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Credit card points via Venmo?
Posted on 6/18/21 at 9:29 am
Posted on 6/18/21 at 9:29 am
Overheard someone talking about how they have been sending money to a person they know via Venmo with their credit card, then that person just gives them the money back. They do this to earn "free" credit card points.
As someone who doesn't really use Venmo there has to be some loophole that makes this not work right? Or is this a legit way to earn points?
As someone who doesn't really use Venmo there has to be some loophole that makes this not work right? Or is this a legit way to earn points?
9
Posted on 6/18/21 at 9:32 am to DukeSilver
quote:
They do this to earn "free" credit card points.
Check the cost of sending money through Venmo. It is likely more than the value of the points.
Posted on 6/18/21 at 9:33 am to DukeSilver
I mean you pay a CC fee using PP correct? Although depending on the bonus this could be a nice hack
Posted on 6/18/21 at 9:37 am to DukeSilver
You can buy a pre paid gift card with most credit cards and get points.
You can then use that pre paid gift card at that same store to buy a money order.
You can then use that pre paid gift card at that same store to buy a money order.
Posted on 6/18/21 at 9:38 am to DukeSilver
quote:
Overheard someone talking about how they have been sending money to a person they know via Venmo with their credit card, then that person just gives them the money back. They do this to earn "free" credit card points.
As someone who doesn't really use Venmo there has to be some loophole that makes this not work right? Or is this a legit way to earn points?
I know venmo charges a fee for credit cards, I think like 2 or 3% so this sounds dumb for maybe a 1% difference in points
Posted on 6/18/21 at 9:41 am to Mingo Was His NameO
quote:
I know venmo charges a fee for credit cards, I think like 2 or 3% so this sounds dumb for maybe a 1% difference in points
Yeah this is what I was thinking but I know sometimes this point stuff can get pretty convoluted so figured I'd ask since I know this board has a few points guys on it.
Posted on 6/18/21 at 9:42 am to DukeSilver
I’m pretty sure Venmo charges a 3% fee to pay via credit card, so not sure how this could work.
Posted on 6/18/21 at 9:46 am to DukeSilver
It can be done and you can make money doing it for a short time.
Your credit card account will eventually get shut down or frozen.
Your credit card account will eventually get shut down or frozen.
Posted on 6/18/21 at 10:13 am to DukeSilver
You're being charged a fee to do so that outweighs any rewards structure on the market. The only way that could be potentially profitable is if you have a suign up bonus that you can't make with organic spend, but this spend also doesn't generally count towards card sign up bonuses either. So tell your friend they're paying 3% to make 1% and he's not a criminal mastermind. Now if he's paying someone else's car insurance with his CC and his friend is sending him cash through venmo that's a different story, the same as if you paid for dinner and they gave you cash instead of just splitting the check.
Posted on 6/18/21 at 11:15 am to DukeSilver
I just got AMEX Platinum and need to spend 5K in first 6 months for 100,000 bonus points, so I could conceivably Venmo the money to my GF (no pics) and have her send it back to me and then I pay my bill from checking account and get the points? Venmo doesn't charge a CC fee for AMEX
Posted on 6/18/21 at 11:26 am to ForeverLSU5
quote:If venmo doesn't charge a CC fee for AMEX (I use Gold a lot) then it seems like this would work, no?
Venmo doesn't charge a CC fee for AMEX
Posted on 6/18/21 at 12:00 pm to DukeSilver
Looks like you can hook up your Amex to your venmo account and send cash for free. See details below, but I did see on one site that these transactions are ineglible for rewards.
It could be a way to generate a couple thousand of additional float for 30 days.
"This option allows you to use your AmEx card to send money to any PayPal or Venmo customer without paying the usual transaction fees that would apply to credit card payments. (Normally, if you were to use a credit card this way through PayPal or Venmo, you'd incur a fee of about 3%.)
AmEx limits how much you can add to your AmEx Send account. That amount is identified in the app as "Available to Add." AmEx notes that the amount is determined by your card’s "rolling 30-day person-to-person transaction limit found in your Card Member Agreement," and it's subject to AmEx approval. But for most eligible consumer cards, the limit is $2,000. Exceptions are The Platinum Card® from American Express ($4,000) and the Centurion card ($5,000). Terms apply.
There's also a limit on how much you can send someone from your AmEx Send account: up to $10,000 per transaction. These transactions, too, will be subject to a rolling 30-day transaction limit. Terms apply."
It could be a way to generate a couple thousand of additional float for 30 days.
"This option allows you to use your AmEx card to send money to any PayPal or Venmo customer without paying the usual transaction fees that would apply to credit card payments. (Normally, if you were to use a credit card this way through PayPal or Venmo, you'd incur a fee of about 3%.)
AmEx limits how much you can add to your AmEx Send account. That amount is identified in the app as "Available to Add." AmEx notes that the amount is determined by your card’s "rolling 30-day person-to-person transaction limit found in your Card Member Agreement," and it's subject to AmEx approval. But for most eligible consumer cards, the limit is $2,000. Exceptions are The Platinum Card® from American Express ($4,000) and the Centurion card ($5,000). Terms apply.
There's also a limit on how much you can send someone from your AmEx Send account: up to $10,000 per transaction. These transactions, too, will be subject to a rolling 30-day transaction limit. Terms apply."
Posted on 6/18/21 at 12:08 pm to DukeSilver
If there is no cc fee, then it may work, but
It should not be very hard to charge $5k to a credit card in 6 months.
Pay ALL of your bills with that credit card: groceries, fuel, cell phone, internet, cable, car insurance,
If you time getting the new card to line up with big bills that you know are coming (Income tax payments, LSU football ticket renewals) you can spend $5k real easy.
It should not be very hard to charge $5k to a credit card in 6 months.
Pay ALL of your bills with that credit card: groceries, fuel, cell phone, internet, cable, car insurance,
If you time getting the new card to line up with big bills that you know are coming (Income tax payments, LSU football ticket renewals) you can spend $5k real easy.
Posted on 6/18/21 at 12:28 pm to footballdude
quote:Oh I completely agree and already do this. I was just curious if you could accumulate additional points essentially free doing it this way as well.
Pay ALL of your bills with that credit card: groceries, fuel, cell phone, internet, cable, car insurance,
If you time getting the new card to line up with big bills that you know are coming (Income tax payments, LSU football ticket renewals) you can spend $5k real easy.
Posted on 6/18/21 at 12:57 pm to footballdude
quote:
Pay ALL of your bills with that credit card: groceries, fuel, cell phone, internet, cable, car insurance,
That's what I am doing and will easily hit the amount within 6 months I just didn't know if I could basically hit the amount today. It seems like I can which you think CC companies would have already closed this loophole.
Posted on 6/18/21 at 1:02 pm to ForeverLSU5
Amex allegedly has one of the more active reward gaming investigation teams in the market.
Posted on 6/18/21 at 1:22 pm to Teddy Ruxpin
quote:
Amex allegedly has one of the more active reward gaming investigation teams in the market.
This. Beware the RAT
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