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Does Venmo charge cash advance fees?
Does Venmo charge a fee if I send money to a friend?
How do I know if my Venmo card carries a fee?
Can a credit card be used on more than one Venmo account?
Can I use a prepaid card on Venmo?
What are cash advance fees?
What are cash advance fees? Cash advance fees are the same fees that are charged when you use a credit card to withdraw money from an ATM or branch. The interest rate for this type of transaction is usually higher than using the credit card for a purchase.
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Some credit card providers charge cash advance fees (possibly including an additional dollar amount or percent rate, in addition to other possible cash advance service fees, including a higher APR) if you use your credit card to make payments to friends on Venmo.
The answer is both, but I can explain. For P2P such as Venmo, Square, PayPal no such balance is categorized for Visa or MasterCard. Your hard balances usually affect daily or cash spending such as ATM transactions which have a different limit than retail.
Nov 7, 2019 · Instant transfers to your bank account come with a one percent fee, though standard transfers are free. If you have a Venmo Card, there may also be additional fees for cash withdrawal.
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Venmo doesn’t charge the fee, the credit card company does. Some credit cards treat it as a cash advance, while others treat it as a purchase. If I use my American Express, it’s only the 3%, if I use my capital one, it is 3% plus 10% interest charges by my card.
Some credit card providers charge cash advance fees (possibly including an additional dollar amount or percentage rate, in addition to other possible cash advance service fees, including a higher APR) if you use your credit card to make payments to friends on Venmo.
Jan 8, 2024 · Cash advances come with high APRs: The Venmo Credit Card cash advance APR is 32.49% (V), which will start accruing interest immediately, with no grace period. There is a cash advance fee: The Venmo Credit Card cash advance fee is 5% (min $10). There may be ATM-owner fees, too.
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