Can I Pay My Credit Card Bill With Venmo?

Venmo has become one of the most popular peer-to-peer payment apps, allowing users to easily send and receive money with friends and family. But what about paying your monthly credit card bill? Can you use Venmo to pay off your credit card balance?

In this comprehensive guide, we’ll cover everything you need to know about paying credit card bills through Venmo, including:

• How paying credit cards with Venmo works
• Pros and cons of using Venmo for credit card payments
• Step-by-step instructions for setting up and making payments
• Additional options for paying credit card bills
• Tips for avoiding fees and getting rewards

After reading, you’ll understand if Venmo is the right option for easily paying your credit card bill online.

How Paying Credit Cards With Venmo Works

Venmo offers a couple different ways to pay your credit card bill through their app

• Send a standard peer-to-peer payment – Essentially “venmoing” yourself the amount owed.

• Use your Venmo debit card – Make payments directly from the connected card.

• Use your Venmo Credit Card – Specifically for the Venmo credit card only.

For other credit cards you would need to transfer funds from your bank to Venmo then pay your bill as a normal online payment. It adds an extra step compared to paying directly from your bank account.

Pros of Paying Credit Cards With Venmo

There are some potential benefits to using Venmo to pay your credit card bill:

• Earn rewards – If you pay with a rewards credit card or debit card linked to Venmo, you can earn cash back, points, or miles.

• Beat your due date – Instant transfers mean you can pay your bill last minute and avoid late fees.

• Split payments – Share your bill amount and get paid back by friends.

• Easy mobile access – Manage payments anytime, anywhere from your smartphone.

• Payment tracking – Venmo payments have detailed records for your financial planning.

For the right situations, Venmo can provide a convenient way to get rewards and on-time payments.

Cons of Paying Credit Cards With Venmo

However, there are also some drawbacks to watch out for with Venmo credit card payments:

• Credit card fees – Venmo charges a 3% fee for payments funded by a linked credit card.

• Cash advance fees – Your credit card issuer may charge cash advance fees and interest for Venmo credit payments.

• No purchase protections – You lose common credit card benefits like fraud coverage or refunds.

• Extra steps – transferring money into Venmo adds time compared to direct bank payments.

• Scam potential – Venmo users face growing scam risks.

The fees and lack of protections especially make Venmo a poor choice for ongoing credit card bill payments.

Step-by-Step Guide To Paying Credit Cards With Venmo

If you want to try out Venmo for a one-time credit card payment, follow these steps:

1. Transfer Funds Into Venmo

First, deposit money into Venmo from your connected bank account. Select instant transfer for the quickest option.

2. Pay Your Credit Card Bill

Go to your card issuer’s website and log into your account. Set up Venmo as a payee with your account and routing number.

3. Initiate Payment

Head to Venmo payments, choose your credit card, enter the bill amount, and hit pay.

4. Confirm the Payment

Double check your credit card balance and payment history to ensure the bill was paid.

And that’s it! The payment will typically process within 1-2 business days, allowing you to avoid late fees.

Other Ways To Pay Credit Card Bills

Rather than using Venmo to pay your credit card bill, here are some other convenient options:

• Your issuer’s website – The easiest way with no fees.

• Online banking – Schedule one-time or recurring payments.

• Issuer’s mobile app – Pay instantly from your smartphone.

• Autopay – Set and forget automated monthly payments.

• Mail – Send a physical check to your card issuer.

• Over the phone – Call your issuer to pay with a service representative.

• In person – Take your payment to a branch location if available.

The best method depends on whether you want to maximize rewards, make one-off payments, or set up autopay.

Tips For Avoiding Fees and Getting Rewards

If you do use Venmo to pay credit card bills, follow these tips to reduce fees and maximize rewards:

• Use a debit card or bank account – Avoid Venmo’s 3% credit card fee by paying directly from your bank.

• Get a rewards debit card – Earn cash back without credit card processing fees.

• Use referral bonuses – Offset fees by referring friends who join Venmo.

• Stick to one-time payments – Pay for a specific purchase instead of your whole balance.

• Review card terms – Check if your issuer considers Venmo payments as cash advances.

• Take advantage of credits – Use Venmo signup promotions that include fee-free credit.

• Get reimbursed – Have friends pay you back and earn rewards on purchases.

With some strategic planning, it’s possible to minimize any extra costs that come with paying credit cards through Venmo.

Can I Pay My Venmo Credit Card With Venmo?

Yes, if you have the Venmo Credit Card specifically, you can pay your bill directly within the Venmo app.

To make a Venmo Credit Card payment:

• Go to the Credit Card section in Venmo
• Select “View and Pay”
• Choose a payment method and amount
• Complete the payment

This provides an easy way to pay off your Venmo Credit Card balance each month right from your account. You can set up autopay as well.

Paying your credit card bill through Venmo can provide some benefits like convenience, tracking, and rewards potential. But it also comes with fees, risks, and less protections compared to directly paying from your bank.

Carefully weigh the pros and cons before using Venmo for ongoing credit card payments. Make sure to take steps to minimize fees and losses when sending payments from a linked card.

In most cases, paying your credit card company directly remains the simplest option that allows you to avoid extra charges. But for quick one-time payments or splitting bills with friends, Venmo offers a helpful alternative if used selectively.

Analyze your specific payment situation, credit card terms, and Venmo account details to determine if it makes sense for you. And if you have the official Venmo Credit Card, take advantage of seamless bill pay directly through the app.

No matter which method you choose, just be sure to always pay your credit card balances in full and on time every month. Making timely payments is key to avoiding interest and late fees while building your credit history.

With the right payment strategy, you can simplify managing your credit card bills each month and maximize every transaction you make. Become a savvy account manager by exploring tools like Venmo while staying cautious of their limitations. Paying your cards intelligently and responsibly will keep more money in your pocket long-term.