Cash App Review: How it Works, Boost Offers and Signup Bonus
The Cash App was created by Square, Inc, and is a peer-to-peer payment service that is available in the United States and the UK. Businesses and individuals can receive and send payments using their debit or credit card on the app. It also comes with a Debit Card that has Boost Offers that can save you money at several merchants that change continuously. Right now there is also a better referral bonus than usual. Check out all the details of the offer below, and then read my Cash App review.
Update: New Sam’s Club Boost Offer for 10% off each online purchase. Valid once every 24 hours. Max savings of $20. Offer ends February 1, 2022. Gift card purchase triggers the discount.
Referral & Signup Bonus
First time users can download the app and enter referral code MMZGVNB to get a $5 bonus when you send $5. You can download the app for free for iOS and Android phones using the link below:
The $5 signup bonus is lower than the usual $10 we have seen in the past. But right now you can refer people and earn $30 for every person who signs up and sends $5. That would be a total of $40 if you sign up now and refer your spouse for example.
What is Cash App
So let’s get into this Cash App review.
Cash App is a peer-to-peer money transfer service developed by Square Inc. that allows users to send and receive money instantly. Cash App also functions like to a bank account, giving users a debit card, called the Cash Card. With this card you can make purchases using the funds in their Cash App account. The maximum that can be spent on your Cash Card is $7,000 per transaction per day and $10,000 per week. The maximum that can be spent per month is $25,000.
The app also allows users to invest their money in stocks and buy and sell bitcoin.
To fund your Cash App account, you can tap the Banking tab in your app and inputting how much cash you’d like to add. Money is then transferred instantly from your bank account. Cash App charges a 3% fee if you send money from a credit card. However, there’s no fee to send money from your Cash App balance or bank account.
When you send money to someone, the transaction will be funded with your Cash App balance if possible, or it can be withdrawn directly from the bank account if it’s more than what you currently have in your Cash App.
You can also request and receive payments to your Cash App account. Received funds can be held in the app until you’re ready to withdraw them.
One thing you should be aware of is that funds aren’t FDIC-insured. So it’s not a good idea to keep large balances in the app. Despite the fact that the Cash Card is issued by FDIC-insured Sutton Bank, funds in Cash App are never transferred or held with Sutton Bank. So you are not covered by FDIC insurance. I usually keep under $100 in my account. That’s just enough for me to take advantage of boost offers.
How to sign up for Cash App
- Download the app
- Enter your phone number. Cash App will ask for your phone number to send a confirmation code. Enter the code you receive to start the account.
- Choose your $Cashtag (this is the name other people use to find you).
- Add a bank account or credit card account to send payments.
Boost Offers
Boost offers can be lucrative if you keep an eye on them and use them continuously. You just load the offers to your free debit card and then use it for purchases to automatically get the discounts. Once loaded, you can often reuse these Cash App Boost Offers every day or so, or even every hour for subway rides in NYC for example. You can even start using them before you get the physical card, since you get the debit card number and other info right away in the app.
Here’s some other offers that you should see in the app right now:
- 50% off each purchase at Twitch
- 50% off one purchase at Badoo
- 20% off one purchase at GoPuff
- 15% off one purchase at Shake Shack
- 15% off each purchase at Xbox
- 13% off each purchase at MELT SHOP
- 10% off each online purchase at Sam’s Club
- 10% off one online purchase at Petco
- 6% off each order at Little Caesars
- 5% off each order at Dell.com
- 5% off each order at Burger King
- 5% off each purchase at Albertson
- 5% off each purchase at Vudu
- 5% off one purchase at Taco Bell
- 5% off one purchase at Domino’s
- 5% off one order at GOAT
- 5% off one purchase at PlayStation
- 5% off each purchase at Flight Club
- 5% back in Bitcoin on one Restaurant purchase
How to Load Offers
If you already have a Cash Card, follow these steps to start saving today:
- Tap the Card icon at the bottom of the app
- Press Boost (or Swap)
- Tap on a Boost Offer
- Select Add Boost
- Start saving by using your card
Other Features
- No monthly fees and no fees to send or receive money
- Free ATM withdrawals if you set up direct deposit, otherwise $2 fee. The maximum amount that can be withdrawn at an ATM or store register cash-back transaction is $1,000 per transaction, $1,000 per day, and $1,000 per week.
- Investing options
- Buy and sell Bitcoin
- Send money for free when you use your account balance or a linked bank account. Credit card funding comes with a 3% fee
Guru’s Wrap-Up
This is a useful app for peer-to-peer payments, similar to Venmo. But it also comes with a signup bonus and the Boost Offers for the debit card. Just make sure to load them first and then just use the card at eligible merchants.
If you don’t have an account, you can download the app and enter referral code MMZGVNB to get a $5 bonus.
It is insured according to what Cash app says:
https://cash.app/help/us/en-us/6500-cash-app-and-fdic
“If you have a Cash Card, the money in your Cash App account balance is covered by the FDIC through our partner banks (FDIC “pass-through” insurance) in the event of bank failure. The FDIC will cover eligible accounts up to $250,000 per Cash App customer. Bitcoin and investing balances are not covered by FDIC insurance.”