Use Venmo to send and receive money for free

If you need to send or receive money to friends or family there is a new alternative to PayPal. A new company Venmo now allows people to send and receive money for free. You can even use your credit card as payment. I can see how this could be very convenient for people who want to pay their roommates for shared expenses or pay a friend back for dinner, movies, etc.  I don’t quite understand how they can continue to allow people to send money for free considering that credit card processing fees can range from 1.5 – 3% or more, but it’s awfully nice to have an alternative to PayPal. They even have a free iPhone app that you can download here.

I have read that some people also find this useful for meeting minimum credit card spend when they are nearing the deadline to do so. While I can’t advise whether or not this is advisable, you should keep in mind that people’s accounts have been flagged or shut down for transferring more than $2,000 per month.

On a side note, you can now get 500 bonus miles from United MileagePlus Shopping for spending $75 at any retail partner here.  Just sign up for an account and spend $75 in a single transaction to qualify for the bonus.

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