2021 Cash App Overview: Pros and Cons
Chances are that you may have heard of Cash App. If you are unfamiliar with this popular mobile payment app, then you will want to know about all the advantages that this service offers. Here we will take a look at the pros and the cons and how to get started with Cash App.
What is Cash App?
Founded in 2013, Cash App has become one of the most popular mobile payment systems in the United States and UK. The rise in the popularity of CashApp is due to its ease of use in transferring money from one person to another.
1) Easily make and receive mobile payments
Cash App is perhaps one of the fastest ways that you can send money from one person to another. All you have to do is open the app, enter a recipient’s name and the amount. The app will ask you to confirm your transfer. After your confirmation, the money is sent. In some cases, the transfer can be completed in seconds.
2) You can buy and sell Bitcoin
With Cash App, you are also able to buy and sell Bitcoin. The current fee for a Bitcoin transaction is 1.76%, which compares favorably with Coinbase and other cryptocurrency trading platforms.
3) No fee option to send and receive money
If you would like to forgo the option to pay the Cash App fee, you have the option to have the transaction completed in one to three days. This can come in handy if you are short on cash or if you simply prefer not to pay the 1.5% transfer fee.
4) Simplifies reimbursements
Cash App also makes it easy for you to simplify reimbursements with your friends. Let’s say you and three other friends decide to split the bill at a restaurant. You or one of your friends can pay the restaurant bill and have the other reimburse you. Cash App makes it easy to see who has reimbursed you and when.
5) Invest in stocks with no commission fees
With Cash App, you can also buy and sell stocks with no commission. This saves you the time of having to open up a second app in order to perform your stock transactions.
1) Low early limit for the first 30 days
One of the biggest disadvantages of Cash App is that you are limited to sending and receiving up to $1,000 during the first 30 days on the app. After that, you can have your limit raised. However, if you are looking to perform major transactions early on, you may have to use another app.
2) Does not come with Federal Deposit Insurance Company (FDIC) coverage
Cash App does not offer FDIC coverage. With FDIC coverage, you are insured up to $250,000. Therefore, you may want to be careful with how much money you keep on the app.
3) Cannot be used internationally
Cash App cannot be used in countries outside of the United States or the United Kingdom. Therefore, if you like to travel overseas, you may have to use another mobile payment app, such as Venmo or Zelle, to handle transactions.
How to Get Started with Cash App
You can download Cash App at the Google Play Store, Android App Store or the Apple App Store. You can download and start using Cash App in minutes. As a fast mobile payment system, Cash App is one of the best services available.