A Good Reason Not To Link Your Debit/Credit Card To Venmo

June 11, 2019

© Zentilia | Dreamstime

Vemno is like PayPal, where you can send and receive wire transfers. However unlike PayPal, Vemno doesn't charge a fee to transfer cash to and from your bank account.  But that free cash transfer does not apply if you use a credit card. Venmo tacks on a 3% fee. It’s nearly the same as using Venmo parent company PayPal to send money to friends and family: 2.9% plus 30 cents if you pay by debit or credit instead of a linked bank account. So it may be worth checking your Venmo account to make sure you've linked your bank account and not your debit/credit card. Although it may be easier to link your debit/credit card instead of fishing for your bank's routing number and your account number, it is costing you money.

RELATED: Transferring Credit Card Debt To A New Card May Help Boost Your Score

RELATED: How Using Your Debit Card Affects Your Credit Score

RELATED: Website Pays Off Credit Card Balances As You Charge

SOURCE: Two Cents

See and hear more from the 98.5 KTK Morning Show

98.5 KTK Morning Show Podcast