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Free Credit Card Spend (And Miles) From Venmo Changing May 1
Brian Kelly
Founder + "The Points Guy"
Since launching TPG in 2010, founder Brian Kelly has expanded the team to include a distinguished editorial staff and an extensive network of freelancer contacts from around the globe. Today, TPG reaches 11 million unique monthly visitors and more than 3 million followers across social media platforms and has offices in New York City, Charlotte and the U.K.
March 19, 2012
•
2 min read
Free Credit Card Spend (And Miles) From Venmo Changing May 1
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Electronic payment services can be one of the best ways to help you meet minimum spend requirements on a new credit card, and in the past I have talked about Venmo and Amazon Payments.
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!
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Apply for Capital One Venture X Business
at Capital One's secure site
Terms & restrictions apply. See rates & fees
Best for businesses with high spending
TPG Editor‘s Rating
Go to reviewCard Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
Rewards Rate
| 2X miles | 2 miles per dollar on every purchase |
| 5X miles | 5 miles per dollar on flights and vacation rentals booked through Capital One Business Travel |
| 10X miles | 10 miles per dollar on hotels and rental cars booked through Capital One Business Travel |
Intro Offer
Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
$395Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.740-850Excellent
Why We Chose It
The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
- The Capital One Venture X business card has a very lucrative welcome offer.
- In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.
- Business owners are also able to add employee cards for free.
Cons
- The card requires significant spending to earn the welcome offer.
- Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel.
- LIMITED-TIME OFFER: Earn up to 400K bonus miles: 200K miles when you spend $30K in the first 3 months, and an additional 200k miles when you spend $150k in the first 6 months
- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month