In all the articles I have written about Cash App, green status has always been the center thesis to qualify for premium banking services. This is because Cash App functions more like an online bank than a mere money transfer app. As a result, one needs to meet certain requirements to enjoy certain perks. One of these requirements includes having a Cash App green status.
Without it, Cash App to an average user functions more like a cash transfer app than a convenient financial service. What do I mean by this?
Not everyone using Cash App has the privileges of earning high interest rates on savings. Or even better, waived international transfer fee. I am not even going to mention the overdraft at times when you have less dime in your account than you presume.
On this article, you and I will explore Cash App green status. I will leave you to decide whether you need it or just okay sticking to the basic use. Since I currently have the status right now, I will share what my experience has been so far.
Before I do though, let us talk about what Cash App green means for the young working class adult trying to use the app.
What Is Green Status On Cash App?
So, what does green status mean on Cash App?
A green status on Cash App is a privilege for frequent Cash App users. It gives you access to the app’s premium banking features. Simply put, you just do not send and receive money but also have access to free in-network ATM cash withdrawals, overdrafts, higher borrow limits and its highest interest rate on your savings.
Not everyone is able to get the green status on Cash App. To see whether you have it already, I want you to do the following below:
- Login to your Cash App account.
- Tap on the home icon on the bottom left of your app.
- The green status is below your cash balance. If you do not have it yet, Cash App will show you how much you need to spend to have it. There is also a green progress bar showing how close you are to getting it.
- Tap on the green status bar. You will be taken to a page where Cash App shows you what else you need to do to qualify for the green status.
Otherwise, your green status will just show you have it. In case of not having it, do not fret though. It took me a while to get mine. I will show you how I was able to get it. Before I jump into how you could qualify for Cash App green, I want to show you what its benefits like look for you.
What Benefits Does Cash App Green Offer?
Earlier on I mentioned about having access to Cash App’s premium banking services, my good reader. Here is what I meant by the benefits of cash app green below.
1. Higher Borrow Limits
The usual borrow limit for eligible people is $400, but with Cash App green, you can get up to $1000. I talked about how to increase your borrow limit on a personal review of Cash App borrow. I recommend you read it.
2. Free In-Network ATM Withdrawals
You get to withdraw for free from any in-network ATM. I do not know if you knew, but Cash App charges +$2.50 for in-network ATM withdrawals. A green status will waive that for you. Hence, why I said it is a privilege.
The green status does not protect you from out-of-network ATM surcharges. This is because the service charge rests on the ATM operator, and not on Cash App. So, you still get charged with a green status on out-of-network ATMs.
3. Free Overdrafts
You can get up to $200 in free overdrafts. Most traditional banks give less. How much overdraft coverage does your bank give you, my dear reader?
Last week, I wrote about how to overdraft cash app. On the article, I laid emphasis on the importance of having a green status in order to be eligible for overdraft. Having the status is one of the ways to qualify for overdraft coverage.
The other way to qualify for overdrafts is spending more than $500 monthly, but a green status on Cash App opens it for you automatically. Hence, why I recommend going for it. That way, you do not have to spend that much every month.
4. A Higher Interest Rates On Savings
One of the benefits of the green status on Cash App is you get 3.25% on savings. This is better than the 1.5% interest rate the app offers for users without the status. Do you have an idea of what this means for you, my dear reader?
Well, let us say you save $4000 with Cash App. With the green status, your savings will accrue $130 at 3.25% interest. This is better than the $60 the same savings will accrue on the $4000 at 1.5% interest rate.
I do not know about you, but $130 will fill up my gas tank for about two to three weeks. Yes I know- I drive economy. But, I am sure you get the idea. We all want a higher interest rate on savings, regardless of how small the amount accrued.
5. Priority Customer Support
In case of an issue with Cash App transactions, green status members are given priority over basic users of the financial service. I know- we are in a society of equals. But, I want to remind you of a brutal capitalist truth.
All bank transactions are not equal.
We see this every day in traditional banks too. There are some customers who are attended before other customers. The same principle applies with Cash App green status. It is a matter of privilege.
6. No Fee On Paper Money Deposits
Basic users of the financial service will pay a $1 for paper money deposit. On the other hand, green status member will pay $0. So, where do you go to deposit paper money on Cash App?
There are many Cash App reload locations around you, but I do not know whether this applies to them too. This is because some of them will charge more than $1 to reload your Cash App account.
Personally, I do not go to reload locations to put cash in my account anymore. You can simply move money from your bank or debit card to your cash app account. It is easier than driving down to a reload location. The best part is bank or debit card wire to the app is instant.
How To Qualify For Cash App Green
There are two ways to qualify for Cash App green. You can either do one or the other. Here is what I mean by this statement.
You can earn the green status, when you set up Cash App direct deposit with the financial service. Not only setting up the direct deposit, but receiving at least $300 per month through it. It automatically qualifies you for cash app green status.
I recommend doing it through a paycheck. This is so you do not have to worry about manually sending money into the account. A part of your paycheck can go in there every month. As long as it is $300 or more, you will maintain the status.
Alternatively, you can qualify for the green status when you spend $500 or more. You can either spend it through an activated Cash card or Cash App pay. Either way, such monthly expenditures automatically earn you the status.
Personally, I do not like this last option. The reason is because not all young working class adults have $500 to spend. I would rather my readers set up the direct deposit, than attempt to spend $500 or more monthly just to keep the green status.
I do not know about you, but I think $500 or more per month is kind of ridiculous. Don’t you think so too, good reader?
Anyways, the above is how you earn the Cash App green status. I will now leave you to judge for yourself whether the green status is worth it or not. I think it does because I find myself relying on cash card more for minor expenses.
As a result, I need the perks that come with the green status. This includes the overdraft coverage. So, I would say having the cash app green status is worth it. This is part where I shrug my shoulders and say, “I guess I am still a working class adult after all”.
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