Decided to try for the Venmo Visa in hopes of getting a 3% CB card this morning and needing to pay a contractor that only takes Venmo, instant denial. I will update here when I get the letter of explanation.
Update 06/21: Received the Decision letter from Synchrony Bank
Included a statement: "Since you have a limited credit history at the traditional credit bureau, we tried to approve you using non-traditional credit information. Unfortunately, your application did not score a sufficient number of points for the following reasons:
Too Few Open Revolving Credit Accounts Open At Least 1 Year With A Satisfactory Payment History
( I have 1 credit card that is over 1 yr = Cap1 1yr 8 mo)
Too Many Inquiries
( 8 total with TU)
Our credit decision was based in whole or in part on information about your Venmo account (use it on occasion been open for at least 5 years use, have the debit card ), your PayPal account (been opened for over 15 years used to be my primary financial institution, have the debit card but haven't used it in a year plus) if one has been established and information obtained in a report from the consumer-reporting agency listed below." TransUnion, no score provided
No Idea, yes there is a 3% fee for using a credit card to send someone via Venmo I was more interested in the 3% to use paying utils etc with it not sure if it also charges the 3% fee when used with Venmo. We will just end up using my DW AMEX as there is not the 3% fee when linked through the AMEX app.
Updated my original post with the decision letter.
Too many inquiries (8)
Too few revolving accounts over 1 yr old (1)
@Wrigley2172 wrote:
@jcooks wrote:Don't you incur a 3% fee for paying to a person (venmo'ing someone) rather than charging it through the Visa network?
Yes, there is a 3% fee to send money through the venmo card. You can avoid the fee however if you set up an amex send account and link it to venmo/paypal. Just did that for the first time the other day
@Wrigley2172 We ended up using the Amex Send account with Venmo but be aware it has a rolling 30-day limit ours is $2000. Not sure if that's a standard or based on your credit line.
