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Using Venmo to hit a sub?

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Anonymous
Not applicable

Using Venmo to hit a sub?

So I was just approved for the CSP. I must’ve just squeaked by because I got a double pull, fee wasn’t waived for the first year, and I have a 25% apr right out of the gate (no 0% period). I did, however, get the 60k points if 4k is spent in the first three months. Unfortunately, I just found out today I’ve gained a new $500 a month bill that cannot be paid by CC which severely hurts my spend which brings me to my question.

I’ve heard you can send someone money via CC through Venmo to hit a sub as Venmo treats it as a transaction rather than a cash advance. You do get hit with a 3% transaction fee, though. Can anyone confirm or deny this? Would the CC company see this as gaming if I were to send it to a friend, then have the friend send it back to me?
Message 1 of 23
22 REPLIES 22
SunriseEarth
Moderator Emeritus

Re: Using Venmo to hit a sub?

Responses that advocated MS have been removed from this thread.  Advocation of MS is considered to be "unrelated to the purpose of the FICO forums" and is not permitted under our TOS.

Forum TOS:  https://ficoforums.myfico.com/t5/User-Guidelines-General/myFICO-Forums-Terms-of-Service/td-p/4

 

SunriseEarth

Moderator



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 2 of 23
SunriseEarth
Moderator Emeritus

Re: Using Venmo to hit a sub?


@Anonymous wrote:
I’ve heard you can send someone money via CC through Venmo to hit a sub as Venmo treats it as a transaction rather than a cash advance. You do get hit with a 3% transaction fee, though. Can anyone confirm or deny this? Would the CC company see this as gaming if I were to send it to a friend, then have the friend send it back to me?

Venmo does assess a 3% fee on CC transactions and, IME, they post as purchases.  However, your idea could send some red flags to Venmo and to your CCC.   Also, I need to reiterate that advocation of MS is not permitted on the Forums.  

 

 



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 3 of 23
NRB525
Super Contributor

Re: Using Venmo to hit a sub?

You have three months to meet the spend. Take a close look at all the items you buy, and be sure all CC spend goes to the CSP. As it is the first of May, the summer travel season is coming up. CSP is a “Travel Card”.

 

I would not trust Venmo to allow you to send money from any credit card, with no consequences / problems with the CCC.

 

You are sure this is a CSP? Not waiving the first AF is news to me.

 

Congrats on the approval! 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 4 of 23
-Wright-
Valued Member

Re: Using Venmo to hit a sub?

I've used Venmo to hit a SUB but the transactions were completely legitimate; no kick backs from the other person. My child support isnt court ordered so I send it however I want, my ex uses Venmo so we see that as an easy way to xfer funds and there is a digital record. But using Venmo to hit the SUB is about 10-15% of the transactions I make to hit bonus the rest is just through normal transactions which is how it should be. 

 

I tried to use Venmo as a first transaction for my WF Propel Card and they shut my card down immediately. I had to call and let them know I wasnt gaming the system and that my checking acct records(they are my bank as well) reflect similar transactions and she warned against using Venmo too much and said stay clear of Paypal entirely. 

 

Try using "Plastiq" to pay for rent, utilities, etc...using a credit card and the fee is only 2.5%. 

Message 5 of 23
calyx
Super Contributor

Re: Using Venmo to hit a sub?


@NRB525 wrote:

You have three months to meet the spend. Take a close look at all the items you buy, and be sure all CC spend goes to the CSP. As it is the first of May, the summer travel season is coming up. CSP is a “Travel Card”.

 

I would not trust Venmo to allow you to send money from any credit card, with no consequences / problems with the CCC.

 

You are sure this is a CSP? Not waiving the first AF is news to me.

 

Congrats on the approval! 


CSP recently switched from the 50k UR bonus (4k spend in 3 mo) w/ AF waived the first year, to 60k UR bonus (4k spend in 3 mo), AF not waived for the first year.

Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 6 of 23
Anonymous
Not applicable

Re: Using Venmo to hit a sub?

@SunriseEarth

I’m not sure what MS stands for, but I assume it’s similar to the term “gaming”. I do not want to do this, or conduct misconduct which is why I was looking for the clarification on whether it was seen as such. I was thinking it wouldn’t be because either way Chase gets paid their fee for the card being used so I wasn’t sure if it would be considered suspicious or gaming.
Message 7 of 23
Anonymous
Not applicable

Re: Using Venmo to hit a sub?

MS = manufactured spending, that is, “artificial” spending outside the realm of what would normally be put on a card.
Message 8 of 23
Shadowfactor
Valued Contributor

Re: Using Venmo to hit a sub?

I really think your topic would be much more suited to FT. It’s allowed to be openly discussed and you will likely find several better methods then Venmo.
Staples starting on 5/5 is offering Zero activation fees on MCGC. As it’s against forum rules I won’t go into anymore detail then that.

Banks can be very funny with MS and even funnier with MS during the minimum spend period. You should research carefully about chase if that’s your prerogative to move forward.

Ideally you should always try to hit min spend organically as it’s the safest way to ensure no funny business. I would recommend moving over all bills/expenses to CSP. See if you can prepay a couple months on each utility bill if you can afford it.

At the end of the day though, going into debt to hit minimum spend is NEVER worth it.




Total Revolving Limits $254,800

Message 9 of 23
Anonymous
Not applicable

Re: Using Venmo to hit a sub?

No I would never go into debt because of a SUB. Not getting the 0% APR period is what really threw me for the loop. That coupled with this $500 a month medical bill that can not paid by CC has crippled my plan
Message 10 of 23
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