Hey! Today we are doing a cash app review after utilizing the platform for over a year. Now there are a lot of great features and maybe a couple of downsides to utilizing the app but overall I’m gonna talk to you guys about some of the pros and the cons.
Cash App Review
Now in case you’re not familiar with cash up in general this is a money transfer app to friends and family members so if you are wanting to send money to someone this is a great way to be able to do so.
Now for me, I like to reference that this is very similar to Venmo or even zel. If you’re familiar with either one of those two, this is also gonna be in that same light now. One of my favorite features with the cash app after starting to use it for some time was the cash card feature.
Cash app debit card
This is an actual debit card that you can get entirely for free with the cash out now this card can utilize any money that is sitting in your cash app account whether you transferred it from your bank or your debit card or if somebody transferred money to you you can utilize this card either in stores or online you can even withdraw money from an ATM.
Boost features of cash app
Now the cool feature about this cash card is they have what they call a boost feature now this boost feature is kind of like a rewards program but instead of having to wait to get the rewards you get it instantaneously.
I’ve talked about it in previous articles with a cash app which. I’ll link in the show notes down below for you but what this does for you give you nice discounts At restaurants, sometimes at retail stores, sometimes online, different places will give you different types of discounts, so for me, I love being able to save money, especially when it’s instantaneous, so that way I just go ahead and not have to worry about getting any type of rebates.
Benefits of using cash app
It is all taken care of now as far as having your money on the app. I know sometimes people are like, well , what’s the point of having the cash app if I already have a bank account? Well there’s a couple of great benefits to having the cash app.
- one if you’re transferring money back and forth with friends or family which of course you do have to have a debit card or a bank account actually on file so be able to you know send that money back and forth and then of course to maybe
- if you are somebody who wants to kind of delegate a little bit more of their spending money and a select area this is a great way to do so
- so if every month you try to give yourself a budget for having fun maybe you know $50 $100 every month or maybe like an eating out budget this is where you can keep that money and then kind of condense your spending habit just a little bit more because you’re gonna only be using it what’s available on the card because if you try to use the card any more than available it will always decline it so of course, it’s something to keep in mind there.
Overall, that can be a great benefit. I’ve had some people question about being able to potentially use this as a way to kind of give their kids an allowance so that the parents can transfer money.
Then the kids can just use the debit card that is on file so a more relatively new feature that ketchup has is the ability to have a bank account number and a routing number.
I had a few comments that brought up the fact that there is a requested deposit available for them.
since they actually have those pieces of information which they didn’t have.
When I first started, I wasn’t even aware of this until more recently. Now I’ve had people ask me in the comments before – is cashing up a good actual bank account to have if you don’t have any other regular bank.
And I would say not necessarily a better option for not having a bank but overall I just wouldn’t recommend this as a bank.
Just in case you’re wondering about that now, going back to the debit card I was talking about that boost feature and the boost feature is cool because like I mentioned you get those discounts instantaneously sometimes they’re $1 off purchase sometimes there are 10% off your purchase.
They do cycle into different types of offers one of the other really popular ones that haven’t seem to have gone away in the last year is $1 off any coffee shop and that does include Starbucks if you spent over a dollar fifty which is easy to do on almost every single coffee shop so something to keep in mind as far as cool.
Downsides of cash app
Benefits to just having that cash app card and it’s all entirely for free so one of the biggest downsides I would say with the cash app is the fact that there’s not an actual phone number to reach customer service at least not as of this recording if that changes I’ll let you guys know in the future but as of right now to be able to contact them you do have to go through an email customer service line which can make it a little bit difficult.
I would say it kind of breaks the barrier between you trying to have a conversation with a human being to help understand what’s going on for you if there’s anything that’s going wrong with your cart.
Because just like every other type of debit card there is also a possibility that your information can get stolen. You know if you’re using it at a certain terminal and maybe the thief gets that information on the debit card.
They can use it online so just something to keep in mind I like to disable the I’m about to use it personally but overall that is always gonna be something out there for people because I know they’re worried about it when it comes to utilizing cash up but just like everything else you do have to be cautious with your own money you can’t always rely on everybody else.
so one feature I don’t personally use but is available for you is if you are trying to send money back to your regular bank account. They have an instant deposit feature.
Well, it’s not instant, it’s like 30 minutes or so but you can have that money sent back for a small fee; it’s usually a percentage of what you’re sending back.
This is 1.5 percent of what you’re sending but you don’t have to use that feature. You can just use the standard transfer amount but the nice thing is that feature is there.
just in case maybe you need that money pretty quickly it is nice to have that available for you so another feature they added just two days before me planning on Writing this Article.
It was an investing platform just on the cash app itself. You can start investing in the stock market with as little as $1 . I haven’t done a full test on it just yet so that is not part of this review for the most part but just letting people know that it is part of the overall app itself.
if you were interested in getting started in the stock market so in the future I’ll make a post dedicated to just that portion of the app.
Now if you don’t currently have a cash app I will have a link in the show notes down below for you now that link does as of this recording have a $5 bump attached to it.
The only things you have to do is of course sign up for the account you have to have a bank account or a card on file and then you have to spend at least $5 at some point to a friend or family member so that way you can get your $5 bonus.
Now if you have a family member or a friend that already has the app you can utilize their link if you would like but either way goes ahead and gets started with cash app I think it’s a fantastic app just as a supplement to your regular bank accounts save some money with the cash and boost features and then also be able to send money back and forth to friends and family at no extra cost.