What's the cash advance fee?
It's the same fee that's charged when using a credit card to withdraw money from an ATM or branch. The interest rate is usually higher than using the credit card for a purchase.
So when you send money to a friend, you may be charged an additional fee based on dollar amount or percentage rate–whichever is higher. In addition, they might charge other cash advance service fees including a higher APR.
Things could add up! Be sure to check with your card issuer on the fees they may charge.
Which credit cards does this impact?
Only cards within the Visa and Mastercard networks.
Why can’t Venmo show the exact value of these fees?
Your credit card issuer decides all of the fee details. This info isn't shared with us when you're sending money. Be sure to check with your card issuer to learn more about the fees they might charge.
How can I avoid this fee?
The easiest way is to just send money with a bank or debit card.