The Venmo service does not provide its users with the option to borrow money. There are ways to use Venmo to get a cash advance, but you should read the fine print and consider the costs involved.
Payment by American Express (Amnex Send)
If you pay your monthly credit card bill with your American Express card, you can send money through Venmo without paying a fee or accruing interest.
The interest rate is low, making this a viable option for those who need a cash advance to pay off bills and other expenses. It might even keep you from getting stuck in the cycle of debt that comes with relying on payday loans.
If you have a good credit history and use Venmo frequently, you may be interested in some of the no-annual-fee Amex options available.
- If you’re looking for cash back, use Blue Cash every day.
If you want hotel points, the Hilton Honors Card is the way to go.
If you want to rack up Delta miles, you need Delta Skymiles Blue.
Venmo Credit Card Cash Advance
The Venmo Visa card is the company’s own credit card. In addition to rewards for your most frequent purchases, this card also features a Venmo QR code for quick and easy payments.
With a Venmo credit card, you can get a cash advance. There is no grace period for cash advances and a $10 fee (or 5% of the advance, whichever is greater) will be charged.
This is a very expensive advance due to the high APR and cash advance fee, but it is still less expensive than a payday loan. However, you should exercise caution because your Venmo card’s credit limit could be as low as $250. A higher utilization ratio due to your cash advance could have a negative impact on your credit.
Venmo debit card
The Venmo Debit Card is a Mastercard-linked prepaid card. The card syncs with your Venmo account so you can spend your balance anywhere Mastercard is accepted.
It can also be used to get cash from an ATM or a bank teller. Use any ATM, but you will be charged a fee unless it is a MoneyPass ATM. When you shop at stores that accept the MasterCard, Maestro, or PULSE networks, you can earn cash back at select locations.
For those times when you need to spend more money than you currently have in your Venmo account, the “reload” function is there to help. Your linked bank account will be debited in $10 increments automatically to cover any shortfall.
To use the reload function, you must first turn it on. A reload attempt that exceeds the available funds in your linked bank account will be declined, and you may incur overdraft fees from your financial institution.
When making a cash withdrawal, the reload function will not be active. Your daily withdrawal limit is $400, and it can only be spent on purchases made with other Venmo users. So is there a way to get a cash advance with a Venmo debit card. Find out
Consider downloading a cash advance app like Dave, Brigit, or Chime SpotMe if that feature is crucial to you. A monthly fee is required, but you’ll have access to features like no-interest cash advances and more.
What is the fee for getting a cash advance?
When you use a credit card to withdraw money from an ATM or a branch, you are subject to the same fee as you would otherwise. When making a purchase with a debit card, the interest rate is typically higher than when using a credit card.
When you send money to a friend, you might be subject to an additional fee that is calculated either based on the total dollar amount or the percentage rate, depending on which one is greater. Additionally, they might charge additional cash advance service fees and a higher annual percentage rate (APR).
Things might add up in the end! Be sure to confirm any potential fees with the company that issued your credit card.
Which of your credit cards will be affected by this?
Before you make a payment on Venmo, venmo will attempt to notify you in the event that they believe your credit card may impose an additional fee. In order to know for sure whether or not the company that issues your credit card will assess a fee, you will need to contact the company directly.
Why is Venmo unable to provide an exact figure for each of these fees?
The specifics of your fees are determined entirely by the company that issued your credit card. When you send us money, this information is not shared with the company in anyway. Make sure you check with the company that issued your credit card to find out more information about any potential fees they may charge.
How can I get around having to pay this fee?
Sending money through a bank account or debit card is the simplest method.