How to Make Money On Cash App

How to Make Money On Cash App

As the FinTech scene advances, many people resort to mobile payment apps for day-to-day transactions. After all, contactless payment is quick, easy, and secure. One of the apps that provide such conveniences is Cash App.

While the payment app provides regular financial services, you can also use it to make money. You need to figure out how to make money on Cash App.

In this article, we will tell you everything about Cash App. We’ll guide you through six ways to make money on it too. Plus, we’ll provide three ways to save money using this app! So, stick around!

What Is Cash App?

Cash App is your typical peer-to-peer payment service application. You can do various money-related processes through the app. Some of those activities include sending and receiving money, making purchases using the mobile wallet, and even investing!

The origin of Cash App dates back to 2013. Block, Inc., formerly known as Square, Inc., launched the app under the name Square Cash to compete with other mobile payment apps, like Venmo, Apple Pay, and Zelle.

However, individuals, business owners, or even organizations can use the app for monetary transactions.

That said, don’t mistake Cash App for a digital bank. It’s a financial platform that provides banking services, but you’ll still need to link your bank account to the app to get the most out of its features.

Additionally, Cash App is only limited to US and UK payments, so you can’t use this app internationally. Not only that, but the recipient must also have an account on the mobile payment app to receive money.

How Does It Work?

Using Cash App is quite simple. Simply download the app, create an account, and connect it to your bank account. Make sure to create a unique $Cashtag (your Cash App username) to make it easier for people to find you on the app.

After you complete these steps, you can enjoy different Cash App services, like money transfers, adding cash to your account, or getting a debit card.

However, you must be at least 13 years old. Users between 13 and 18 need a guardian’s approval to access some Cash App features, like peer-to-peer transactions, deposits, or a Cash Card. People over 18 can enjoy the app with no restrictions.

Here’s a detailed explanation of the services you can enjoy on Cash App:

Make Purchases

Before you can buy anything through Cash App, you must first add cash to your account. To do so:

  1. Click on the dollar sign in the bottom left corner of your home screen.
  2. Tap Add Cash.
  3. Enter the amount you’d like to have and tap Add.
  4. Confirm the process either by using Touch ID or entering your PIN.

Send and Receive Money

After linking to a payment source, you can send and receive money by entering the desired cash amount and clicking Request or Pay to make the transaction.

Unless you verify your account, Cash App limits the amount of money you can send to $250. Similarly, you can receive only $1000 within 30 days.

Transfer Money

You can keep the money you receive in your Cash App balance. Alternatively, you can transfer the amount of money you make on the app to your linked accounts.

Keep in mind that Cash App charges 0.5% to 1.75% of the cash amount for instant transfers. There’s a free option; however, you’ll have to wait for one to three business days to complete the transaction.

Get a Debit Card

Cash App provides its customers with debit card services. You can order the Cash Card and connect it to your account. Of course, the app itself doesn’t issue the debit card, but their banking partner does.

Additionally, all the banking services provided are insured by the Federal Deposit Insurance Corporation (FDIC) through the banks.

To apply for a Cash Card, you must be at least 18. That said, parents can order Cash App cards for their kids as long as they’re 13 and older. One cool feature is that you can create your custom card by adding drawings, emojis, or even a color that glows in the dark!

Is It Safe?

Yes! Generally, Cash App is safe. The app uses cutting-edge encryption to protect your data. They also employ secure servers and fraud detection technologies to ensure that users are safe from swindlers.

Still, you need to take precautions to minimize any security risks. This is especially crucial given that Cash App payments are instant and difficult to cancel.

For instance, make sure to download the official Cash App owned by Block, Inc. and not the fake one. Another way to increase security is to set a good passcode. Of course, you shouldn’t share your PIN or sensitive data with anyone.

Additionally, don’t fall for the old phishing link trick, which scammers use to steal your account information. You shouldn’t click on links from unknown people to make a quick buck either.

You can take extra measures by enabling two-factor authorization and allowing text or email notifications for each transaction you make.

How to Make Money on Cash App

Now that we’ve covered all the details about Cash App, let’s delve into six ways to make money on it!

Cash App Friday Giveaways

As the name suggests, Cash App runs giveaways every Friday. The sweepstakes can range from $25 Bitcoin discounts to deposits worth around $40,000!

Money is also part of the giveaways. Some of the cash prizes can be over $100K!

Usually, the money is split among more than one lucky winner. Those who finish in the first place get the highest percentage. The remaining contestants receive an equal share of the remaining cash.

What’s more, you can send and win gift cards to spend on specific brands. So, how does this weekly giveaway work?

Typically, entering Cash App contests is pretty straightforward. You just have to follow them on Instagram or Twitter and comment on your $Cashtag on the giveaway post. You might have to share the sweepstakes link and type a certain hashtag on your social media accounts too.

Make sure your accounts are public and that you’re eligible before joining the giveaway. The winners’ selection is random. However, the more you play, the more you increase your winning chances.

Refer Users

Inviting your friends to use Cash App is another easy way to make extra cash. The first referral bonus you get is when you create an account. After you choose your username, you can invite a friend and earn $10.

Additionally, Cash App rewards $5 for each new user that downloads the app through your invitational link. You can earn as much as $30! It sounds nice, but it’s not as easy as one would wish.

To earn the referral bonus, the invited people need to link their Cash App account to a bank, credit, or debit card. They should also complete a transaction within 14 days.

The best way to tackle that issue is to send your friends at least $5 and have them send it back to your account. Once you complete the previous process, you and your friends can claim the free money!

Just make sure everyone you invite enters your referral code when creating an account to get the bonus money.

Cash App Investing

Through Cash App Investing LLC, you can own fractional stock shares in numerous companies that interest you. The former company is registered as a broker-dealer with the Securities and Exchange Commission (SEC). It’s also a member of the Financial Industry Regulation Authority (FINRA).

So, it’s safe to invest your money through the Cash App Investing feature. That’s especially true for beginners. Investments start as low as $1. You can buy, sell, and monitor stocks in real-time all from your investment profile!

You can even follow companies of interest to stay updated on their performance. The best part is that the app doesn’t charge any commission fees. Just open an investing account on the app. Obviously, you need to be a US citizen and over 18.

While the investing feature seems great, you’re still at risk of losing money. So, do your research before purchasing stocks from any agency.

Bitcoin Boosts

Bitcoin Boosts allow you to earn cryptocurrency once you make purchases. The former feature works similarly to Cash Boost.

However, you earn free Bitcoin instead of discounts. Simply, change the settings to “Bitcoin Boost” from the Cash Card tab on your home screen. The amount you receive depends on your purchases.

You can view the Bitcoin you earn in the Bitcoin Balance. Once you receive the free cryptocurrency, you can keep it for future investment or sell it to earn cash immediately.

Buy & Sell Bitcoin

Similar to buying and selling stocks, Cash Apps allows you to invest in Bitcoin as well. The app calculates the Bitcoin cost based on recent mid-market rate prices. However, the former service charges a fee whether you purchase or sell the cryptocurrency.

Still, Cash App will notify you of the charging amount before you proceed with the transaction. If you’re not a fan of extra fees, you can try the “Paid in Bitcoin” option. That service takes a portion or all of your deposit on the app and invests it in digital currency.

Plus, sending and receiving Bitcoin won’t cost you a penny. So, there are some ways to invest in cryptocurrencies without paying additional costs.

Another cool feature they provide is Custom Bitcoin Orders. That service allows you to bid the desired price at which you want to buy the cryptocurrency.

Once Bitcoin drops to the targeted amount, the app will automatically order it. That’s a great feature to make the most of market dips.

Likewise, you can offer your Bitcoin collection at a price higher than the current price. So, when the prices skyrocket, the app will sell your cryptocurrency.

Earn Money

As mentioned earlier, you can send and receive money from anyone with a Cash App account. Some people, particularly influencers, make use of this service by sending cash giveaways to their fans. Likewise, fans can send money as a form of appreciation for the free content.

You can also use Cash App to get paid for your side hustles—especially if you freelance a lot. That’s a great way to avoid giving sensitive information, like your bank account, to strangers.

Save Money with the Cash App

Aside from making money on Cash App, you can use it to save cash. Here are three ways to save money with Cash App:

Save On ATM Fees

Normally, Cash App charges around $2.50 for any ATM withdrawal. Additionally, you’ll be charged the original ATM fee for using a different bank card (Cash Card).

The good news is that once you reach a deposit of $300 in your Cash App account, you’ll be eligible for ATM fee reimbursement for 31 days. Each deposit you make will add another 31 days of ATM fee coverage.

Plus, you can receive up to $7. However, the former feature only covers three ATM withdrawals.

What’s more, Cash App allows you to deposit unemployment insurance and benefit from the above service.

Cash Boost

Cash Boost is a feature similar to Bitcoin Boosts. Once you make any payment through the Cash Card, you receive instant discounts. So, the app will only deduct the discounted amount from your deposit.

You can use this service to save money in numerous ways, like at restaurants, online shopping, or supermarkets. The only drawback here is that you can only activate one Boost at a time. So, you’ve got to choose from either Bitcoin or Cash Boost.

File Taxes

For some, filing taxes can be complicated and costly, especially if there are delays. Fortunately, Cash App users don’t have to suffer from the time-consuming process. Block, Inc. acquired Credit Karma Tax, currently known as Cash App Taxes, in 2020.

So, now you can file your taxes through the app on your phone or PC. The entire process takes a few minutes. They make sure to double-check all the details to maximize your tax refund.

Plus, you can get the money up to 5 days earlier than most banks if you deposit it in Cash App. The best part is that the service is 100% free!