When Using Venmo, Is It Safe to Use a Credit Card?
Using a credit card on Venmo is possible, but there are some limitations. A credit card linked to another Venmo account will prevent you from adding the card to your own Venmo account, and you can’t transfer money from Venmo into a credit card.
Another important distinction is that using your credit card to send money via Venmo will cost you an additional 3%. When you use your bank account, debit card, or Venmo balance instead, the transaction is completely free.
As a result, Venmo warns that if you pay your friends and family with a credit card, you may be charged an additional fee of at least $5 or $10 by the card issuers. In addition, there is no interest-free grace period for cash advances; interest is charged right away, sometimes at a higher annual percentage rate.
Venmo transactions can be coded as purchases in order to avoid additional fees and interest when purchasing from a business.
Even so, it’s a good idea to double-check with your credit card company before adding a credit card to Venmo.
If you use Venmo to buy an item from one of Venmo’s partner businesses, there will be no fees. Even if you’re using a credit card, the business will cover the transaction fees so you don’t have to.
Using Venmo in A Safe and Legal Manner
In order to keep your money and identity safe, you should take a few simple precautions when using Venmo to pay for goods and services.
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You Can Use Venmo Safely by Following These Six Guidelines:
- Create a password that is hard to guess. One of the simplest ways to safeguard your financial accounts is to create a complex password. Use a series of lowercase and uppercase letters, numbers ,or symbols instead of dictionary words.
2. Enhance the security of your home. A combination of biometrics and multifactor authentication will make it much more difficult for criminals to access your account.
3. Only use Venmo to transfer money to people you know and trust. According to the Venmo terms of service, you should only send money to “people you know and trust.” You’ll have a hard time getting your money back if you send it to a stranger in error or as part of a scam.
4. Keep track of all incoming messages. Enable text alerts for account activity, such as transfers or failed login attempts, so you’ll be the first to know if anything is amiss.
5. Avoid using public WiFi. Using a public Wi-Fi network to access your Venmo account is a bad idea. Sophisticated hackers have been known to spoof networks or compromise already existing ones in order to obtain login credentials and other private information about their victims.
5. Become a victim of your own success. By default, your payment activity on Venmo is made public, making it easy for fraudsters to see how much money you’ve been spending. Your transactions will remain private if you alter your preferences.
6. If you ever suspect a Venmo transaction is fraudulent, get in touch with customer service as soon as possible. You can use the Venmo app’s built-in chat feature to get support.
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There Are Four Different Mobile Payment Services that You Can Use.
Have some issues with Venmo that you’d like to discuss? If you don’t like Square, there are a slew of other mobile payment options available. The following are some other platforms to look into:
Google’s Payment Service, Google Pay, Is Now
Google Pay can be used to send money to friends and family, even if you don’t shop online or in stores. P2P transactions can’t be funded with a credit card. Only bank transfers and debit cards are acceptable, and neither will impose a fee.
Zelle
When using Zelle, you can transfer money directly from one bank account to another. As long as your bank is one of Zelle’s “partner institutions,” you don’t need to download an app for the recipient to use the service.
The best part is that using a credit card to make a payment results in no additional fees (though the company recommends checking with your bank or credit union to find out if they charge any extra fees).
PayPal
It’s completely free to transfer money from your PayPal account or a bank transfer, but you’ll be charged 2.9% if you use a credit or debit card to pay (plus a flat charge that can vary). When paying in US dollars, the flat fee is 30 cents per transaction.
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The Cash App
For example, you can sign up for a free debit card that works in stores and at ATMs and invest in stocks or Bitcoin with Cash App.
You can also get your paycheck two days early with this app. Sending money to friends is as simple as sending a check. In order to transfer money using your credit card, you’ll have to fork over an additional 3% fee.
Decide Whether or Not to Put Your Credit Card Information Into Venmo.
P2P payment services like Venmo and others are convenient and often free of charge. In the event that you’re using a credit card, you’ll have to pay a fee in order to make the transaction.
It is important to weigh the added security against the additional fees before making a decision on whether or not to add your credit card to your Venmo account.
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