Payment App Depends On The Types Of Exchanges Made
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When you need to send someone money or accept a payment from them, theres no shortage of digital options at your disposal. The two giants in the space, however, are PayPal and Venmo, to the point that each has come to be used as a verb, as in PayPal me or Venmo me.
How to wisely choose one over the other largely depends on the kinds of transactions you want to make and the parties with which you want to exchange funds. For instance, personal transactions with people you know, such as paying your babysitter or splitting a restaurant bill with friends, are particularly well-suited to Venmo, where you can also make your payments a more social affair.
Meanwhile, PayPal is the leading choice for transactions that are more purchase-oriented, such as buying from merchants or accepting payments from your own customers. In terms of business payments, Venmo is geared more towards peer-to-peer transactions and PayPal is more a business-to-consumer platform .
But there is a fair bit of overlap between the two payment services. To help you choose between them, weve dug into the details on features, fees, speed, and versatility, giving you all the information you need to make your own smart choice.
Are Venmo Payments Protected Against Loss Fraud And Theft
Under new rules, Venmo payments fall under the Electronic Funds Transfer Act, says Saunders.
These are the same regulations that cover debit cards. In cases of unauthorized charges on your Venmo account, if you report the problem to Venmo promptly say, within 60 days you are protected.
However, this most likely wont cover instances of fraud where you sent the money only instances where someone else accessed your account without your knowledge or permission.
If you sent money via Venmo for something that turns out to be a scam , that transaction is not covered under law, says Tetreault. Youre out the money.
Tip: Dont use Venmo to pay anyone you dont personally know or to pay for merchandise you havent received or verified even if you know the seller. And never use it to buy or sell merchandise unless the merchant has been authorized by Venmo.
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Can You Tell Me More About The Rewards
The Venmo Credit Card Rewards program helps you earn cash back* on all of your eligible purchases. During each statement period, you will automatically earn cash back maximized to what you spend the most on.
Earn up to 3% on your eligible top spend category
Earn up to 2% on your second eligible top spend category
Earn 1% on all other eligible purchases and on peer-to-peer transactions
Your cash back rewards will be automatically added to your Venmo account at the end of each statement period. No points. No calculations. Well do the math. Use your rewards to pay your credit card bill, send money to Venmo friends, or treat yourself. Cash back can be used in any manner subject to the terms of your Venmo account.
You can learn more about the rewards program here.
See Rewards Program Terms for more information.
Benefits Of The Venmo Card
Listed here are among the advantages the Venmo bank card has to supply:
- Your card data opens straight within the Venmo app. In case you are utilizing the app on your different purchases together with cryptocurrency you possibly can have a consolidated image of your whole funds in a single place.
- Purchase cryptocurrency with out charges via the month-to-month money again rewards once you use the automated buy function.
- Youre not chargeable for purchases made along with your card with out your consent. In case your card is stolen or misplaced, you possibly can simply disable it throughout the app.
- The Venmo bank card options contactless payment options so you possibly can simply faucet it at a collaborating point-of-sale gadget to take a look at.
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Can You Use A Credit Card On Venmo
More than 40 million people use the peer-to-peer payments app Venmo to make their financial lives more convenient.
The app’s so prolific, in fact, that it’s become a verb. Splitting a restaurant tab with a friend? “Just Venmo me later.” Buying a used desk off ? “I’ll Venmo you upon pickup.”
If you’re one of the tens of millions of people who use Venmo in conjunction with your bank account or debit card, you may be wondering whether you can add your too.
The answer is yes, you can use credit cards on Venmobut before doing so, there are several things you should know.
When Is It Worth It
You may be debating whether or not Venmo is a suitable option for you. Ask yourself the following question: are the benefits going to outweigh the 3% fee? Nine times out of ten, Venmo is only beneficial when trying to meet a cards spending requirement for a sign-up bonus. The 3% fee dampens the benefits of earning standard purchase points, since the cashback/rewards earned on non-category spending typically tops out at about 1.5% per dollar spent. However, the 3% fee is justified if it makes the difference between getting a sign-up bonus or not.
Consider the Following Scenario:
You have three months to spend $3,000 in order to earn 50,000 miles, worth about $500 in airfare. You have already spent $2,000 on the card, but only have 6 days left to spend the remaining $1,000. There are no other necessary purchases you need to make, leaving you with very few options. Venmo would be a perfect solution for this particular scenario. You could Venmo a friend the $1,000 using your credit card.
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