Cash App Review: Best Mobile Banking App to Save and Invest Money

cash app

Everything you need to know about Cash App. Check this out!

In this review, you will learn:

  • What Cash App is
  • What Cash Card is and its limit
  • How to use Cash App (add and send money)
  • How to buy stock and bitcoin using Cash App

So, before you get it to save and invest your money, you better read this thorough review.

Let’s get started!

what is cash app

What is Cash App?

Cash App is a full-service mobile banking app that you can use to save, spend, and invest your money. It is safe, fast, free, and easy to use. It uses a $cashtag as your unique username to send and receive money. It’s easier than remembering your bank number account – most people forget it. The best thing is you can set your $cashtag yourself.

It is Square, Inc. that developed Square Cash in 2013 which later known as Cash App. The app was firstly introduced to transfer and save money in a simpler way using $cashtag. Later on, it adds the investing future that lets you buy stocks and bitcoin in a few clicks.

It is the Sutton Bank or Lincoln Savings Bank, Members FDIC, that provides the Cash App banking services and issue the debit card.

Cash App supports debit and credit cards from American Express, MasterCard, Visa, and Discover. It also supports most government-enable prepaid cards. Unfortunately, it doesn’t support ATM cards, PayPal, and business debit cards at the moment.

The application is growing rapidly. In 2020, there were 90 million Cash App active users that used this app as their financial and investment management app. The users increased 172% compare to the active users in 2018, which were around 30 million users.

Is Cash App safe?

Cash App is safe to use. It protects all of your money and investments with a Touch ID, Face ID, and a passcode. You can pause and set limit your spending. It stores all of your information securely.

Sending and investing money is getting easier now with Cash App. You can transfer and receive money from friends and family instantly. You are also able to invest your money by buying stocks of top US companies and bitcoin with commission free as little as $1.

The real time tracking makes it easier to monitor your investment portfolio. So, you know when to buy more stocks and bitcoin or even sell them to make profit. All can be done with a few clicks on your smartphone.

You will also receive a Cash App card that can be integrated with Apple Pay and Google Pay.

cash app card

What is Cash App Card?

Cash App card is a physical Visa debit card to purchase items or services, both online and in the stores. It uses the deposit on your Cash App balance when you make payment. A cash card can be linked to your bank accounts.

In order to get a Cash App card, you need to make an order after completing the registration. It appears in black color with a sleek and unique design.

How to order Cash Card?

As a registered Cash card user, you can order to get this card for completely free. You should be at least 18 years old or older to apply for the Cash Card. Then, you will need to verify your personal information like your address, date of birth, and your name.

Here’s how to order Cash Card:

  1. Open the Cash App.
  2. Select Cash Card on the home screen.
  3. Tap Get Cash Card > Continue.
  4. Follow the on-screen instructions.
  5. Fill in the personal information.

The process will take around 10 business days. So, please be patient for it arrives in front of your door. After you get it, you need to activate it before using it to purchase things.

Simply scanning the QR code on the box using the app to activate your Cash Card. Then, your card is ready to use.

custom cash card

Can I have a custom Cash Card?

Cash App lets you re-design your Cash Card so that you have a unique one. You can change the color of the card, add emojis and your signature which later would be engraved on your card. This fun aspect makes your card design looks special and different than others.

Please note that Cash App does monitor your drawing and signatures. If they find your design inappropriate, they will not grant your request.

To have a custom Cash Card, please do the followings:

  1. Launch Cash App and tap on Cash Card on the home screen.
  2. Tap your Cash Card.
  3. Choose Design New Card.

Note: To get a custom Cash Card, you need to pay for $5.

Having too many cards on your wallet is quite annoying, not to mention if you lose or forget to bring one of them.

The Cash App seems to understand this problem. They want to make your life simpler by allowing you to integrate your Apple Pay or Google Pay with your Cash Card. The integration can easily be done using the app.

Cash Card Boost

Boost is probably one of the best features on Cash Card. It helps you to save your money by getting discounts when you use it at coffee shops, restaurants, and other merchants.

The discount may vary from one merchant to another. Do the following steps to use Boost on Cash Card:

  1. Open Cash App and select the Cash Card tab.
  2. Select Save with Boost.
  3. Tap on a Boost > Add Boost.
  4. Start Saving.

Please be aware that each Boost has a different expiration date. So, it’s better to check them regularly so that you don’t miss the offer.

However, Boost can have minimum purchase and maximum discount amounts. Besides, you cannot use Boost to Cash Back transactions.

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Do you need cash?

Cash Card allows you to withdraw cash from any ATM with just a $2 fee charged. However, it is quite usual for ATMs to charge an additional fee for using a card from a different bank account.

To keep your balance safe from excessive withdrawal, your Cash Card sets three different limits:

  • $310 per transaction
  • $1,000 per 24-hour period
  • $1,000 per 7-day period

Not only limit the withdrawals, you can also get the transaction history. Therefore, you can see how much money that you have withdrawn for a period of time. By then, you can manage your spending for the next month.

To get your transaction history as a CSV file, do these steps:

  1. Open the web browser, visit Cash App’s official website and log in.
  2. Select Statements in the top right corner.
  3. Select Export CSV.

Check the Download folder in your computer to see the file. You will need Excel or similar apps to open the file.

Your monthly statement will be available within 5 business days for every new month.

how to use cash app

How to Use Cash App

It is easy to use Cash App. It has an elegant and clean UI so you can operate it effortlessly.

To know how Cash App works, you need to download and install it on your devices. Click the download button below and you will be directed to the Google Play or App Store right away.

I assume that you have successfully installed it on your device. Sign up and fill in the necessary information to register for an account. Don’t forget to set up a passcode and Touch ID or Face ID as double protection.

How to add money?

Once you have got a Cash App account, you can start to add money to your Cash App balance. To do so, follow these steps:

  1. Open Cash App and select the Banking tab.
  2. Tap Add Cash.
  3. Choose an amount > Add.
  4. Enter your passcode or use Touch ID to confirm.

The process takes in a few seconds. Go to the home screen and you will see that your money has been added there. Now, you can use it to purchase goods or send it to your family.

How to send money?

Sending money using Cash App is a piece of cake. It allows you to send money via email, phone number, or $cashtag. This is a revolutionary way to send money. You no longer need to know the bank account of the person to transfer money.

Instead, just enter the email, phone number, or $cashtag.

Follow the steps to send money on Cash App:

  1. Launch the Cash App
  2. Type the amount
  3. Press Pay
  4. Enter an email address, phone number, or $Cashtag
  5. Write the description for the payment
  6. Press Pay

Adding Bank Account

It allows you to link it with your bank account. Adding a bank account to the application will make it easier to manage your money.

Here’s how:

  1. Open Cash App.
  2. Press the Banking tab.
  3. Choose Add a Bank.
  4. Follow the on-screen instructions.

If you have a new bank account and no longer use the former one, we suggest you update this information on the application as well.

You can simply change the linked bank account by doing these steps:

  1. Launch Cash App.
  2. Press the Banking tab.
  3. Choose the bank account you would like to change.
  4. Tap . . .
  5. Choose Remove Bank or Replace Bank.
  6. Follow the on-screen instructions.
cash app bitcoin

How to buy stocks and bitcoin

Easy invest is one of the features why everyone likes Cash App. Buying stocks and bitcoin becomes super cheap and fun. More interestingly, there is no commission fee for every stock that you buy.

Apple Inc. (AAPL) stock price is $137.39. And Microsoft Corporation (MSFT) stock price is $242.01.

Meanwhile, 1 bitcoin equals to $36,737.30.

For some people, the stock price of top US companies is just out of reach. It is just impossible to buy the stocks from good companies because the price keeps rising.

Similarly happens to bitcoin. People are afraid of buying bitcoin because of its sky-scraping price.

Cash App provides a solution for this.

1. Buying and selling stocks

In Cash App, you can buy stocks for as little as $1. Cash App wants to help you build an investing habit by providing an affordable price for everyone.

How to buy stocks

To buy stock using Cash App Investing:

  1. Open Cash App.
  2. Select the Investing tab.
  3. Type the company name in the search bar.
  4. Choose the company whose stock you want to buy.
  5. Tap Buy.
  6. Choose a preset amount or press … to enter a custom amount.
  7. Follow the on-screen instructions to verify your personal information.
  8. Confirm with your PIN or Touch ID.

The payment will be deducted from your Cash App balance. If your available fund is not enough, it will be debited from your linked bank account. To see your investment portfolio, just go to the Investing tab on the home screen and scroll down to My Portfolio.

In a moment later, the stocks of companies that you buy will be listed on your portfolio. To get the best return, it’s wise to buy the stocks in a regular basis or when the price is down. By then, your stock price will be averaged down.

Please note that you take fully responsible for every stock that you buy. Cash App doesn’t provide investment recommendations or advice. You must educate yourself about the stocks and the companies before making a purchase.

Besides, be aware of the volatile price of stocks in the market. The price may change drastically within minutes. It’s best to have a basic knowledge about stocks as well as investment goals.

Therefore, you must monitor your portfolio in a regular basis. If you think that the price of your stocks has enough growth, you can make profit by selling them.

How to sell stocks

Here’s how to sell your stocks using Cash App Investing:

  1. Go to Investing tab on your Cash App home screen.
  2. Scroll down to My Portfolio.
  3. Choose the stock that you want to sell.
  4. Tap Sell.
  5. Select a preset amount or tap … to enter a custom amount.
  6. Confirm with your PIN or Touch ID.

Note: The minimum sale amount is $1.

If you have successfully sold your stocks, the balance will be automatically added to your Cash App balance.

However, it will take up to 2 business days before the money is deposited to your balance. So, please be patient.

2. Buying and selling bitcoin

Bitcoin is a digital money that is also known as cryptocurrency. It is new kind of money that is different from physical money that you may have known so far.

Bitcoin is not owned by any country. It is private and free from bank fees. You can get it by mining it, which takes a long time, or instantly buys it via Cash App. And I’ll teach you how to buy bitcoin using Cash App.

Many people consider bitcoin as an investment instrument due to its characteristic. In the last two years, the price of bitcoin has increased more than 200%. The moment I write, the price of 1 bitcoin is $36,737.30. Amazing isn’t it?

But you don’t need to have that much money to buy bitcoin. With Cash App, you only need at least $1 to buy bitcoin.

How to buy bitcoin

Here’s how to do it:

  1. Open Cash App.
  2. Go to the Investing tab.
  3. Press Bitcoin.
  4. Tap Buy.
  5. Choose an amount or tap … to enter a custom amount.
  6. Enter your PIN and select Confirm.

Make sure that you have a balance in your deposit before purchasing bitcoin. In addition, you need to verify your geographical information.

The more you own bitcoin, the more profit that you would make when the price is rising. Hence, it is wise to buy bitcoin in a regular basis. Just follow the instructions above to buy more bitcoin.

How to sell bitcoin

Let’s say that the price is rising and you want to sell your bitcoin. Here’s what you need to do:

  1. Open Cash App.
  2. Go to the Investing tab.
  3. Press Bitcoin.
  4. Tap Sell.
  5. Choose an amount or tap … to enter a custom amount.
  6. Enter your PIN or Touch ID and select Confirm.

The balance will be added to your Cash App deposit once you successfully sell your bitcoin.

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Wrap Up

That’s all about Cash App review. Cash App will help you to manage your money in a simpler way. It has a complete feature like saving, sending, and investing.

Cash App makes investing easier and simpler in a very affordable price for everyone – at least $1. Everything can be done through your phone in just a few clicks.

If you have any questions and want to get more detailed information, you can contact Cash App Support.

Are you ready to give Cash App a try?

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