|
Register •
FAQ •
My feedback
• Login
|
|
|
|
It is currently Fri Sep 20, 2024 5:00 pm
|
|
Page 1 of 1
|
[ 8 posts ] |
|
Author |
Message |
RocketScott
Site Supporter
Location: Kentucky Joined: Fri Jan 16, 2015 Posts: 11386
|
I had a Christmas dinner party to go to last week and the host asked for payment via Venmo. Figured I might as well set up an account just to have that option in the future
Today I get on to pay my credit card and notice a $10 cash transfer fee. In stead of 'charging' my card for $24.00 plus the 3% fee that I agreed to it went through as a money transfer. So then my card tacks on $10 and starts charging interest right away, no grace period. MFers
Called the card company, they say the problem is with Venmo. Started a dispute with Venmo but I can see that going nowhere. Their website shows some warnings that cards may charge a fee but don't explain that the transaction is run through as a 'money transfer' and not a 'charge' like my receipt from them shows
Found some threads on reddit of people with the same issue. People that had been paying the babysitter the same way as before suddenly getting an extra $50 in fees. Looks like this started back in August. They say it's the card company changing how they classify those transactions. I've paid with a credit card through paypal several times and haven't had this issue so I'm not sure about that. I guess we'll see what Venmo and the credit card company do. When I disputed the money transfer on my CC they immediately gave me a 'permanent credit' and said the case was closed. So now I have to check with the gal that handled the dinner to make sure she doesn't get shorted
_________________ You may be right, I may be crazy, but it just may be a lunatic you're looking for
|
Wed Dec 20, 2023 5:18 am |
|
|
scrid2000
Site Supporter
Location: Pierce County Joined: Wed Nov 14, 2018 Posts: 2057
Real Name: Shane
|
Honestly that sounds like the credit card company is at fault, not venmo.
_________________ Posts not legal advice.
|
Wed Dec 20, 2023 6:10 am |
|
|
A Null
Site Supporter
Location: Federal Way Joined: Fri Aug 9, 2013 Posts: 934
|
I've used venmo for years, paying directly to a separate savings account for years, zero fees. I always pick the slow payment option. Yes, I set up a separate account for venmo only.
|
Wed Dec 20, 2023 6:47 am |
|
|
Massivedesign
Site Admin
Location: Olympia, WA Joined: Fri Mar 11, 2011 Posts: 38279
Real Name: Dan
|
This is a Credit Card issue, not Venmo. CC companies started using Venmo transactions as cash/money transfer because people were using it to rack up points / milage. Husbands would use their venmo account tied to an airline to pay their wives thousands of dollars which equals thousands of points/miles. Wife would receive and do the free transfer back to the bank account where they would just pay the card balance with that same $$, rinse and repeat.
|
Wed Dec 20, 2023 8:21 am |
|
|
RocketScott
Site Supporter
Location: Kentucky Joined: Fri Jan 16, 2015 Posts: 11386
|
The CC company said it was Venmo running it through the way they did. Not sure I believe them, I was probably talking to the wrong person after going through the phone tree Massivedesign wrote: This is a Credit Card issue, not Venmo. CC companies started using Venmo transactions as cash/money transfer because people were using it to rack up points / milage. Husbands would use their venmo account tied to an airline to pay their wives thousands of dollars which equals thousands of points/miles. Wife would receive and do the free transfer back to the bank account where they would just pay the card balance with that same $$, rinse and repeat. I don't see how that would pay off. There's a 3% fee to use the credit card A $10,000 transfer would be $300. What would 10,000 points get you? $10?
_________________ You may be right, I may be crazy, but it just may be a lunatic you're looking for
|
Wed Dec 20, 2023 8:41 am |
|
|
dreadi
Site Supporter / FFL Dealer
Location: Tacoma, Washington Joined: Fri Nov 21, 2014 Posts: 8511
|
Fund transfer services that are not supported by my bank(s) are always sketch in my perspective. BLACK HAMMER ARMS 07/02 NFA Dealer http://www.blackhammerarms.comhttp://www.facebook.com/blackhammerarmshttps://www.instagram.com/blackhammerarms
_________________BLACK HAMMER ARMSBuy A Suppressor http://www.silencershop.com/blackhammerarmsType 7 Class 2 SOT NFA Dealer 1911 Pistolsmithing Firearm Refinishing GLOCK Certified Armorer CMMG Authorized Dealer NEMO Arms Authorized Dealer http://www.blackhammerarms.comhttp://www.facebook.com/blackhammerarmshttps://www.instagram.com/blackhammerarms/
|
Wed Dec 20, 2023 9:31 am |
|
|
Old Growth
Site Supporter
Location: Nisqually Valley Joined: Wed Oct 5, 2016 Posts: 4910
|
Its Kentucky, dangit!
Couldn't ya just tell her you was bringun some frog legs and a bottle of hooch and get the dinner fee waived?
|
Wed Dec 20, 2023 1:14 pm |
|
|
Massivedesign
Site Admin
Location: Olympia, WA Joined: Fri Mar 11, 2011 Posts: 38279
Real Name: Dan
|
RocketScott wrote: I don't see how that would pay off. There's a 3% fee to use the credit card
A $10,000 transfer would be $300. What would 10,000 points get you? $10? It's the SUB (Sign Up Bonus) where the value is. Spend $3k and get 70,000 miles and a companion fare. So yhea, you'll eat $90 in fees for what could be $1,400 in travel.
|
Wed Dec 20, 2023 2:42 pm |
|
|
|
|
Page 1 of 1
|
[ 8 posts ] |
|
Who is online |
Users browsing this forum: No registered users and 4 guests |
|
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot post attachments in this forum
|
|