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Cash App by Square Overview – Updated to New Features

Learn more information about Cash App by Square and how to use it as a payment platform.

Cash App by Square Overview – Updated 2020

Learn More On How to Use this Peer-to-Peer Payment System

Interested in this popular payment system that lets you easily receive, send, and spend money for personal or business uses, buy Bitcoin, and get access to a free Visa debit card? Then read on… This Cash App by Square Overview goes through some basic questions to help you get started (if you have not yet), learn more, or understand the features of the app a bit better!

Cash App by Square overview
  • Note that this Cash App by Square Overview post builds upon a prior post I have about this app.
  • For my initial review of this money payment transfer platform, see my prior post [Cash App by Square Review 2018].

Cash App is a great app that lets you receive and send money securely for personal and/or business purposes, spend that money, and buy Bitcoin (BTC). Here are some common questions to help you get familiar with using the Cash App today.

Cash App by Square Overview – Common Questions and Rundown

  • Does it cost money to withdraw your balance? No*. But, you need to have a linked bank account.
    • *However, please note that if you want immediate deposit (which requires a linked debit card). If it’s an immediate deposit, then you will pay a small fee, which is currently 1.5% of the amount.
    • See the speed options and fees part of the Cash App help page for more information. As of the writing of this post, it states as follows: “Cash App offers standard and Instant Deposits to your bank account. Standard deposits are free and arrive within 1-3 business days. Instant Deposits are subject to a 1.5% fee (with a minimum fee of $0.25) but arrive in your bank account instantly.”
      • Saved you a click!
  • Alternatively, instead of withdrawing a balance that you have to your bank, you instead can use your balance to pay for goods and services or reimburse friends, family, etc., where this is accepted.

More on the Cash Card

  • If you do not have or want to connect a bank account to the Cash App, one option for using your Cash App balance is to request a free Cash Card (Visa debit card unique to Cash App).
  • As the app’s FAQs on the help page clarify, the Cash Card is a debit card that is not directly linked to your personal bank or savings account.
    • But, it is another way to use it to pay for goods and services using the balance you have in your Cash App account.
    • It is accepted where Visa cards are accepted.
    • There is NO fee to order it!

How the Cash Card Works

  • Since the Cash App help page goes into pretty good detail and includes further information on each subtopic from this webpage on the Cash Card, I would highly recommend reviewing it.

Basics of the Cash Card

  • First, here is what you need to know:
    • Fees for ATM Withdrawals
      • Cash App will charge a $2 fee to withdraw cash from an ATM that accepts Cash Cards. Additionally, the bank of the ATM may charge an additional amount on top of that.
    • Free ATM Withdraw Option (for those that qualify).
      • If you have at least one direct deposit within the past 30 days of at least $50 to your Cash App balance, then any ATM fees may be covered.
      • For more information on the qualification requirements and how to set up the Free ATM withdrawals feature within your Cash App account, visit the Cash App Help site – free ATM withdrawals article.
    • Gas.
      • As noted on the Cash App help webpage, some gas stations may place a temporary $100 hold if you use your Cash Card at a gas station.
    • Apple Pay.
    • ATM Withdrawal Limits. When using the Cash Card at an ATM, note that it has withdrawal limits for the amount of cash you can withdraw per month.

Is there a cashback incentive to use your Cash Card at stores to pay for your goods/services using your Cash App balance?

For participating stores, you can get cash back when you pay with your Cash Card. Additionally, you have an option to activate Cash Boost options for more bonuses and perks.

With Cash Boost offers, you can benefit from instant discounts at merchants when you activate the Cash Boost offer and use your cash card. So you can save money too with the Cash App!!

How do you add money to your Cash App account?

  • To add money to your Cash App balance, you have a few options:
    • Request a payment from someone via Cash App for reimbursement or to cover expenses. Then, this balance can be used to make payments via Cash App.
    • Use a supported DEBIT card to add cash to your Cash App balance. The Cash App help center clarifies which cards are supported.
      • However, note that to add cash to your Cash App balance, you need to use a debit card. Also, you cannot use a prepaid card.
    • Link your bank account and transfer money from it to your Cash App account.
      • This tends to be a very quick transaction, and I have not been charged – but check with your bank.

Is Cash App Secure?

Personally I like this app. But please follow best practices as you would with any payment method. The Cash App help webpage has a detailed article on how to keep your Cash App account secure here.

$CashTag

Another feature I like is the option to have a $CashTag, or a unique identifier that keeps your information private and secure while transferring money.

If you prefer not to get one or not to use it, then you can find friends and family by e-mail and/or phone number.

Cash App and Bitcoin

Using the funds you have available in your Cash App balance, you can buy and sell Bitcoin through Cash App.

Also, you can use your Cash Card/free Visa debit card to spend the proceeds that you get from your Bitcoin investments through Cash App.

More on Crypto and Investing – Related Posts

And for additional ways to earn cryptocurrency, visit my post on that here.

Also, for more investing related apps, see my post on 3 apps to use for investing made simple and fun ways to save money easily.

Download Cash App by Square Today and Get a $5 Bonus with Invite Code!!!

By using my friend referral code, you can get a $5 bonus when you sign up for the Cash App once you make your first deposit….

Try out Cash App by Square now for free AND get a $5 cash bonus with a referral code. Below is my Cash App referral code information:

Requirements for the referral bonus:

  • Follow my link or enter my Cash App referral code upon signing up;
  • And send $5 (or more) within 14 days of signing up via a linked debit card.

Final Thoughts

Since there are many online banking options and payment options today, it is good to learn more about each one to determine which is best for you. What works for someone may not be the best for you because of your location, your planned usage, incentives, etc.

For more referral codes, visit my master list of referral codes for money making apps and websites.

Also, look forward to more on ways to make money. But for now, check out:

1) my master list of ideas of ways to make money online and

2) my master post list of ways for saving money and time via apps and sites & other tips.

P.S. All of these lists are running lists that will be updated over time. But if you have any questions, contact me.

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