Buzz
It’s time to reimburse your friend for brunch, pay your babysitter for staying late, or settle your share of the electric bill with your roommate. Venmo can make these payments fast and hassle-free, but only if you've linked the right account.
Here’s a quick reminder for you:
If you use a credit card to send money via Venmo, you’ll incur a 3% fee.
It’s almost identical to using Venmo’s parent company PayPal to send money to friends or family: a 2.9% fee plus 30 cents if you use a debit or credit card instead of a linked bank account.
You might be rolling your eyes right now. That’s okay. But when was the last time you opened your apps and checked what accounts or cards are linked?
According to an analysis by The Motley Fool, instant transfer fees accounted for half of Venmo’s $200 million revenue in 2018.
And if you’re one of the three-in-10 adults in the U.S. who claim they can go a whole week without using cash, you might not be fully aware of those small transaction fees.
Take a few minutes. Check what cards and accounts are connected to your payment apps. Think of it as a financial health checkup.
There’s someone out there paying for their ex-boyfriend’s roommate’s Netflix each month via Venmo, completely forgetting that they linked their credit card. Don’t let that be you.
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