Venmo account full review

Venmo Account Review: Discover its Many Benefits!

Discover how a Venmo account can simplify your financial life.

When you start using Venmo, you’ll experience quick transactions, cash back rewards, and features that support your everyday financial needs.

Venmo allows you to effortlessly send and receive money from your friends. It offers a convenient and social way to repay your friends without the need for physical cash.

Some situations where having a Venmo account can be helpful include:

1. Splitting the cost of a shared cab ride with a friend.
2. Paying your share of the rent to your roommate.
3. Dividing the bill for a group lunch among friends.

Why not introduce Venmo to your friends at your next gathering after downloading it?

Venmo can also be used for purchases with authorized merchants. For example:

• Using the Venmo Mastercard Debit Card anywhere in the U.S. where Mastercard is accepted.
• Using Venmo as a payment method in authorized partner apps or mobile websites.
• Completing purchases with Venmo using in-store QR codes.

Funding Sources

When setting up your Venmo account, one of the first things you’ll do is select your preferred funding source for paying people.

You can pay people using any of the following sources in Venmo:

1. Your Venmo balance (if you have one).
2. A credit or debit card (imagine being able to pay a friend directly with your credit card).
3. A U.S. bank account.

You can also transfer money from Venmo to your bank account by connecting your bank account to Venmo.

Earn Customized Cash Back with Venmo

With the Venmo Credit Card, you can earn up to 3% cash back that you can use to send or spend, or even automatically purchase the crypto of your choice from your Venmo account.

The reward categories on the card automatically update based on your purchases, making it easy to earn cash back. Plus, the card features a personalized QR code for seamless payments and receiving money.

Get 3% cash back on eligible purchases in your highest spending category, 2% on the next category, and 1% on all other eligible purchases, without any annual fees.

Turn Your Cash Back Into Crypto

If you’re interested in cryptocurrencies, Venmo offers a feature that allows you to start your crypto journey.

Simply activate the Purchase Crypto feature and choose your preferred cryptocurrency from the four options available.

When your cash back is transferred to your Venmo account each month, it will be automatically used to purchase cryptocurrency without any transaction fees.

Remember that crypto is volatile and can quickly change in value. Approach it at a pace you’re comfortable with, as there is potential for gains and losses.

Venmo Account: Advantages and Disadvantages

Let’s explore the pros and cons of having a Venmo account to help you make an informed decision.

In summary:

Pros

• Fast and convenient payments
• Sending money from a bank account or debit card is free of charge
• Low fee for credit card payments
• Allows in-store payments at participating merchants
• Offers both credit and debit card options

Cons

• All payments are visible to the public by default
• Once a payment is sent, it cannot be canceled
• Venmo currently only supports domestic transactions within the United States

Requirements for Opening a Venmo Account

There are four main requirements for using Venmo:

1. You must be physically located in the United States
2. You must have a U.S. cell phone that can send and receive text messages from short codes. Note: This phone number cannot be linked to another Venmo account.
3. You must be at least 18 years old (or the age of majority in your state of residence)
4. Your Venmo app must be updated to version 7.38.2 or newer

If you plan on transferring money from your Venmo account to your bank account (like most users), you’ll need to add a U.S. bank account or debit card that is eligible for Instant Transfer.

How to Apply for a Venmo Account

If you find Venmo’s features interesting, you can start the application process by tapping the green button below and learning more about how to apply for Venmo.

Written by

Claire Harrison