Can I Use Venmo To Pay My Credit Card Bill? Everything You Need To Know

Paying your credit card bill on time each month is crucial to maintaining good credit and avoiding interest charges. But for some, remembering due dates and mailing payments can be a hassle. That’s where Venmo comes in

Venmo is a popular peer-to-peer payment app that allows users to easily send and receive money from friends or businesses But did you know you can also use Venmo to pay your credit card bill? Here’s what you need to know about using Venmo to pay your credit card bill, including the pros, cons, and step-by-step instructions

Overview of Paying Credit Cards with Venmo

Venmo has partnered with Synchrony Bank to offer the Venmo Credit Card. If you have the Venmo Credit Card, you can easily pay your bill directly through the Venmo app. But even if you don’t have the Venmo Credit Card, you may still be able to use Venmo to pay other credit card bills.

Here are the key things to know:

Pay Venmo Credit Card Bills: If you have the Venmo Credit Card, you can view your statement and make payments right in the Venmo app. This is the easiest way to pay your Venmo Credit Card bill with Venmo.
Pay Other Credit Cards: You can also use Venmo to pay your non-Venmo credit card bills, but there are fees involved. Venmo charges a 3% fee when sending peer-to-peer payments with a credit card.
Use Venmo Balance: You can pay your Venmo Credit Card bill using your Venmo balance. But for other credit cards, you’d need to transfer your Venmo balance to your bank first.
Set Up Autopay: With the Venmo Credit Card, you can set up autopay directly through the Venmo app to have your bill paid automatically each month.
Earn Rewards: When paying your Venmo Credit Card bill through Venmo, you can earn cash back rewards that can be used towards balances or purchases.

Pros of Paying Credit Cards with Venmo

Here are some of the benefits of using Venmo to pay your credit card bill:

Convenience: Instead of mailing payments or logging into your credit card website, you can view statements and pay bills right from the Venmo app. This is especially convenient for the Venmo Credit Card.
Avoid Late Fees: Setting up Venmo autopay ensures your Venmo Credit Card bill gets paid on time each month, helping you avoid late fees.
Earn Rewards: When paying your Venmo Credit Card bill through Venmo, you earn rewards you can redeem for statement credits or purchases.
Manage Your Money: Seeing all your payments in one place and using your Venmo balance helps simplify your finances.
Pay Friends Back: You can easily split credit card bills with friends and pay each other back through Venmo.

Cons of Paying Credit Cards with Venmo

While there are some advantages to paying credit cards with Venmo, watch out for these downsides:

Fees for Non-Venmo Cards: You’ll be charged a 3% fee when paying non-Venmo credit card bills through Venmo. This fee can sometimes cancel out rewards.
May Code as Cash Advance: Your credit card issuer could code Venmo credit card payments as a cash advance, potentially incurring fees and higher interest.
Lack of Protection: Venmo offers less fraud and purchase protection compared to credit cards. Also, funds aren’t FDIC insured.
Scams: Peer-to-peer apps like Venmo are vulnerable to scams. Make sure you only send money to people you know and trust.
Can’t Transfer Balances: You can’t transfer credit card balances to Venmo or use Venmo for balance transfers.

So the fees, lack of protections, and scam risks are things to watch out for when using a credit card on Venmo. But if you take precautions, it can still be a convenient option.

Step-by-Step Guide to Paying Your Credit Card with Venmo

Ready to use Venmo to pay your credit card bill? Here are step-by-step instructions:

Paying the Venmo Credit Card

Paying your Venmo Credit Card bill through the Venmo app is quick and easy:

Open the Venmo app and go to your profile page.
Tap on “Venmo Credit Card”.
Select “View and Pay”.
Review your statement balance and due date.
Enter the payment amount and select a payment method from your Venmo balance, bank account or debit card.
Tap “Pay” to submit your payment by the due date.

You can also set up autopay for your Venmo Credit Card directly in the Venmo app so your payments are automated each month.

Paying Other Credit Cards

To pay a non-Venmo credit card bill using Venmo and a linked bank account:

From your feed in Venmo, tap the plus icon to start a new payment.
Enter the amount you wish to pay.
Select “Charge from bank” and choose the bank account to withdraw funds from.
Enter your credit card issuer as the payment recipient.
Add a note that the payment is for your credit card bill.
Tap “Pay” to send the funds to your connected bank account.
Log into your credit card account and make a payment to your bill using the bank account funds.

Just keep in mind Venmo will charge a 3% fee for credit card payments. Also, withdrawals can take 1-3 business days so make sure to pay well before your due date.

Tips for Paying Your Credit Card Bill with Venmo

To get the most out of paying your credit cards with Venmo, keep these tips in mind:

Set up Venmo autopay for your Venmo Credit Card bill to avoid late fees.
Pay your Venmo Credit Card bill early in the month to have time to earn rewards towards that month’s balance.
Avoid fees by paying non-Venmo card bills directly through your credit card website or app instead.
Withdraw Venmo funds to your bank account first before making credit card payments to avoid fees.
Make sure your credit card issuer doesn’t code Venmo payments as cash advances.
Only use Venmo with people you know to avoid scams.
Don’t store large balances in Venmo since funds aren’t FDIC insured.
Compare costs before using a rewards credit card with Venmo to ensure you still earn rewards after fees.

Venmo Offers a Convenient Way to Pay Bills

Paying your credit card bill through Venmo can provide some major conveniences compared to conventional payment methods. However, it’s not without risks and fees in some cases. If you have the Venmo Credit Card, paying through Venmo is a no-brainer. But for other credit cards, weigh the fees and protections. With the right precautions, Venmo can help simplify bill payments.

Have you used Venmo to pay your credit card bill before? What was your experience? Let us know in the comments if you have any other tips for using Venmo to manage credit card payments!

Can I Use Venmo To Pay My Credit Card Bill

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PROS:

The most sensible way to use a credit card on Venmo is when you are trying to meet minimum spending requirements in order to earn your credit card’s sign-up or welcome bonus.

Also, if you’re strapped for cash, you can use a credit card to pay someone back over Venmo without risking overdrafting your checking account or keeping your friend waiting. Just be sure to pay off your credit card as soon as possible, as doing so will also help boost your credit score.

CONS:

On the other hand, there are drawbacks to using a credit card on Venmo: fees. When using a credit card on Venmo, you’ll be charged a 3% fee when making a payment. No fee will be charged if using a debit card or bank account. So, even if you pay with a rewards credit card like a 2% back card, you will likely lose money on Venmo payments linked to credit cards.

Also, when sending payments to friends and families with a credit card over Venmo, your card issuer may code the transaction as a cash advance, resulting in more fees and a higher interest rate. You also won’t be able to transfer any Venmo balances onto your credit card.

Venmo may not recognize some debit cards. For example, Health Savings Account cards may be difficult to link to your Venmo account.

Remember that most peer-to-peer payment apps do not offer fraud or purchase protection as a credit card might. Moreover, the cash you keep in the app is usually not FDIC-insured. Readers should also be cautious of apps offers to take out Buy Now, Pay Later loans or to convert cash to Bitcoin.

A better option: Consider using apps like Apple Cash; when linked to the Apple Card, it charges no fee and gives you cash back.

Can You Use a Credit Card on Venmo?

Can I use the money in my Venmo account to make payments?

You can use the money in your Venmo account to make payments towards your Venmo Credit Card bill. However, it’s important to keep in mind that Venmo Credit Card payments are funded by a single payment method.

How does the Venmo credit card work?

The card is automatically added as a payment method in your Venmo app for payments to friends and authorized merchants. Similar to other credit cards, the Venmo Credit Card is subject to Venmo’s standard 3% fee when used to make person-to-person payments. Person-to-person payments do not incur a cash advance fee.

Where can I use my Venmo credit card?

You can use your Venmo Credit Card everywhere Visa® credit cards are accepted, including within the Venmo app. The card is automatically added as a payment method in your Venmo app for payments to friends and authorized merchants.

Does the Venmo debit card offer a line of credit?

There is no line of credit offered with the Venmo Debit Card. The Venmo Credit Card is a Visa® credit card issued by Synchrony Bank. You can split Venmo Credit Card transactions with friends on Venmo and use the money in your Venmo account to make payments towards your bill.