As an avid user of Cash App, I can tell you my life has improved immensely as a result. This is due to the fact I use the Cash App borrow when man is low on cash. It beats using a credit card and paying interest on purchases, unlike the Cash App borrow which does not charge an interest. This feature alone has simplified my working class life in addition to other things you get with Cash App green status.
If you have used Cash App before, you know Cash App best features are locked unless you are able to attain its green status. So, what is Cash App green?
The Green status on Cash App is the all-access to the best features on the financial technology. What this means, is you are able to do everything which includes the following below:
- Borrowing
- Direct deposit
- No fees on certain financial transactions
On this article, I will be further elaborating what you get with the green status on Cash App. That way, you are maximizing the benefits of the financial technology like I am. Without much further ado, let us jump into the best benefits you unlock with the green status.
Higher Borrow Limit
The first time I used Cash App borrow feature, I wrote a review immediately. This is because it saved my hide when my regular debit card declined while I was at Starbucks waiting to get coffee. It was what won me over with Cash App.
I remember on the review, I talked about how my limit was just $150. With the green status on Cash App, you can get up to $500. You know what?
As you know very well, Cash App borrowing is quite different from a regular credit card. While a normal credit card will charge you in interest for borrowing, Cash App will only charge you interest when you miss repayment. Usually, this is 1.25% on the debt seven days after due date.
Otherwise, it is just a flat fee of 5% on borrowing. I know 5% fee seems like a lot, but if you are borrowing $500, it is just $25 fee. I always advise paying off the debt within seven days after due date or paying on time avoid accruing 1.25% interest rate per week on debts.
I still believe this is a good deal, since you are burdened with the high interest rate of credit card companies. Besides, the green status gets you qualified for up to $500 without the usual credit requirements by regular financial institutions. Don’t you think, my dear reader?
Higher Interest Rates On Savings
With a green status on Cash App, you get a higher than usual interest rates on your savings. What exactly do I mean by higher than usual savings interest rate, my good reader?
The regular interest rate for Cash App users with no green status is up 1.5%. With a green status, you could get up to 3.25% on your savings. Personally, this is the same interest rate as the ones offered by high yield savings accounts.
I mean most traditional banks will offer you the national average interest rate of 0.45% on savings accounts. 3.25% interest rate is quite impressive for a financial technology like Cash App. But, that is what Cash App green gets you.
Let me give a scenario of what this means for a young working class adult trying to save $2000 savings.
A 0.45% interest rate on $2000 gets you $9 per year. The same savings amount on a 3.25% interest gets $65 for the same time period. I do not know about you, but that is gas money right there. Hell, it is a few days of meal.
Listen, in as much as I am pushing for green status, I am not an advocate of saving with financial technologies like Cash App. I like my money breathing for me in a real bank. This is especially if it is anything more than $4000.
Free Cash App Overdraft Coverage
One of the reasons why I believe Cash App was designed with young working class adults on mind is its overdraft coverage on purchases. While regular users cannot access free overdraft coverage, green status members on cash app can access up to $200 free coverage.
Yeah, I kid you not.
I talked about it on How To Overdraft On Cash App guide. Without a green status, it is hard to access this free coverage. I will be talking about how you could get it through the green status.
Fee Waive On Certain Transactions
One thing I like about the Cash App green is you get fees waived off some transactions which could have been charged. What kind of transactions have waived fees, good reader?
The most important one is in-network atm fees. I do not know whether you have tried to withdraw money with your cash card, but Cash App charges a fee for it. We get charged $2.50 fee for accessing cash through an in-network atm.
One of the benefits of cash app green is your in-network atm withdraws cost absolutely nothing. As long as you do not go out-of-network, you will not be charged. Otherwise, you expose yourself to third party charges.
Additionally, paper money deposits for regular user cost $1. When we are eligible for green status, Cash App will not charge you for that. Not sure whether people still use Cash App reload locations, since one can easily move money from a bank account or debit card to your Cash App account.
Now, let us talk about qualifying for cash app green. It is actually not as easy as it sounds. This is especially, when you are a heavy user of the financial technology. Below is what I mean by the former statement.
How Do I Qualify For Cash App Green?
We qualify for cash app green when we have the following below going on for us:
- $300 or more on monthly direct deposit
- $500 or more monthly expenditures on our cash app account
As you can see, not all young working class adults use cash app in a way which lets them spend $500 or more in monthly expenses. So what I usually advise is for some of us to set up a percentage of our paycheck to deposit directly into Cash App. That is how you do the $300 or more on monthly direct deposit.
I wrote a guide, setting up direct deposit on Cash App. You can use it to direct a small percentage of your paycheck into your Cash App account. I recommend you do this, when you have a cash card.
That way, you can access your funds whenever you want. Otherwise, it might be difficult reaching your fund unless you move it out of your Cash App account. So, get a cash card first and then set up your direct deposit.
Anyways, this is what you get with the cash app green status. To some people, the eligibility requirement may not be worth it. I get it, however I still recommend you get it when you rely heavily on the app.
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