What are cash advance fees?
Cash advance fees are the same fees that are charged when you use a credit card to withdraw money from an ATM or branch. The interest rate for this type of transaction is usually higher than using the credit card for a purchase.
When you send money to a friend on Venmo, your card issuer may charge an additional fee (either a fixed dollar amount or a percentage rate–whichever value is higher). They might also charge other cash advance service fees including a higher APR.
Which credit cards will charge me cash advance fees?
If you want to see if your card may carry a fee, you can do so in the Venmo app:
- Go to the Me tab
- Go to the Wallet section
- Tap on the card under Banks and cards
You’ll see information about potential fees listed under the card.
Why can’t Venmo show the exact value of the cash advance fees I might be charged?
Your credit card issuer decides all of the fee details, and this info isn't shared with us when you're sending money on Venmo. You can check with your card issuer to learn more about the fees they might charge.
How can I avoid cash advance fees on Venmo?
The easiest option is to use a bank account or debit card for payments you send on Venmo. These payment methods typically don't incur a fee.