Currently, there are many applications for transferring money, trading securities, paying bills, … But which is the best application? It is not certain that each application will have a vulnerability affecting the user. So in this article we will show you the pros and cons of the Cash App and tips for you to consider whether or not to use this app.
How to install this application: Cash App Apk – Free Finance App for Android
Application manual: How to use Cash App – Cash App Money Transfer
Introducing the Cash App
The Cash App is a remittance service developed by Square Inc. that allows users to send and receive money. This service allows you to send utility payments in lieu of cash.
The application also allows you to withdraw money similar to the function of a bank account, providing users with a debit card (cash card), allowing purchases using the money in the account. In addition, you can invest money in stocks and buy and sell bitcoins right on the app.
Pros of the app
- Send money to friends with a phone number or email.
- Buy and sell Bitcoin directly from your cash application balance.
- Security features include PIN login, face ID and fingerprint, encryption and offline Bitcoin storage.
- No fees on basic services: app does not charge a monthly usage fee, nor does it cost to send and receive money, fees for foreign transactions or when inactive.
- Free, optional debit card: The app gives you a card to withdraw cash online. The card is issued by Sutton Bank. However , it is not connected to a personal bank account or other debit card.
- Free ATM withdrawals: You set up a direct deposit account so there is no withdrawal fee at the ATM, otherwise it will cost $ 2 per transaction
- Receive a referral bonus: Introduce the app to your friends using a referral code to receive $ 5 for registration and $ 10 for successful registration
- Invest on Cash App: the application allows users to buy stocks in companies with small or large amounts. If you do not have enough money in the application, the remaining amount will be taken from the bank account you have linked to the app.
- Bitcoin trading: users can buy and sell bitcoins, however the application will generate two types of fees: service fees per transaction and an additional fee (given determined by price fluctuations on U.S. exchanges).
Cons of the app
- Limiting transparency when it comes to other transactions using the app.
- In app, You have to pay a fee of 1.5% to receive cash immediately.
- App cannot make international payments.
- You must verify your account to increase send and receive limits.
- There is a fee for using credit card.
- There is a spending limit on Cash Card. The maximum amount that can be spent on your Cash Card is $ 1000 per day and per week. The maximum amount that can be spent per month is $ 1250.
- In the application, the maximum withdrawal limit that can be withdrawn at an ATM or store registered for cashback transactions is $ 250 per transaction, $ 250 per day, $ 1,000 per week and $ 1,250 per month.
- Your money is not insured FDIC. Although the Cash Card issued by Sutton Bank is insured by the FDIC, customer money in the cash application is never transferred or kept with Sutton Bank, so it does not receive FDIC insurance.
Above are the advantages and disadvantages of the Cash App. It can be seen that Cash App has many advantages rather than its disadvantages, so you should use the Cash App to be able to do many good things with this application.
You can make money, transfer, pay, and lots of things built into the Cash App. However, when using, you should also pay attention to some of the terms of the application to avoid losing unjust money.