Can You Use a Credit Card on Venmo – The Best Guideline

Venmo is a payment platform in the United States of America that allows you to buy goods and services. The service is a property of PayPal, one of the major payment companies that operate worldwide in sending and receiving money. However, Venmo is only localized in the US and thus does not support international money transfers. You can use debit and prepaid cards to fund your Venmo transactions. But can you use a credit card on Venmo?

We shall see whether it is possible to use a credit card on Venmo to either fund your transactions or transfer the Venmo balance to the concerned card. There are financial institutions that do not accept credit cards because funds from such cards are cash advances. Others charge hefty fees when you use credit cards to fund your transactions. Above all, it is not a  must to use payment cards on your Venmo account since you can receive money from others to top up your balance.

It is also essential to note that Venmo allows you to send and receive money from friends and relatives. You can also request money from others. The core aim of starting the payment service was to help students split bills at restaurants, movie theatres, and other places. However, the payment service allows people from all walks of life to use it. Even businesses are now utilizing various tools from the company to receive payments.

How to join Venmo

Venmo is an online money transfer platform, and joining it requires you to have an internet-enabled device such as a laptop, desktop computer, smartphone, and tablet. Venmo only supports Apple iOS 10.0 and Android Lollipop (API 21) or higher operating systems. If you have earlier operating systems, you cannot use the app on your phone.

You also need to have a secure internet connection that will allow you to enter your details without risk of being hacked. To get started;

  • Download the Venmo app from the relevant site.
  • Next, open the Venmo app.
  • Select your sign-up method.
  • Next, create a secure password (it should be between 8 and 32 characters long).
  • Verify your phone number as well as your email address.
  • Lastly, add and verify your bank account.

You can also create your account using a computer since the requirements are just the same. Venmo will guide you step by step in the opening process. Once your account opening is successful, Venmo will notify you about the status of your application at your email address.

Remember that you should ensure it is US-based when adding a bank or a payment card since Venmo does not support international banks and payment cards. Your phone number should also be US-based and able to receive text messages without restrictions.

Does Venmo offer business accounts?

can you use a credit card on venmo

The steps above are about creating a personal account. You can also create a business profile alongside your personal account. The following is the procedure for creating a business account on Venmo.

  • On your personal account, tap your photo in the top-left corner of your screen. You can also hit the ☰ tab at the top of the app and open Settings.
  • See if the option “Create Business Profile,” is available.
  • Tap it to get started.
  • Follow the step-by-step process to create the business profile.

If you do not have a personal account, you must create it before creating your business account. You can shift between the two accounts on your profile. The following is the process to create a business account if you have never created a personal account. Have a look.

  • Download the Venmo app.
  • Select the “Business” option.
  • Hit on the “Sign up” button.
  • On the screen that displays, choose “Get Started.”
  • Input your name, email address, and then create a password.
  • Tap on the “Agree” button and then enter your mobile phone number and tap “Send Code.”

If you have an EIN, Venmo requires you to add it for tax reporting purposes. However, if you do not have it, you can go ahead and create your business account without any worries. Your business profile will enable you to separate your personal expenses from your personal ones and account for your business losses and profits.

How do I avail money on my Venmo account?

After deleting your Venmo account, you need to ensure that you have the necessary balance to perform various transactions. There are various ways one can add money to your Venmo account. They include the following.

i) Receive money from friends and relatives

The Venmo app allows you to receive money from friends and relatives. The funds are then available for other transaction kinds, such as transfering money to a bank, making a payment, and sending it to other people. If you have a business profile, you will be able to receive money from clients.

ii) Add money from a bank account

Venmo allows you to add money to your Venmo account. You need to add the bank details to your account to get started. The bank account should be mainly yours with account names matching your Venmo account.

iii) Add money from a debit card.

You can add your payment card, either a prepaid or debit card that links to a bank. If your balance is insufficient, Venmo gets money from the added card to cater to your transaction needs. 

Can You Use a Credit Card on Venmo?

Venmo allows you to add a credit card to your account to help fund your transactions. The process of adding a debit card to your Venmo app is just the same as that of adding a debit card. It involves the following steps.

  • Tap the”☰” at the top of the Venmo app
  • Navigate to under “Settings,” and tap “Payment Methods.”
  • Tap “Add bank or card.”
  • Tap add “Card.”
  • Add your credit card information manually or take pictures with your phone’s camera.

There is also a new version of Venmo with the “☰” icon. If you have it, then follow the following process and add your card.

  • Navigate to the “You” section by selecting the person icon
  • Hit on the Settings gear on the top right and then hit on the “Payment Methods.”
  • Hit “Add bank or card” and then tap “Card.”
  • Add your card information manually or use your phone’s camera.

Unlike debit and bank accounts, using your credit card to fund your Venmo transactions attracts a 3% fee. However, Venmo does not charge transaction fees when using a credit card to purchase from authorized sellers. Also, you cannot transfer money from your Venmo account to your credit card. You can only move funds to a bank account using an eligible debit card that links to the bank account.

If you wonder how to get a credit card, there is no need to worry as there are numerous credit card issuers. But can I get a credit card with bad credit? You should not be worried about that since there are institutions that issue credit cards for bad credit. Even if you do not have a credit history, you can get a secured credit card from various banks and credit unions. 

How to add money on Venmo from a bank account

As I mentioned earlier, Venmo allows you to add money to your Venmo account for various transactions. You can use the following procedure to carry out the transfer process.

  • Tap the ☰ icon if using the old Venmo version or the person icon if using the new Venmo app.
  • Tap “Add or transfer.”
  • Enter the amount to transfer and hit “Done.”
  • Confirm the bank account to transfer money from.
  • Tap “Next”
  • Review the transfer details and estimated arrival date.
  •  Next, tap “Add Money.” Make sure you are entirely sure since once you tap add money, there is no way you can cancel the transfer.

How do I send money Using Venmo Credit Card?

One of the transactions you can do with Venmo is to send money. You need to understand how to send money to others since, at times, you will need to carry out the process. To send money;

  • Log into your Venmo app on your device
  • Tap on the payment icon, which looks like a pen and pad with a money symbol
  • Enter the username of the recipient you want to transfer money to. You can also look for the receiving person in your list of your friends by scrolling down. If you send money to someone new, you will get a prompt to confirm whether you want to send money to the concerned person.
  • Enter the amount to send
  • Write a note about why you are sending the money
  • Next, select Pay
  • Lastly, choose how you want to pay. You can use a debit, credit, or bank account that links to your Venmo account
  • If all looks good, hit on “Pay” at the bottom of the page

Bottom line

Venmo is a payment service from PayPal that allows you to send and receive money from friends and relatives. The app also helps you to split bills with your friends at various places such as theatres and restaurants.

You can add money to your Venmo account from various sources, including your bank account and debit card. Venmo is only applicable in the United States. That means you cannot transact with people in other countries.