You probably know Cash App as the instant payment app you use when you need to send money to someone. And that’s because it’s great for it, with some of the lowest fees and same-day transfers. You can even send money to people who don’t have a Cash App account, making this ideal for sending your techy relatives the money you owe them.
But despite all the benefits of using the Cash App for peer-to-peer transfers, this is only a small part of the application’s capabilities. For example, did you know that you can also use the Cash App to pay taxes? To save money? Invest?
Let’s talk about a few of the best Cash App features you’ve probably never heard of and how to get started using them.
Early Direct Deposit 💰
How many times have you checked your bank account for your paycheck, only to be disappointed that it hasn’t arrived yet? With the Cash App, you can get paid a little earlier, which can make a big difference when money is tight.
All Cash App users may be eligible to receive their paycheck up to two days ahead of schedule.
All you have to do to get early pay is to make sure your account is set up to receive direct deposits from your employer. Then you don’t have to do anything at all – if your direct deposit can be processed earlier, it will be processed. Cash App may process some direct deposits faster because they take a waiting period after the transaction is approved.
Just know that in order to get paid faster, your employer needs to be on board too. You won’t receive it sooner if there are problems verifying the payment or if your company delays payment.
Debit card 💳
Have you heard of a bank card? We usually don’t like debit cards. But this one is different.
Cash Card by Cash App is a Visa debit card that can be used anywhere Visa is accepted, as well as digitally with Apply Pay and Google Pay. It is linked to your Cash App account, not a bank account or debit card, and uses your Cash App balance. You can think of it like a prepaid debit card.
Cash Card requires you to be at least 18 years old to apply on your own, but you can also apply with the help of a parent or guardian if you are between 13 and 17 years old.
It is a particularly good choice for teenagers because it:
- Doesn’t charge fees for things like transfers and card setup
- Prohibits spending at certain stores, such as casinos and liquor stores.
- Sets transaction limits for everyone
- Does not require a separate bank account
If you are under 18 and open this card, you will share your account with an adult you have hired to do it for you. They will be able to see your entire transaction history, block merchants, and even block your card if necessary. To add money to your account, you can ask your parent or guardian to wire you some money, deposit cash yourself, or get a direct deposit from your employer. Your balance is insured by the FDIC for up to $250,000, so you don’t have to worry about security.
You can also use the Cash Card to receive discounts, called Cash Boost Discounts, at select stores. With Cash Boost discounts, you automatically save money on purchases made with the Cash Card, as long as they qualify for the offer you added. Since you activate Boosts yourself, you can choose the best one for your spending habits. You can only have one Boost active at a time, but free money is free money. If you frequently shop anywhere, the savings can be significant.
Tax return 🧾
If you need help filing your tax return correctly and want to make sure you get as much money back as possible, Taxes on cash applications may I help. This free tax filing program allows you to file all your state and federal taxes online and is available to every Cash App user.
To take advantage of this handy feature, you just need to log into the app and download any tax forms you have, such as W2. You will then evaluate the refund and submit documents with the help of experts, if necessary. You can even get your refund up to five days early if you choose to deposit it into your Cash App account.
This service is best suited for people with fairly simple financial and life situations. For example, if you only have one stream of income and standard deductions, you are ideal for using Cash App Taxes.
If your taxes are more complex and confusing, you may find another type of tax software with personalized support that is more suitable.
Cash payment through the app 🛒
Cash App Pay is another feature you may not have known about. This service allows you to make payments to sellers using your Cash App balance if they are set up as a Square Seller. Cash App works in person and online and all you have to do is scan the merchant’s QR code to find them. It is contactless and does not require additional costs.
As an added benefit, Cash App Pay offers time-limited offers as an incentive to buy things with your phone instead of your wallet. To find out what offers exist, go to the Discover screen in the Cash app. This will show all participating merchants and the discounts they provide to Cash App users, as well as rules and restrictions. Sometimes you can even find gifts and sweepstakes that you can take part in here.
Any available discounts are automatically applied when you checkout with Cash App Pay (sorry, purchases with Cash Card and Boosts do not count).
Not all merchants accept the Cash App as a form of payment, but when they do, be sure to consider using this app instead of your credit or debit card.
Bitcoin investing ₿
Yes, you can trade Bitcoin with the Cash App. You can also store it, send it to other people for free, use it for shopping, etc.
If you wanted to dive into crypto but didn’t know where to start, the Cash App makes it pretty easy to get started investing in bitcoin.
There are three different ways to buy bitcoin: one-time purchases, automatic purchases, and individual orders.
⚡One-time purchases: For one-time purchases, you will use the balance in your Cash App account, which can either come from payments sent to you by people or from a linked credit or debit card. These orders are placed immediately and there is no limit to the number of orders you can place.
🔁 Automatic purchases: For automatic purchases, you need to set up a direct deposit for your account and turn on the automatic bitcoin investment feature. This allows you to invest a percentage of your salary in bitcoin, but there is no obligation and you can change the percentage at any time.
📅 Individual orders: Individual orders, in essence, allow you to plan the execution of orders when the prices are optimal for you. More experienced crypto investors will probably appreciate this feature.
Cash App stores your bitcoins for you using cold storage. This means that your coins are stored offline to protect them from cyberattacks, but you can still access and withdraw them at any time.
Summary
Cash App is much more than just a payment app. If you take full advantage of all its features, this could be a useful financial app to have in your corner (or screen corner). With features to help you save time, save money, and achieve other financial goals, you’ll definitely want to download the Cash App if you haven’t already.
And if you have the app, start looking for new ways to use your account. Because chances are you probably don’t use Cash App for everything you could be.
