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Cash App Card Review: A Comprehensive Look at the Popular Mobile Banking Solution
What Is the Cash App Card?
The Cash App Card is a free Visa debit card linked to your Cash App balance. It's an extension of the popular Cash App, a financial services platform that allows users to send and receive money, invest in stocks and Bitcoin, and access banking services. The Cash App Card works like a traditional debit card, allowing you to make purchases online and in-stores, withdraw cash from ATMs, and manage your finances through the Cash App.
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Cash App Card Pros & Cons
Pros:
- No monthly fees or minimum balance requirements
- Instant access to your Cash App balance
- Cash back rewards on select purchases
- Works with Apple Pay and Google Pay
- ATM withdrawals (with some fee reimbursements)
- Ability to invest in stocks and Bitcoin
- Unique card customization options
Cons:
- Limited customer service options
- Not a traditional bank account (funds not FDIC-insured by Cash App)
- Some fees for certain transactions (e.g., out-of-network ATM withdrawals)
- Limited banking features compared to traditional banks
Who Is the Cash App Card For?
The Cash App Card is ideal for:
- Digital-savvy individuals who prefer mobile banking
- Users who frequently send or receive money through peer-to-peer platforms
- Those looking for a no-frills debit card with some cash back benefits
- People interested in easy access to cryptocurrency and stock investments
- Users who want a customizable card design
- Individuals who may not qualify for traditional banking products
It's important to note that while the Cash App Card offers many benefits, it's not a replacement for a full-fledged bank account. Cash App's banking services are provided by Sutton Bank, Member FDIC, but the app itself is not a bank.
Comparing Cash App Card with Other Credit Cards
When considering the Cash App Card, it's helpful to compare it with other popular options in the cash back credit card category:
- Annual fee: $0
- Sign-up bonus: Cash bonus after meeting spending requirements
- Key rewards: 5% on travel purchased through Chase, 3% on dining and drugstores, 1.5% on all other purchases
- Standout feature: Flexible redemption options including cash back, travel, and gift cards
Capital One Savor Cash Rewards Credit Card (rates & fees):
- Annual fee: $0
- Sign-up bonus: Cash bonus after meeting spending requirements
- Key rewards: 3% on dining, entertainment, popular streaming services, and grocery stores
- Standout feature: No foreign transaction fees
Blue Cash Everyday® Card from American Express (rates & fees):
- Annual fee: $0
- Welcome offer: Cash bonus after meeting spending requirements
- Key rewards: 3% at U.S. supermarkets (up to $6,000 per year), 2% at U.S. gas stations and select U.S. department stores. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout
- Standout feature: This card offers a generous intro of APR on purchases and balance transfers
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Cash App Card is best for Cash App users.
- Chase Freedom Unlimited® offers diverse category bonuses
- Capital One Savor Cash Rewards Credit Card rewards dining and entertainment spending
- Blue Cash Everyday® Card from American Express provides strong rewards on everyday purchases
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Consider Using Kudos
While the Cash App Card offers unique features, it's worth considering complementary tools to maximize your financial benefits. Kudos, a free AI-powered browser extension, can help you get the most out of your credit cards when shopping online.
Kudos works with over 15,000 stores and provides personalized credit card recommendations to ensure you earn the most rewards, points, or cash back on each purchase. It can even multiply your rewards up to 5X during exclusive "Flash Boost" events.
If you're looking to optimize your credit card usage alongside your Cash App Card, Kudos can be an excellent addition to your financial toolkit. They're currently offering $20 back after your first eligible purchase — just sign up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
The Cash App Card is a versatile financial tool that bridges the gap between traditional banking and the digital economy. Its strengths lie in its simplicity, lack of fees, and integration with the broader Cash App ecosystem, which includes investing and Bitcoin purchases.
However, it's important to understand that the Cash App Card is not a full replacement for a traditional bank account. While it offers many convenient features, it lacks some of the protections and services that come with established banks.
For those comfortable with digital finance and looking for a flexible way to manage money, send payments, and dip their toes into investing, the Cash App Card can be an excellent choice. Its cash back offers and customizable design add extra appeal.
Yet, for those seeking more comprehensive banking services or who prefer face-to-face customer service, a traditional bank account might be more suitable. As with any financial decision, it's crucial to consider your personal needs and financial goals when deciding if the Cash App Card is right for you.
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Cash App Card FAQ
Is the Cash App Card a credit card?
No, the Cash App Card is a Visa debit card linked to your Cash App balance. It's not a credit card and doesn't involve borrowing money or credit checks.
How do I get a Cash App Card?
To get a Cash App Card, you need to have a Cash App account. Open the app, tap on the Cash Card tab, and follow the prompts to order your free card.
Can I use my Cash App Card internationally?
Yes, you can use your Cash App Card for international purchases wherever Visa is accepted. However, be aware of potential foreign transaction fees.
How do I add money to my Cash App Card?
You can add money to your Cash App balance (which is linked to your card) by transferring funds from a linked bank account, receiving payments from other Cash App users, or depositing cash at participating stores.
Is my money safe with Cash App?
While Cash App employs security measures to protect your information and funds, it's important to note that your Cash App balance is not FDIC-insured. However, the banking services provided through Cash App are backed by Sutton Bank, which is FDIC-insured.
Can I earn rewards with my Cash App Card?
Yes, Cash App offers "Boosts," which are essentially instant cash back deals at select merchants. These Boosts can change regularly and need to be activated before use.
How does Cash App investing work?
Cash App allows you to invest in stocks and Bitcoin directly from your Cash App balance. You can start with as little as $1. However, remember that investing always carries risks, and it's wise to thoroughly research before investing.
Remember, while the Cash App Card offers many conveniences, it's always smart to diversify your financial tools. Consider using complementary services like Kudos to maximize your rewards across all your cards and financial accounts.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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