Venmo.com Payment Service

Discussion in 'General Discussion | Miles/Points' started by sharris503, Jul 20, 2011.  |  Print Topic

  1. sharris503

    sharris503 Silver Member

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    Million Mile Secrets had a great post today on ways to meet minimum spend requirements. He mentioned a payment service called Venmo. It is join by invite only (or sign up for their waiting list). Is anyone here a member who could send me an invite? Thanks.
     
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  2. sunspotzsz
    Original Member

    sunspotzsz Silver Member

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    I would appreciate an invite as well!
     
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  3. Daryl Figge

    Daryl Figge Active Member

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  4. MSPeconomist
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    MSPeconomist Gold Member

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    Welcome to MP.
     
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  5. sharris503

    sharris503 Silver Member

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    Thanks Daryl.
     
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  6. viguera
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    viguera Gold Member

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    Well between this and paypal and Amazon Payments... I'm not sure that I want that many people having access to my bank account information. :)
     
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  7. sharris503

    sharris503 Silver Member

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    At least you can meet the minimum spend on an AMEX without using coins and triggering an FR.
     
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  8. With Amazon Payments not fully operational in the UK yet I would also appreciate an invite, if available.
     
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  9. NYBanker
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    NYBanker Gold Member

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    I understand your concerns.

    The reality is each check you write has all the information needed to dip into your account (the routing number and account number). Armed with this info, someone could have new checks printed through an independent printer...and could spend for a while. This happened in one of the accounts we were using at the bank we had about $200 million in an account for a few days...then a check (which someone had printed) hit the account ... It was for $75 or so to a grocery store! Our culprit was ultimate arrested. The info on checks can also be used to pay by virtual check online for purchases.

    The info on checks really isn't safeguarded in any way. When you mail a check to pay a bill, there is no telling how many hands it will go through. Writing a check, to me, seems more risky then giving your bank info to the paypals of the world.
     
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  10. NYBanker
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    NYBanker Gold Member

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    Just do a google search for venmo invite code. A bunch will come up.
     
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  11. thegasguru

    thegasguru Active Member

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    A word of caution here. I got suspended by Venmo, for doing the back and forth payment thing like MillionMileSecrets suggested. So have several other of my travel junkie brethren. Plus, Venmo caps you out at $500 a month. For that small a level of spend, it's hardly worth the bother of what you'd have to go through to avoid the account review triggers (ie, multiple bank accounts, pseudonyms, rotating IP addresses, etc)
     
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  12. Million Mile Secrets

    Million Mile Secrets Silver Member

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    That's true, and I did mention that accounts have been closed by Venmo in my original post. But thanks for reminding us again since we can change tactics based on new information.

    I also suggested that a 1-way transfer from, say, A to B via Venmo would arouse less suspicion than 2-way transfers repeatedly back an forth between the same persons.

    Consider using Venmo to send payments to your partner or friend, and have your partner or friend send you the money back (if needed) via check instead of using Venmo.

    $500 a month may seem small, but may be helpful if you've got multiple sign-on bonuses to meet.
     
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  13. scotty00
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    scotty00 Silver Member

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    Don't actually think that the only way to trigger an Amex FR is with coins. Search through the FT Amex thread and you will find people who have never bought coins and when they started using services like Venmo they had a FR initiated. This is especially the case if the money was to/from a spouse or another person in the household.
     
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  14. al613
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    al613 Silver Member

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    I'm almost sure that FR for me was triggered by using paypal.
     
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  15. thegasguru

    thegasguru Active Member

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    What was the final outcome of your FR? Did you account get closed, or did you get a slap on the wrist?

    (I'm asking for a friend....;))
     
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  16. NYBanker
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    NYBanker Gold Member

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    Use Venmo one way, and Amazon payments the other way. Make it an odd amount, and put the memo as rent or car payment. You'll both get miles, and you won't get shut down.
     
  17. sharris503

    sharris503 Silver Member

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    How would AMEX know if the money transfer is to a spouse or member of the same household? It shows up on the bill as Venmo.com or Paypal.com.
     
  18. Million Mile Secrets

    Million Mile Secrets Silver Member

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    Much better (and less discoverable) than transferring the maximum possible amount from A to B, and then a few minutes later transferring the amount back from B to A!

    The only downside is that Venmo has a limit of $500, but Amazon Payments has a limit of $1000 fee-free per month.
     
  19. NYBanker
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    NYBanker Gold Member

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    6,000 miles a year plus float. Still not bad.
     
  20. al613
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    al613 Silver Member

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    I closed my accounts before they did :)
     
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  21. scotty00
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    scotty00 Silver Member

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    I don't remember the specifics of the FT thread on how they did it, but Amex was taking very unkindly to sending money to household members/spouses via paypal, amazon, etc.
     
  22. sharris503

    sharris503 Silver Member

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    I imagine if they found out about it they would, I'm just trying to figure out how they would know who you are transferring money to. I suppose if you were both using a credit card and sending money to each other so both could rack up miles they could probably figure it out, that is pretty flagrant though. Absent that your guess is as good as mine. I suspect if you limit your use to help you meet the minimum spend requirement and not use it to rack up miles you should fly under the radar.
     
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  23. IkeEsq

    IkeEsq Gold Member

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    I believe that the person 'purchased' something from someone who was an authorized user on the same card. If you really want to send up a red flag, that is probably a good start.
     
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  24. NYBanker
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    NYBanker Gold Member

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    How would Amex knowvthe seller's name?
     
  25. IkeEsq

    IkeEsq Gold Member

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    PayPal lists the seller's ID and phone number in the charge.
    E.g.: 04/29/2011 Fri PAYPAL ****************** 111222333 CA - Where ******************** is the ID, 111222333 is the phone number, and it is followed by the State.
     

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