Cash App Complete Guide
What Is Cash App?
Cash App is a mobile peer-to-peer payment platform owned by Square. In 2013, Square introduced Square Cash & Cash App which allowed individuals and businesses to send and receive money from friends and colleagues using a unique username known as a Cashtag. Square Cash & Cash App were Square’s response to Venmo (owned by PayPal), GooglePay and ApplePay. Unlike other apps like Fluz or Bitmo, Cash App is meant to send cash to your freinds/family/acqaintances rather than gift cards.
Over time, Cash App has expanded their offerings to include investing which allows users to trade stocks within the app commission-free. Users also have the ability to trade Bitcoin in the app on addition to stock trading.
One important thing to note up front is that your balances at Cash App are not FDIC insured. If you are not sure what that means, please click here to see the FDIC FAQ section.
How To Install Cash App & Get Your Cash App Debit Card
- Download the app from the Google Play Store or the App Store
- Set up your account by following the instructions for phone number / email address, debit card information to link your bank account (or skip for later), name, unique username (aka Cashtag) and zip code
- Click on “Wallet” (second icon on the bottom of the screen) and click “Get Free Cash Card”
Adding & Withdrawing Money from Cash App
Adding money to your cash app could not be simpler. The process is the same as setting up a money transfer or direct deposit. Once you’ve requested (& received) your Cash App debit card, you will be able to deposit money into your Cash App account by using your new routing number and account number. To get your get your new routing number and account number, on your home screen, click on “Deposits & Transfers” and your new account details will be at the top of the screen. If you’ve never transferred money or set up a direct deposit before, follow the instructions provided by your banking institution for money transfers. Unfortunately, prepaid debit cards cannot be used to deposit money into Cash App. Government enabled pre-paid debit cards are the one exception.
Like most banking institutions, Cash App has 4 different transfer limits. Two limits relate to peer-to-peer transfers within the Cash App and two limits relate to external account to Cash App account transfers
Peer-to-peer Transfer Limits
Sending: $2,500 per Week
External Account Cash App Account Transfer Limits
Add Cash (i.e. incoming): $2,500 per Week
Cash Out (i.e. Outgoing): $25,000 per Week
Cash Out Fees
Beware, not all methods of withdrawing money from Cash App are fee-free. Standard withdrawals to your external bank account are fee-free and take 1-3 business days. Immediate withdrawals to your external debit card are 1.5% (minimum $0.25). Additionally, withdrawals at an ATM from your Cash App debit card are a $2 fee in addition to the fee imposed by the ATM owner. Fortunately (for convenience) and unfortunately (for additional fees), Cash App does not have their own ATMs so you can use almost any ATM available.
Note: Three atm fees per month (and up to $7 per withdrawal) will be reimbursed for those that received $300 (or more) in direct deposits to their Cash App account per month.
Using Cash App For Discounted Gift Cards
Launched in 2018, Cash App Boosts allow users to receive discount at select merchants for using their Cash App debit card. For example, one of might be for 10% off DoorDash orders. Similar to credit card offers, Cash App Boosts have a definitive end date (i.e. September 4th, 2020) and, typically, a max discount (i.e. $5). Therefore, in order to maximize the benefits, you would buy a $50 gift card and get the full $5 savings. Contrary to most credit card offers, Cash App is unique in that some (not all) offers can be reused multiple times. For instance, that DoorDash offer is/was usable every hour. It’s also worth noting that you can only add one boost to your Cash App debit card at a time.
Note: Cash App debit cards are free to request and have no ongoing maintenance fees.
Can Every Boost Be Used For Gift Cards
No, not every Cash App boost can be used to purchase gift cards. If the gift card purchase is processed by the brand itself then it most likely (though not always) will trigger the offer. The easiest way to check and see if a brand processes gift cards themself is to check the URL of the gift card website. If a third-party e-Gift card processor such as Cashstar or BuyATab show up in the URL then that purchase will likely not trigger the Cash App offer. If you have questions about a certain brand, let us know in the comments below and we will check it out for you.
Frequently Asked Questions
Can You Use Prepaid Debit Cards On Cash App?
No, unfortunately you cannot use prepaid debit cards on Cash App. If you try to add a prepaid debit card, you are met with the message “Prepaid cards aren’t supported by Cash App. Please try linking another debit card.
Does Cash App Sell Gift Cards?
No, Cash App does not sell gift cards but you can use it to send money as a gift instead.
Can You Use PayPal Key On Cash App?
No, even though PayPal Key processes as a debit card, it is not supported by Cash App unless you process as a cash advance which mitigates the earnings you would get. For complete detail on PayPal Key, see our complete guide by clicking here.
Issues? Contact Cash App Support
To find the most up-to-date way to contact Cash App Support, Click Here. Please note, there are currently no numbers that you can call to speak directly with Cash App Customer support. I would not trust any site other than the official Cash App website if they tell you differently.