Cash App by Square is a money transfer app, a cash back app, and a basic debit card combined into one. The app allows users to transfer money between accounts, friends, and family instantly while also giving you the option to use the app as a checking account.

A Detailed Review of Cash App by Square

You might be familiar with money transfer apps like PayPal and Venmo. They allow you to pay or transfer money from one person's bank account to another person using the app. These apps are often referred to as peer-to-peer payment apps.

Cash App is a money transfer app similar to PayPal and Venmo. It was built by the merchant processing company, Square. The app allows users to transfer money instantly to other users of the app, use the app as a checking account that comes with a free debit card, get cash back from purchases using the debit card, and it even allows users to purchase Bitcoin and invest in the stock market.

How Does Cash App Work?

Cash App serves as the middle man between your bank account, and where you're sending money.  Like PayPal and Venmo, it allows you to send money instantly to friends, family and any user of the app without having to give out your bank account information.

When you create your free Cash App account, you will be asked to link your debit card and/or your bank checking account to begin processing transfers.  You can then transfer money instantly from your bank and it will appear in the Cash App account.  

Once you're money is in the Cash App account, you have multiple options on what you can do with your money:

  • You can send money to other Cash App users instantly
  • You can spend the money with the free Cash App debit card, just like you would with any regular checking account
  • You can purchase bitcoin which will also be held in the Cash App account
  • You can shop at partnered retailers with your Cash App debit card and redeem free cash back offers automatically with partnered retailers

In short, it's similar to a basic checking account that allows you to transfer money instantly to other users, and to and from any bank account.

Benefits Of Using Cash App

You may ask why would you use the Cash App as opposed to other alternatives like PayPal or Venmo? For starters, it doesn't have as many limitations as Venmo or PayPal. Cash App makes it very easy to transfer money to and from any bank account, between users, and even use it instantly as a debit card like a regular checking account.

Furthermore, Cash App is unique with the following benefits not offered on other money transfer and peer to peer payment platforms:

Cashback Options

Cash App allows you to receive cashback from everyday purchases when using the debit card at partnered retailers. Their program uses what is called “boosts” where you can select different offers to use on your debit card. You can change your boosts as you see fit, and new cashback offers with boosts are constantly being promoted.

Free Debit Card

Cash App gives you a free debit card sent to you in the mail instantly after setting up your free account. Furthermore, your debit card has a digital version on the app for when you need access to the card info for an online purchase.

Instant Money Transfers

Like PayPal or Venmo, Cash App lets you transfer money instantly so you don't have to wait days to see the deposit in your bank account. For a small fee (1.5% of the transfer amount, with a minimum fee of $0.25), they will deposit the money into your bank account instantly.

Buy And Store Bitcoin

Many companies are allowing consumers to use Bitcoin for purchases, and Cash App has created a way to do that. You have the ability to buy and store bitcoin with Cash App, thus being able to purchase products and services using Bitcoin stored in the app.

Cash App Investing

You can also invest in the stock market for free with your Cash App account. This is one of the most exciting features, because you can even purchase companies in fractional shares. If you want to buy stock in Amazon, you don't have to pay thousands for one share, you can purchase $5 worth of Amazon stock instead!

Both Business & Personal Accounts

Cash App also includes an option to open up a free business account if you plan to use it for business purposes such as freelance work, small business services, and contracted workers. This allows you to start accepting payments from your customers.

If you have a personal account, you have the option to change the account type to a business account if you wish to do so.

Sign On Bonus!

Cash App offers users who sign up $5 for free when using my partner link to set up your free account here.

Is Cash App Worth It?

A valid question to ask with so many options and competition…is Cash App worth it? When comparing it's ability to transfer money from one person to another, it's right on par with what's already available, like PayPal and Venmo. If that's all you're looking for, there isn't much difference in the ability to transfer money when comparing Cash App, PayPal and Venmo.

However, if you want the added convenience of using Cash App as a debit card, rather than always having to send the money to your bank, it's a great option. If you like the idea of Bitcoin and the ability to store and use Bitcoin with the Cash App debit card, then Cash App is for you.

Their app is about as simple as it gets, the free debit card arrives within a few days once your account is open, and they will give you $5 for free when signing up through our Cash App link here.

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