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Seventy years ago, Americans were confused by the newfangled credit cards being introduced to the public. Today, there are all kinds of ways to pay for goods and services, including Venmo. But can you Venmo someone money with a credit card? We'll cover that below.
Absolutely. To use Venmo, download the app on your iPhone or Android device and create an account. During setup, you'll be prompted to link a funding source. You can link a bank account, debit card, gift card, prepaid credit card, or traditional credit card.
Venmo is a payments app that lets you send money anywhere you need it to go. Want to pay the person who cuts your lawn but don't have cash on hand? Venmo lets you send money directly to that person's bank account. Venmo is frequently used to pay for goods and services, and you can use it to pay friends and family, no cash or checkbook needed. Splitting the dinner bill or sending your friend a $50 gift has never been easier.
Venmo was created by college roommates who wanted to make their own lives easier by paying each other via smartphones. The startup was acquired by PayPal in 2013 and took off from there. Today, nearly 90 million people across the U.S. use the app to make payments.
As a company, Venmo has expanded. You can pay with it on websites that accept PayPal, and the optional Venmo debit card lets you take cash out at an ATM. There's also a Visa-branded Venmo Credit Card that gets you cash back on things you buy most.
Learn more: Read our Venmo review
There's no right or wrong answer regarding whether you should use a credit card on Venmo. Here are some of the benefits and drawbacks of adding a credit card to Venmo.
You must meet these requirements to open a Venmo account:
The best reason to add a credit card as your Venmo funding source is to make the most of rewards points. The following steps can help you do that:
Venmo is not the only payments game in town. Here are three alternatives.
You can use Google Pay in much the same way you use Venmo. Google Pay doesn't charge fees, but merchants may charge fees of their own.
Apple Pay allows you to link your credit or debit card to a digital wallet. It's free to use Apple Pay at the register, at least from Apple's end. If a merchant charges for the use of credit cards, they won't make an exception for Apple Pay.
Zelle lets users transfer money fast and free. But it only works with bank accounts -- you can't send money with credit cards. Before downloading the app, check if your bank offers Zelle. Most do, but some of the biggest banking apps don't.
No matter where you are, you can make a Venmo payment without breaking a stride, and in today's busy world, that's value-added.
Did You Know? Venmo offers a credit card. Check out The Ascent's Venmo credit card review.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
||
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Some other questions we've answered:
While there is no fee for purchases from authorized merchants, there is a fee of 3% for sending money to friends and family.
If you're sending money to friends or family, your credit card company may code the transaction as a cash advance. That typically means a fee of 3% to 5%, and interest begins accruing immediately. If the card issuer codes the transaction as a cash advance, it could also mean paying a higher interest rate on the funds sent.
Venmo will accept a prepaid card or gift card from:
But a card may be declined by Venmo or the card issuer if funds are unavailable or if there's reason to suspect fraud.
Our Credit Cards Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.