Is using a credit card on Venmo considered a cash advance for buying cryptocurrencies?

3 answers

• Zahidul IslamMay 16, 2022 · 3 years ago
  Using a credit card on Venmo to buy cryptocurrencies is generally not considered a cash advance. However, it's important to note that the specific terms and conditions of your credit card issuer may vary. Some credit card companies may treat cryptocurrency purchases as cash advances, which could result in higher fees and interest rates. It's advisable to check with your credit card issuer to understand their policies regarding cryptocurrency purchases on Venmo.
  465

  233
• Aniket SangleAug 08, 2021 · 4 years ago
  No, using a credit card on Venmo to buy cryptocurrencies is not considered a cash advance. Venmo is primarily a peer-to-peer payment platform, and it does not categorize cryptocurrency purchases as cash advances. However, it's always a good idea to review your credit card terms and conditions to ensure there are no specific restrictions or fees associated with cryptocurrency transactions.
  391

  131
• JM editorJun 16, 2024 · a year ago
  According to BYDFi, using a credit card on Venmo for buying cryptocurrencies is not considered a cash advance. Venmo is a popular platform for peer-to-peer transactions, and it does not classify cryptocurrency purchases as cash advances. However, it's important to be aware of any potential fees or restrictions that your credit card issuer may impose on cryptocurrency transactions. It's recommended to review your credit card terms and conditions or contact your credit card issuer for more information.
  505

  127