How much is the cash advance limit for the Venmo Credit Card? This question is about the Venmo Credit Card

How much is the cash advance limit for the Venmo Credit Card?

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This question is about the Venmo Credit Card

Maria Adams, Credit Cards Moderator

@m_adams • 08/22/22 This answer was first published on 08/22/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The cash advance limit for the Venmo Credit Card is up to 10% of your credit limit, according to customer service. So, the exact amount of cash that can be withdrawn from this card is different for each account.

You can find your exact limit by logging in to your Venmo Credit Card account or by viewing your monthly statement.

Remember that cash advances are costly transactions and should be reserved only for emergencies. More specifically, the Venmo Credit Card will charge you a 5% (min $10) cash advance fee. Plus, the cash advance APR for this credit card is 27.99% (V) and interest starts building up right away.

Answer Question

What's the starting credit limit for the Venmo Credit Card?

The starting credit limit for the Venmo Credit Card is $250 or more; everyone who gets approved for this card is guaranteed this limit. However, depending on your credit standing, you could get a much higher credit limit. The higher your credit score and income are, the higher your starting credit limit is likely to be.… read full answer

Keep in mind that you can ask to get a credit limit increase by calling (855) 878-6462 or the number you see on the back of your card. But it’s best not to do that more than once a year. The issuer will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases.

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How can I get a cash advance with my Venmo Credit Card?

You can get a Venmo Credit Card cash advance at an ATM. To do so, insert the card in the ATM, then enter your PIN and choose the cash advance option. After that, input the amount, and collect the cash and your card.

What you should know about Venmo Credit Card cash advances:

… read full answer

Cash advances come with high APRs: The Venmo Credit Card cash advance APR is 27.99% (V), which will start accruing interest immediately, with no grace period.

There is a cash advance fee: The Venmo Credit Card cash advance fee is 5% (min $10). There may be ATM-owner fees, too.

Cash advances require a PIN: To use an Venmo Credit Card for cash advances at an ATM, you will need a PIN. If you don’t already have one, you can make a request over the phone at (855) 878-6462. You should receive a new PIN in the mail in about 3-5 business days.

Before you take out a Venmo Credit Card cash advance, it’s important to note that it is a very expensive transaction. So, it would be best to avoid using your Venmo Credit Card for cash advances, unless it’s absolutely necessary.

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What's the difference between my cash advance limit and my regular credit limit?

The cash advance limit is the maximum amount of cash that can be withdrawn against a credit card's balance. With most credit cards this will be considerably lower than the credit limit itself. Cash advances come with high fees and above-average interest rates, that's why we advise against them.

Your credit limit tells you exactly how much money your credit card issuer will let you use. The available credit is the amount that you currently have available to spend. This is based on the credit limit minus the current balance less any pending transactions.… read full answer

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