cancel
Showing results for 
Search instead for 
Did you mean: 

Using Venmo to hit a sub?

Highlighted
Regular Contributor

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?

Starting Score: 612|634|622
Current Score: 695|770|762
Goal Score: 720|720|720


Take the myFICO Fitness Challenge



Message 1 of 23
22 REPLIES 22
Highlighted
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: 795 (TU08, 10/14/20)
AMEX Cash Magnet $54000 | BofA BBR #1 $43900 | Discover IT $39000 | Uber VS $37000 | BoA BBR #2 $31100 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $23500 | GS Apple Card WEMC $20000 | Altitude Go VS $19500 | Cap 1 QS WMC $17250 | Sony Card $15750 | Freedom Flex WEMC $15000 | Disney Premier VS $15000 | FNBO Rewards VS $15000 | Target MC $13500 | WF Cash Wise VS $12,000 | Cap 1 SavorOne WEMC $10500 | Amazon VS $10000 | Blispay $7500 | AARP VS $5800 | Cash Back World WMC $3000 ~~
Message 2 of 23
Highlighted
Moderator Emeritus

Re: Using Venmo to hit a sub?


@Jatyro91 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: 795 (TU08, 10/14/20)
AMEX Cash Magnet $54000 | BofA BBR #1 $43900 | Discover IT $39000 | Uber VS $37000 | BoA BBR #2 $31100 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $23500 | GS Apple Card WEMC $20000 | Altitude Go VS $19500 | Cap 1 QS WMC $17250 | Sony Card $15750 | Freedom Flex WEMC $15000 | Disney Premier VS $15000 | FNBO Rewards VS $15000 | Target MC $13500 | WF Cash Wise VS $12,000 | Cap 1 SavorOne WEMC $10500 | Amazon VS $10000 | Blispay $7500 | AARP VS $5800 | Cash Back World WMC $3000 ~~
Message 3 of 23
Highlighted
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
Message 4 of 23
Highlighted
Established 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
Highlighted
Senior 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.




F8 EQ: 804 | EX: 794 | TU: 801 | Accounts: 2/6 4/12 8/24
Happy practitioner of AZE9or10or11 | Team Finances > FICO
Message 6 of 23
Highlighted
Regular Contributor

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.

Starting Score: 612|634|622
Current Score: 695|770|762
Goal Score: 720|720|720


Take the myFICO Fitness Challenge



Message 7 of 23
Highlighted
Community Leader
Senior Contributor

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.


Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $95,400 | Agg. Util under 5%
Message 8 of 23
Highlighted
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
Highlighted
Regular Contributor

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

Starting Score: 612|634|622
Current Score: 695|770|762
Goal Score: 720|720|720


Take the myFICO Fitness Challenge



Message 10 of 23
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.