Venmo is becoming one of my favorite ways to pay back friends.
During the pandemic, we were even able to use it to pay at some of my favorite restaurants – a nice no contact option that just had me scan QR code. It was super convenient.
Another reason I’m a fan of Venmo is because it integrates well with Splitwise, an app my friends and I use to split up bills. When we go on trips together, everyone can enter in what they pay for and it gets split up nicely. Splitwise then figures out the differences and limits the amount of back and forth that happens. If you have Venmo, you can take care of everything within the app and I find that extreme convenient.
So many good reasons to use it, but did you know there are promotions where you can get a few bucks for registering an account and making a payment?
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Venmo’s $5-10 Referral New Account Promotion
Venmo has a referral program that is normally $5 but for a limited time is $10. (I’ve seen it get as high as $20)
Super simple, all you need is a referral link from someone with an existing account and then:
- Open an account and link a bank account or credit card
- Make a payment of at least $5, funded by that linked bank account or credit card
- Do all this within 14 days of signing up
Then, when you have an account, you can refer up to ten people too.
The best way to find a link is to ask your friends who are using Venmo. You aren’t supposed to put your link out anywhere that someone other than friends or family will see, so I won’t be posting mine here.
Venmo’s Public Non-Referral New Account Promotion [EXPIRED]
This new account promotion is different than the one above and the terms can change. To get the $10 for this, you just need to sign up through the invitation page and then add and verify your phone number for a new account. No need to send a payment to receive $10 from Venmo in this promotion.
If you need an account, this is the quickest and simplest way to get one and a bonus at the same time.
Eligibility: Open only to individuals who; (1) are residents of any one (1) of the fifty (50) United States or the District of Columbia, (2) are eighteen (18) years of age or older, (3) create a new U.S. Venmo account during the Offer Period (defined below), and (4) receive an email, or view a banner from PayPal inviting participation in the offer, or click through a social or paid media asset highlighting the introductory offer, (eligibility for/those who receive the Rewards will be determined solely by Venmo).
Other Payment Platform Promotions
Venmo is just one of many popular payment platforms similar to PayPal (though Venmo is owned by PayPal) and there are others that offer free money for singing up. The most popular alternative is the Cash App. You can get free money from the Cash App simply by signing up for an account and complete a $5 transaction.
The Cash App is just as convenient as Venmo and both are good. Oftentimes, it depends on what the recipient is using so I like having both since they don’t have any maintenance fees.
The downside with payment apps from a bonus perspective is that the offers are all fairly small. $10-20 is common and you won’t see them offering anything like a more traditional bank.
Here’s a look at what banks offer:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
As you can see, these are much higher numbers than $10 or $20. That’s because the economics are different and so if you want bigger dollar bonuses, you’ll need to look to banks or credit cards.