VENMO
May 1, 2012, 8:45 am
#212
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Join Date: Sep 2002
Location: LAX/TPE
Programs: United 1K, JAL Sapphire, SPG Lifetime Platinum, National Executive Elite, Hertz PC, Avis PC
Posts: 42,211
Tried it at midnight hoping they weren't ready...but they were.
We will still use Venmo, just for the same smaller amounts as before and breaking the transaction into one $500 fee-free and another $450 with fee. We already pay fees at Williampaid and do a fee-free $995 transfer at Amazon, so the overall fee burden is not that bad give the 4% return we're getting from the grandfathered Travelocity Amex.
I guess since we never pushed Venmo beyond $1000 a month, this change is really minimal for us - an extra $13.50 in fees. So for each month we're paying roughly $75 in processing fees between WP and VM. In 5 months we pay about $375 in fees but earn back over $800 in Travelocity credits....not bad at all.
We will still use Venmo, just for the same smaller amounts as before and breaking the transaction into one $500 fee-free and another $450 with fee. We already pay fees at Williampaid and do a fee-free $995 transfer at Amazon, so the overall fee burden is not that bad give the 4% return we're getting from the grandfathered Travelocity Amex.
I guess since we never pushed Venmo beyond $1000 a month, this change is really minimal for us - an extra $13.50 in fees. So for each month we're paying roughly $75 in processing fees between WP and VM. In 5 months we pay about $375 in fees but earn back over $800 in Travelocity credits....not bad at all.
May 1, 2012, 10:18 am
#213
Join Date: Feb 2011
Posts: 769
I tried it at 5 PM yesterday and it was already charging us the 3% fee, looks like it went up early for some of us.
Tried it at midnight hoping they weren't ready...but they were.
We will still use Venmo, just for the same smaller amounts as before and breaking the transaction into one $500 fee-free and another $450 with fee. We already pay fees at Williampaid and do a fee-free $995 transfer at Amazon, so the overall fee burden is not that bad give the 4% return we're getting from the grandfathered Travelocity Amex.
I guess since we never pushed Venmo beyond $1000 a month, this change is really minimal for us - an extra $13.50 in fees. So for each month we're paying roughly $75 in processing fees between WP and VM. In 5 months we pay about $375 in fees but earn back over $800 in Travelocity credits....not bad at all.
We will still use Venmo, just for the same smaller amounts as before and breaking the transaction into one $500 fee-free and another $450 with fee. We already pay fees at Williampaid and do a fee-free $995 transfer at Amazon, so the overall fee burden is not that bad give the 4% return we're getting from the grandfathered Travelocity Amex.
I guess since we never pushed Venmo beyond $1000 a month, this change is really minimal for us - an extra $13.50 in fees. So for each month we're paying roughly $75 in processing fees between WP and VM. In 5 months we pay about $375 in fees but earn back over $800 in Travelocity credits....not bad at all.
May 1, 2012, 10:22 am
#214
Join Date: May 2010
Programs: UA MileagePlus
Posts: 138
We will still use Venmo, just for the same smaller amounts as before and breaking the transaction into one $500 fee-free and another $450 with fee. We already pay fees at Williampaid and do a fee-free $995 transfer at Amazon, so the overall fee burden is not that bad give the 4% return we're getting from the grandfathered Travelocity Amex.
May 1, 2012, 11:28 am
#215
A FlyerTalk Posting Legend
Join Date: Sep 2002
Location: LAX/TPE
Programs: United 1K, JAL Sapphire, SPG Lifetime Platinum, National Executive Elite, Hertz PC, Avis PC
Posts: 42,211
Their free transfer allowance is now a lifetime limit of $500 per account, not a per month limit. So unless you create a new account each month (which they'll undoubtedly detect if you use the same credit card across accounts), you won't be able to churn this repeatedly.
I have a support ticket in to clarify another issue and I asked for clarification on this one as well.
May 1, 2012, 1:01 pm
#216
Join Date: Mar 2006
Location: RDU
Posts: 812
The Venmo website now clearly states that the $500 allowance is a lifetime allowance.
You can quickly find out whether they will permit you a fee-free charge of up to $500 by initiating such a payment now. It will clearly show any applicable fee and allow you the opportunity to cancel the transaction or switch to bank payment. I tried a payment for less than $100 this morning and it clearly showed the 3% fee.
Last edited by MarkMColo; May 1, 2012 at 1:02 pm Reason: To correct fee amount.
May 1, 2012, 1:13 pm
#217
A FlyerTalk Posting Legend
Join Date: Sep 2002
Location: LAX/TPE
Programs: United 1K, JAL Sapphire, SPG Lifetime Platinum, National Executive Elite, Hertz PC, Avis PC
Posts: 42,211
Interesting, what did your email say? Mine clearly stated "To continue using Venmo for free, you must switch to bank payments."
The Venmo website now clearly states that the $500 allowance is a lifetime allowance.
You can quickly find out whether they will permit you a fee-free charge of up to $500 by initiating such a payment now. It will clearly show any applicable fee and allow you the opportunity to cancel the transaction or switch to bank payment. I tried a payment for less than $100 this morning and it clearly showed the 3% fee.
The Venmo website now clearly states that the $500 allowance is a lifetime allowance.
You can quickly find out whether they will permit you a fee-free charge of up to $500 by initiating such a payment now. It will clearly show any applicable fee and allow you the opportunity to cancel the transaction or switch to bank payment. I tried a payment for less than $100 this morning and it clearly showed the 3% fee.
May 1, 2012, 7:23 pm
#218
Join Date: Jan 2010
Posts: 396
That's exactly how I found out - I tried a test payment for $500 to see if any fees would appear (my other half said they were charged a fee for a $500 payment) and I accidentally paid them because there is no confirmation page (hello Venmo, you need a confirmation page!)...now I'm waiting on getting the payment voided, or my other half needs to generate a payment from their bank account back to me.
May 3, 2012, 7:47 am
#220
Join Date: Nov 2011
Programs: Amex Platinum, Marriott Platinum, SPG Gold, Hyatt Platinum
Posts: 240
Their free transfer allowance is now a lifetime limit of $500 per account, not a per month limit. So unless you create a new account each month (which they'll undoubtedly detect if you use the same credit card across accounts), you won't be able to churn this repeatedly.
May 3, 2012, 8:49 am
#221
A FlyerTalk Posting Legend
Join Date: Sep 2002
Location: LAX/TPE
Programs: United 1K, JAL Sapphire, SPG Lifetime Platinum, National Executive Elite, Hertz PC, Avis PC
Posts: 42,211
Interesting, what did your email say? Mine clearly stated "To continue using Venmo for free, you must switch to bank payments."
The Venmo website now clearly states that the $500 allowance is a lifetime allowance.
You can quickly find out whether they will permit you a fee-free charge of up to $500 by initiating such a payment now. It will clearly show any applicable fee and allow you the opportunity to cancel the transaction or switch to bank payment. I tried a payment for less than $100 this morning and it clearly showed the 3% fee.
The Venmo website now clearly states that the $500 allowance is a lifetime allowance.
You can quickly find out whether they will permit you a fee-free charge of up to $500 by initiating such a payment now. It will clearly show any applicable fee and allow you the opportunity to cancel the transaction or switch to bank payment. I tried a payment for less than $100 this morning and it clearly showed the 3% fee.
So, not the best news - but we can still turn a nice annual profit following our monthly process of Venmo+AP+WP...but if that grandfathered Travelocity Amex ever bites the dust, we're out.
May 3, 2012, 9:14 am
#222
Join Date: Sep 2011
Posts: 385
I received another system email as well as a clarification email from their 'support' team. The $500 is, in fact, a one-time exemption and only for accounts that did not charge more than $500 on credit cards prior to this new policy.
So, not the best news - but we can still turn a nice annual profit following our monthly process of Venmo+AP+WP...but if that grandfathered Travelocity Amex ever bites the dust, we're out.
So, not the best news - but we can still turn a nice annual profit following our monthly process of Venmo+AP+WP...but if that grandfathered Travelocity Amex ever bites the dust, we're out.
May 3, 2012, 6:59 pm
#224
Join Date: Apr 2012
Posts: 43
VENMO is a horrible service that needs to die a horrible death..soon.
I signed up earlier this year, used it for a couple of transactions via credit card. Next day, I get this email saying my account is frozen.
I explained to them I run a business and I usuaully pay people via Paypal and just trying them out. They said ok and reactivated.
Next month, I pay my vendors again and account gets frozen again.
And they want to investigate and reverse all previous charges.
I emailed again and told them we went over this already last month. They said again, "oh, ok sorry".
I mean , they seem to have no clue...
I signed up earlier this year, used it for a couple of transactions via credit card. Next day, I get this email saying my account is frozen.
I explained to them I run a business and I usuaully pay people via Paypal and just trying them out. They said ok and reactivated.
Next month, I pay my vendors again and account gets frozen again.
And they want to investigate and reverse all previous charges.
I emailed again and told them we went over this already last month. They said again, "oh, ok sorry".
I mean , they seem to have no clue...
May 3, 2012, 7:40 pm
#225
Join Date: Jan 2011
Posts: 749
Yet my 20,000 miles from Venmo beg to differ. They will be sorely missed.
Sad that legit users were flagged and those of us who flew under the radar weren't.
If a competitor of Venmo is reading this... we're coming for you! Be afraid...be very afraid!
Sad that legit users were flagged and those of us who flew under the radar weren't.
If a competitor of Venmo is reading this... we're coming for you! Be afraid...be very afraid!