Have you heard about Cash App in the recent past? You will note that this app has become very popular out there. As more people embrace the convenience of cashlessness, tech companies have made it easier to send and receive money instantly from the comfort of your home through your phone. One of these services is the Cash App, which accepts gift cards also.
Compared to other money transfer options such as getting special savings with ‘cashboosts’ or buying and selling bitcoins, Cash App has proved to work better by far. The good news is that the app is free and has simplified the process of transferring money or paying a friend who has a credit card. With just a press of a button, you can send or receive money without necessarily using multiple cards after doing your shopping or at the end of dinner.
About Cash App
This is basically a peer-to-peer payment app that was created by Square Inc. in 2013. As we speak; the app is available for both iOS and Android. As recently as June alone, more than 30 million people had actually used the Cash app to perform different transactions. Therefore, it ranked as number one in the app store finance category.
With this app, you can readily send utility payments to your roommates, pay friends back for coffee, or even pay fares when going for a trip with friends and family. It generally works similar to a bank account, thereby giving users debit cards known as cash cards that allow them to make purchases using the funds in the cash app account. Also, the Cash App accepts gift card and allow you to invest your money in stocks and even buy bitcoin to sell later.
Cash App Gift Card
Chances are that you have heard about a gift card in the past. This is basically a gift voucher or a gift token. It is a prepaid debit card that contains a specific amount of money available for use to make purchases out there. There are generally two types of gift cards. These include physical cards and e-gift cards, which are generally digital in nature.
As we speak, companies such as Amazon, Target, and Walmart allow customers to purchase a physical gift card and even load money online or in their digital accounts. You will note that these digital accounts usually allow users to print gift cards from devices such as a computer or a smartphone. After that, they can redeem them at different outlets or spend the balances online using an app or through a website.
With this gift card, you can readily pay for drinks and meals in a hotel using an app or in-store card reader to speed up the checkout process. If you are concerned about losing your cash, you should consider getting a gift card. However, your card needs to be registered in order to offer the much-needed protection in case it gets lost. Once it is registered, it will be easy for you to replace it. What’s interesting is that these cards help control and monitor the amount of money you spend in a particular outlet. Also, you will only be limited to use them in certain locations, thereby saving you a lot of money in the long run.
In as much as Cash App has proved to be an effective app when it comes to sending and receiving money, scammers have now taken advantage of the app and are now coning unsuspecting individuals out of gift card before the scammers actually “pay” out the individuals’ Cash App giveaway money.
In most cases, they usually reach out to victims with a request that the victims purchase a prepaid gift card from local retailers. Other times, they will request victims to buy these gift cards from popular websites on the scammer’s behalf. They do so to earn the scammer’s trust.
If you are a victim, chances are that you will share the card information with the scammer to prove that you have made the purchase. The scammer, on the other hand, will use the gift card information to steal the card without even paying out the Cash App giveaway money.
Therefore, you should be careful when you hear about gift cards out there as far as Cash App is concerned. This is because gift card fraud has been on the rise in recent times. To your shock and dismay, you will note that there was a 95% increase in gift card fraud from 2017 to 2018.
How Can I Avoid Cash App Gift Card Money Transfer Scams?
To avoid the scams mentioned above and many others, you should consider the following ideas. After all, no one wants to lose his or her hard-earned money to scammers out there. Some of the ideas that can help avert such issues include:
- Do not disclose your personally identifiable information online. Be it through social media or ever the phone. Remember that scammers usually lurk on different social media platforms such as Twitter and Instagram
- Avoid messaging with strangers promising to reward you with a cash prize.
- In case you get an email or a text message indicating that you have won a certain prize but you need to send money first, do not reply to it. In fact, you should not click any links you find thereafter.
- Do not agree to send someone money to make a purchase with a return for a payment or a reward.
- Ensure that you keep your sign-in code private. Remember that no one working for Cash App will ever ask you for your sign-in code on social media or over the phone.
If by any chance, you are a victim of a phishing scam, it is advisable that you change your Cash App PIN immediately. Better still, you can report the incident to the Cash App team and to the FTC. They will be able to build a case against the scammers and can therefore be brought to book
Remember that fraudsters are always working hard to find ways to steal your money. You should be vigilant and informed on how they can con you. This way you will be able to avoid Cash App scams, which have been on the rise as far as gift cards are concerned.
Although Cash App’s giveaways might look real, you should be aware of individuals who target you through phone calls and messages looking for free money. Ideally, there is no free money, and no money comes without strings attached. In any case, when the deal is too good, think twice. Chances are that it is likely to be a scam.
How Do You Send And Receive Money With Cash App?
To use this app to send and receive money, you need first to download the Cash App on your smartphone. Once you download it on your device, you will need to create a user account and then link it with one of your bank accounts. Here, you will be able to use that bank account to send money to other Cash App users.
Also, you have easy time transferring money from your Cash App account to your bank account. This app works just like PayPal or Venmo. You will also have the luxury to hold any received funds in the app until you are ready to withdraw them.
When sending payment, here are the steps that you should follow:
- Open the Cash App on your mobile phone
- Enter the amount you wish to send
- Tap “Pay.”
- Enter the email address or the phone number of the recipient
- Enter the reason for payment
- Tap “Pay”
By tapping the “Activity” button, you will be able to view the details of the received payment. Also, you will be able to see the amount of money that has been deposited into your Cash App account on the “My Cash” button. Here, you will be able to see the sum total of your deposited funds.
It is true to say that Cash App has proved to be one of the best money apps that you should consider buying out there. In fact, if you usually conduct person-to-person transactions between friends and other people whom you trust, this app is the best option for you. You do not have to remind your friends to pay their share of the rent from time to time. All you need to do is to send them a Cash App Payment request.
However, Cash App transactions can only work well in the U.S and U.K. As you use the app, remember to avoid any phishing scams that appear too good to be true. This way, you will not lose your money, and you will have a wonderful experience when using Cash App today.