WebApr 11, 2024 · It's worth doing a small transaction to simply test it out first, in order to see whether the purchase codes as a cash advance with your particular credit card. If it does, you could pay an average of 3% to 5% extra in fees — on top of not earning rewards with your credit card. How do I get Venmo? WebAug 12, 2024 · How does Venmo make money? Venmo makes their money from the fees they charge. For merchants, each purchase costs 1.9% + $0.10 for online transactions and in-person QR scans. Venmo also makes money off peer-to-peer payments made with a credit card, which costs users an extra 3%. How It Compares PayPal:
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WebSep 2, 2024 · Venmo made an estimated $935 million in 2024, an 10% increase on 2024 figures Over 78 million people use Venmo, most users are based in the United States … WebOct 20, 2024 · Both PayPal and Venmo charge an extra fee (1.75%) for instant transfers when moving money to your external bank account or card account. And both charge for sending money with a credit card: 3% ... WebOct 30, 2024 · Using a credit card on Venmo to pay family and friends is rarely, if ever, worth it because of the 3% transaction fee. However, using your credit card on Venmo can help you reach the minimum spending requirement for a signup bonus on a new credit card, which could outweigh the 3% fee. is jennifer beals half black