Venmo is a leading U.S. mobile payment app. It lets people aged 18 and over send each other money for free.
Sending $100 to a friend via the credit card connected to your Venmo account would cost $3. That might not sound like much, but it adds up over time.
While it’s free for the user, Venmo charges the merchant 1.9% of the purchase price, plus a flat $0.10 fee on every transaction.
Standard withdrawals don’t cost a cent, but Venmo takes 1.75% of anything you send via Instant Transfer.
The trouble comes when you can’t repay the money and fall foul of their notoriously expensive interest rates and late fees.
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