Venmo increases its limit

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Looks like all the previous Venmo threads are archived so:
Do you limit how much money I can spend using my card?
Last Updated: Apr 24, 2013 11:26AM EDT
Yes, there are limits on how much money users can transact using a card on Venmo. While we encourage users to use Venmo for all their payment needs, a few limits exist on our system that might affect our users when trying to make payments.

All users have a $3,000.00 per week limit on payments. (bolding theirs)

This means that you can send up to $3,000.00 per week to your friends on Venmo. Why do we have limits? Transaction limits help us screen for suspicious activity so that we can protect your financial security. Also, they help us keep our costs down, so that we can continue to provide an awesome, free service for our users!

Please note that the maximum cash out amount is $5,000.00, but we do not have limits on how many cashouts you can perform.

But the not so good news:
Limit on the Number of Cards Allowed

Venmo permits users to add 3 cards over a 6 month basis. If you have added three cards within the rolling 3 month period, you will be blocked from adding a fourth. Deleting one of the cards you have on file and then trying to add a fourth card will not work. If you absolutely need to add more cards to your account within the rolling 3 month period, please email us with a detailed explanation of why you require an additional card.

Note that they refer first to a 6 month period, then multiple times to a 3 month period. Not sure which it is.

Thanks to Travelomania on FT and to Frequent Miler's blog for posting info leading to this.

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Doesn't venmo charge to send money now?

3% for CC. Free for "debit". I have not used the service in months, since they first implemented fees, so while I can't personally confirm what they do and do not consider a debit, hopefully it's anything with a PIN.

Do they have a max expiration date for "debit cards"

Chase GC (with billing addy) failed multiple times. tried different $ amounts.

Not good. If they don't accept Chase GC I'm guessing others issued by smaller banks won't work, either.

Sorry for the false alarm. If anyone has an actual rewards debit card, though, this might be something to consider.

Any way to buy/load debit cards w cc?

duckyhood said:   Chase GC (with billing addy) failed multiple times. tried different $ amounts.

I had this same experience. I'm new to Venmo - so this might have been mentioned before, but I also tried to add a VGC from GCM (MB) and although it accepted it, it told me that "free" sending wasn't available from that card, and if I wanted to use it I would be charged the 3%.

Anyone else think Venmo is going out of business and this is the end? Envaulted style go out with good news that everyone buys into? Gulp...hope they don't keep cash like EnVaulted did...

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