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Well, news just came that starting May 1, 2012, users of Venmo will only be able to charge up to a total of $500 to their credit card over the life of the account without a fee, but above that there will be a 3% fee for funds sent via credit cards–effectively ending Venmo’s potential as a points-earning payment method. Bank payments (which don’t earn you any miles/points) will remain free. If you were not already signed up for Venmo, you will only have the option to make bank payments for free starting now, so no last-minute fee-free points-earning opportunities for you, unfortunately, though you can try to use my referral link to set up your account with a credit card and take advantage of the last month or so of credit card payments. I’m not sure it will work, but can’t hurt to try!
Even though 3% may not seem like a lot, it can still pretty much negate the value of any points you earn using your credit card. Until May 1, however, at least you can charge up to $2,000 a month through the service to earn a few last-minute points.
Those of you who were at the Chicago Seminars last year might remember that I talked about Venmo, where I said that Venmo is one of the sites leading the general trend toward cashless banking. While that still might be true, I hope that they’re not at the forefront of a fee-levying trend that sees all points-earning opportunities dry up!
You can find a complete description of the new fee on Venmo’s web site. As with all good deals, they come to an end! While this premium card has one of the highest annual fees on the market, it has several valuable perks that could make it worthwhile, depending on your travel patterns. These include a $200 annual airline rebate, lounge access, free Hilton Gold status and free Starwood Preferred Guest Gold status.
While this premium card has one of the highest annual fees on the market, it has several valuable perks that could make it worthwhile, depending on your travel patterns. These include a $200 annual airline rebate, lounge access, free Hilton Gold status and free Starwood Preferred Guest Gold status.