Does Cash App Have a Spending Limit?
In the digital age, mobile payment apps have become an integral part of our daily lives. Cash App, developed by Square, is one of the most popular mobile payment platforms that allows users to send and receive money, pay bills, and even invest in stocks. However, many users are curious about the spending limit on Cash App. In this article, we will delve into the details of Cash App’s spending limit and provide you with all the necessary information.
Understanding Cash App’s Spending Limit
Yes, Cash App does have a spending limit. The spending limit is the maximum amount of money a user can send, receive, or spend within a certain period. This limit is put in place to protect users from financial fraud and ensure the security of their accounts.
Types of Spending Limits on Cash App
There are two types of spending limits on Cash App: the standard spending limit and the verified spending limit.
Standard Spending Limit
When you first sign up for Cash App, you will be assigned a standard spending limit. This limit is usually set at $250 per 7-day period for sending and receiving money. The standard spending limit also applies to purchases made with Cash App’s debit card.
Verified Spending Limit
To increase your spending limit, you will need to verify your identity. By verifying your account, you provide Cash App with additional information, such as your full name, date of birth, and the last four digits of your Social Security number. Once your account is verified, your spending limit will be raised to $2,500 per 7-day period for sending and receiving money, and you will also be eligible for a Cash Card with no monthly fees.
How to Verify Your Cash App Account
To verify your Cash App account, follow these simple steps:
1. Open the Cash App on your smartphone.
2. Tap the “My Cash” tab at the bottom of the screen.
3. Select “Personal” or “Business” depending on your account type.
4. Tap “Verify” and enter the required information.
5. Follow the prompts to complete the verification process.
Conclusion
In conclusion, Cash App does have a spending limit, but it can be increased by verifying your account. The standard spending limit is $250 per 7-day period, while the verified spending limit is $2,500 per 7-day period. By verifying your account, you can enjoy higher spending limits and access additional features on Cash App. Remember to keep your account information secure and follow best practices to protect your financial well-being.
