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Can You Link Venmo To Credit Card
The fastest way to earn tons of miles and points is to get a lot of welcome rewards from one of the best credit cards. For example, if you’re eligible for the Chase Sapphire Preferred® card, you’ll earn 80,000 Chase Ultimate Rewards points after spending $4,000 in purchases within the first three months of account opening.
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The 80,000 bonus is worth at least $800 in cash, which is very rare. But the catch is that you have to spend $4000 in a relatively short amount of time.
I’m sure there are a lot of readers who don’t spend a lot of time on a regular basis, so you have to be creative when it comes to finding ways to meet the minimum requirements. That’s where Venmo can come in handy.
Venmo is a digital wallet that lets you send or receive money to anyone who wants to sign up for a Venmo account, including merchants who accept payments through Venmo. Once you download and install the app and connect your funding sources, you can easily pay anyone: you can split the grocery bill, pay the rent, or pay cash when you buy something on Craigslist.
There are no fees when you use your bank account as your payment or when you use a credit card to make an online purchase at a Venmo host. But you’ll pay 3% when you use your credit card to send friends and family.
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Although you can use a credit card to send payments, you must transfer funds to your Venmo account via a bank account or debit card. You can’t send money from your Venmo account to your credit card, and there are fees to send money to your debit card.
Whatever it is. From there, you’ll be able to use this payment method to pay friends, family, and merchants who accept Venmo payments.
One of the best ways to use Venmo is to use it to meet minimum credit card requirements. Sure, you’ll pay money, but in most cases, the bonus you’ll get will outweigh the cost of using Venmo.
For example, with Chase Sapphire Preferred, you’ll pay a total of $120 with Venmo when you use the service to top up the card with a $4,000 (3% X $4,000) minimum requirement. Factor in that with a $95 annual card, and you still get at least $585 in value ($800, $120 Venmo, $95 annual fee) from the recipient alone.
Venmo Mastercard Debit Card
Or maybe you could spend $2,000 on the minimum spend requirement and charge the remaining $2,000 through Venmo. In that case, you’ll only spend $60 in Venmo funds, which means you’ll earn at least $540 in credit card payments.
Over the years, Venmo has grown in popularity because it’s a convenient way to pay friends and family without paying cash. Alternatively, you can use it as a way to meet minimum credit card spending requirements.
You’ll be charged a 3% fee for using your credit card to send someone a payment, but paying that fee can be worth it when it means you get a nice welcome to one of the best travel cards around. In the end, it all comes down to numbers – make sure the rewards you earn outweigh the money you pay.
Megan Hunter is the author of Million Mile Secrets. It includes points, miles, credit cards, flights, hotels and shared trips. His work was also featured in The Point Guy.
Venmo Debit Cards
Note: We are a Million Mile Secrets team. And we appreciate our work, ideas and reviews, and the opinions of our readers. They are not reviewed, endorsed or approved by any of the airlines, hotels or credit card issuers we write about frequently. And that’s just the way we like it! 🙂 Venmo started as a free peer-to-peer (P2P) payment app available for iPhone and Android phones. The service is still free, as it uses Venmo to pay participating merchants, which now number in the millions.
Other paid services. Payments made through a credit card account instead of a linked bank account or Venmo account offer a 3% fee. There are also different options for sending money instantly from Venmo to banks and checking deposits.
Venmo also offers credit and debit cards at a growing list of local and national merchants. Products cost money.
After downloading the Venmo app from the Apple Store or Google Play, users can link their Venmo account with a credit card, debit card, or checking account. Once registered, a Venmo user can immediately start exchanging money with other Venmo users.
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For peer-to-peer transactions, Venmo acts as an intermediary between the accounts of the two users making the transaction. For example, say Sally agrees to sell Mary a bracelet for $50. Mary sends Sally money through Venmo, then adds $50 to Sally’s Venmo account while deducting Mary’s Venmo account by the same amount. None of them pay money.
Now, the Venmo balance is actually a ledger that shows the money that changes hands on the Venmo website. Until Venmo sends money to the recipient’s bank account, it’s not technically in use.
Money can be sent or requested by clicking the Pay or Request button in the Venmo app and entering the other party’s email address, phone number, or username. If you are the recipient of the money, you can leave the money online or transfer it to a linked bank account. Using instant transfers instead of slow payments makes money.
Funds can be added to your Venmo account from your bank and credit card.
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You can pay through the app without having to spend money on your Venmo account. If the payment exceeds your Venmo balance, the amount will be debited from your bank account. If the shipping amount is equal to or less than your amount, the amount saved on the website will be used.
As mentioned, a simple Venmo transaction from a user’s bank account, credit card, or Venmo balance is free. When a credit card is used for payment, Venmo charges the sender a 3% fee.
You can instantly transfer money from your Venmo account to any participating US account or credit card for a 1.75% fee starting in June 2022. “Instant” in this case means 30 minutes or less.
You can avoid these fees by choosing the standard option, which is free and takes three to five business days.
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Venmo introduced its own credit card in 2021, and it has different benefits but has many benefits like other credit cards. The interest rate on June 24, 2022 is 11.99%-20.99% depending on the applicant’s loan.
The cash advance cost is the greater of $10 or 5% of the amount. The remaining balance has an interest rate of 20.99% plus the initial rate.
The credit card comes with 3% cash back on your “highest spending” level, 2% on your second highest spending level and 1% on everything else.
You can use your Venmo debit card for free, as long as you don’t use it to withdraw money from out-of-network ATMs and only top up your account with your bank account or Venmo account.
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Venmo’s debit card, issued in partnership with MasterCard, does not charge the various fees that some credit card issuers charge.
For overseas bank transfers, standard delivery within three to five days is free, but immediate delivery costs 1.75% of the delivery fee.
When you add money to your Venmo account from your bank account, the transaction can take three to five business days.
Venmo dominates the P2P payment market by making money transfers fun and exciting. Users can enhance their transactions by using emojis to explain their payment or requests. For example, if one friend pays their friend a glass of wine, the friend can pay Venmo by adding the wine glass emoji as a token.
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“It takes the awkwardness of asking your friend to give back their share of the social and financial bar,” explains Venmo spokesperson Josh Kriska.
Venmo makes the most of the sales revenue it charges sellers. Thanks to PayPal’s infrastructure, Venmo connects with at least two million merchants.
Another entry method is a “smart payment button” that can be embedded into other applications
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