Venmo

Discussion in 'General Discussion | Miles/Points' started by sharris503, Dec 26, 2011.  |  Print Topic

  1. sharris503

    sharris503 Silver Member

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    Anyone have problems transferring the $1200 max all at once or is it better to break it up into smaller amounts throughout the month? I did a test run last month and transfered $1200 all at once and didn't have any problems, but I'm looking to use it every month for the next 8 or 9 months to help meet my spend requirements for next year.
     
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  2. NYBanker
    Original Member

    NYBanker Gold Member

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    I keep it to smaller, more random amounts.
     
  3. penumpang
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    penumpang Gold Member

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    I agree with NYBanker's suggestion above.

    For services like Venmo, the key is to fly under the radar. Another tip for you... do your transfer to someone else's account (e.g. significant other's or trusted friend's), but only one way, i.e. only from account A to B, but not back from B to A. The owner of account B will cash it out and give it to you.
     
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  4. IkeEsq

    IkeEsq Gold Member

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    I transfer "rent" and "utilities" one-way, every month to hit $1200. After a few months they raised my transfer limit to $2000. They even let me add a fourth card as I cancelled a couple of the old ones I no longer use.
     
  5. shadab

    shadab Active Member

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    Is there a service charge (3%) for each payment using credit card?
     
  6. Randy Petersen
    Original Member

    Randy Petersen Founder

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    Here's their text on that:
    "How much does it cost to use Venmo?
    Nothing. It's completely free to sign up and there are no transaction fees for payments you make with friends. In the future, Venmo will charge businesses a transaction fee."

    I haven't noticed a service charge for "cash advance" but would ask others to verify their cc statements for such.
     
  7. sharris503

    sharris503 Silver Member

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    I used it once to test it out and my CC statement said "venmo.com payment service." It did not appear as a cash advance on my cc statement.
     
  8. blase

    blase Silver Member

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    I have been using Venmo for about 4 months now and have had no problems (knock on wood). My limit is $2000 a month for some reason, maybe because I have been using it for a while? Not sure. I have been sending the payments to my mom and just added my brother in the last month. I send the payment one way to them and then they withdraw it into their Chase checking accounts and then a few days later will mail me an electronic check from Chase. This way it's only going one way.

    I have done amounts of $1109.50, $1026, $1795 and $1356 and have had no issues. I try to make the amounts look a bit random.

    It's been a great help for me, especially with meeting minimum spend on that Amex Business Gold offer from a few months ago (75k MR points after $10k in spend within 5 months). It's my new "coin" scheme!!
     
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  9. shadab

    shadab Active Member

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    can someone please send me an invite on venmo. there is a waiting list to join venmo.
     
  10. Just download the app and then sign up. You don't need a referral by signing up through the app.
     
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  11. shadab

    shadab Active Member

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    @Blase:

    did you send over $1000 by venmo in one transaction ??
     
  12. Nelumbo
    Original Member

    Nelumbo Silver Member

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    This deal is dead for new user and dying for old customers. Thank you VM for the good old days.
    Just got an email from venmo:
    Starting May 1st for you (and starting today for new users),
    • To continue using Venmo for free, you must switch to bank payments.
    • If you still want to use your credit card, you can set it as your funding source, but you will be charged 3% to cover credit card processing fees.
     
  13. kyunbit
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    kyunbit Silver Member

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    the end of venmo gravy train :( So difficult now to raise credit card spending without actually spending the money.
     
  14. Singapore Flyer

    Singapore Flyer Silver Member

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    If you read the t&c it seems that the first 500 are still free like APS but now you must enroll a bank account to your venmo account.
     
  15. carsonheim
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    carsonheim Gold Member

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    so so sad about the credit cards. que sera sera
     
  16. daemon14

    daemon14 Gold Member

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    That's the first $500 for the LIFETIME of the account. So if you've already used $500, Venmo with CC ends 04/30/2012.

    What a shame ... I was actually beginning to use it for legitimate uses. Had a friend pay me for $85, and used it to pay my ma $72.
     
  17. Singapore Flyer

    Singapore Flyer Silver Member

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    That I didn't know. I have been via my phone so hard to dig further. Thanks for the clarification. This does make it pretty crappy and worse than APS.
     
  18. xp0
    Original Member

    xp0 Silver Member

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    Yeah sad to see this is finally over. Was great while it lasted though.
     
  19. LarryInNYC

    LarryInNYC Gold Member

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    As a free payment method it will still work fine — funded from a bank account. It's just the credit card aspect that's going away.
     

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