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Using Venmo to hit a sub?

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Moderator Emeritus

Re: Using Venmo to hit a sub?

Or change your withholding and pay your taxes quarterly instead at 1.86% or whatever.

That and it isn’t that hard to get 2% or better these days so really it is a longer term arbitrage play anyway that lends itself neatly to SUB meeting with money that has to be paid.

Basically there are cheaper ways to do it than Venmo.



        
Message 11 of 23
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Valued Contributor

Re: Using Venmo to hit a sub?


@Jatyro91 wrote:
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

Have you considered using Plastiq to pay this  medical bill a couple times ? You would have to pay the 2-3% fee but using it to hit a SUB would likely be worth it a couple times. 

$2000 * .03 = $60 in fees to get you halfway there. 

 

I know a lot of mortgages and rent companies don’t count on Plastiq anymore for certain issuers but I would imagine that a medical company might accept it. 





Total Revolving Limits $254,800

Message 12 of 23
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Valued Contributor

Re: Using Venmo to hit a sub?

OP, I wouldn’t recommend going that Venmo route or anything that might raise some redflags for possible MS as they can potentially shut down your acct and put you in their “Unsatisfactory relationship” blacklist for a long time!
How about some utility bills? Insurance co-payments, premiums, etc? College tuitions? HOA fees? Tax bills? Or if you really really have nothing to spend for that $500, then why not make a donation for that amount to any charity or cause that is of importance to you? That’s not really money blown or down the drain cuz someone or a lot will benefit from it and you’ll feel good about it! Plus it’ll be a tax deduction for you next year.
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Message 13 of 23
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Super Contributor

Re: Using Venmo to hit a sub?


@Jatyro91 wrote:
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?

If you were to send it to a friend, and have the friend send it back to you, that would be a fraud.


Total revolving limits 653000 (575000 reporting)

Message 14 of 23
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Regular Contributor

Re: Using Venmo to hit a sub?

Thank you for all of your responses. I didn't know it was considered MS (or even what MS was). This is one of the reasons I asked on here before just proceeding with it. I will find a way to organically hit the spend, or cry myself to sleep at night.

 

JK.

 

But in all seriousness, the main issue I'm having is that I was not given a 0% intro APR. However, I still have a 0% APR (and BT) on my FU. Would it be alright to hit the spend then BT the balance to my FU? If so, I could do a lot of what was mentioned (Taxes, paying bills in advance, etc). I just don't have the disposal income to do some of the other things mentioned (such as making donations).


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Message 15 of 23
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Moderator

Re: Using Venmo to hit a sub?


@Jatyro91 wrote:

Thank you for all of your responses. I didn't know it was considered MS (or even what MS was). This is one of the reasons I asked on here before just proceeding with it. I will find a way to organically hit the spend, or cry myself to sleep at night.

 

JK.

 

But in all seriousness, the main issue I'm having is that I was not given a 0% intro APR. However, I still have a 0% APR (and BT) on my FU. Would it be alright to hit the spend then BT the balance to my FU? If so, I could do a lot of what was mentioned (Taxes, paying bills in advance, etc). I just don't have the disposal income to do some of the other things mentioned (such as making donations).


Unfortunately, you can't transfer your balance from an existing Chase card to another card issued by Chase.

Message 16 of 23
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Established Contributor

Re: Using Venmo to hit a sub?

I honestly can't remember a time in the last few years that the CSP has had a 0% offer at all. If anything, you can ask your friends/family to spend some money for them and have them Venmo you to pay it off. 

 

Otherwise, consider opening a 0% BT card with another bank, as it's typically not allowed to BT from the same bank. 





[2/2019]
Message 17 of 23
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Mega Contributor

Re: Using Venmo to hit a sub?


@SouthJamaica wrote:


If you were to send it to a friend, and have the friend send it back to you, that would be a fraud.


what do you base that on?   It might be against TOS of the issuer or servicer but fraud?  (A criminal act?)

Message 18 of 23
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Mega Contributor

Re: Using Venmo to hit a sub?


@Shadowfactor wrote:

 

I know a lot of mortgages and rent companies don’t count on Plastiq anymore for certain issuers but I would imagine that a medical company might accept it


The restrictions are from the card issuers rather than the receiver right?   It's not that the mortgage companies don't want the money (I assume they get it all as it is just a check, and plastiq takes the fees from the customer).   So I agree it's likely that the medical company will work as issuers probably haven't blocked it.

Message 19 of 23
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Established Contributor

Re: Using Venmo to hit a sub?


@JR_TX wrote:
Or if you really really have nothing to spend for that $500, then why not make a donation for that amount to any charity or cause that is of importance to you? That’s not really money blown or down the drain cuz someone or a lot will benefit from it and you’ll feel good about it! Plus it’ll be a tax deduction for you next year.

While that's a noble idea, I would think that most people would not be keen on spending $500 to earn an SUB worth not much more than that. I would also guess that many people who have difficulty making a $4k/3mo spend do not have enough deductions to itemize, espescially with the tax law changes that lump the personal exemption into the standard deduction.

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Message 20 of 23
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