As Bitcoin Booms, Square’s Cash Card Adds BTC-Back Boost
Almost three years to the day after Bitcoin approached $20,000 — only to crash back down to Earth — the cryptocurrency finally broke through that $20k mark and has managed to stay above it since. In celebration of the achievement and to capitalize on the renewed crypto interest from the general public, Square’s Cash App recently rolled out a new Boost for its Cash Card. With this Boost, cardholders will be able to earn a piece of their purchase back in the form of Bitcoin, which can be held or sold via the app’s investment platform.
If you’re unfamiliar with Boosts, the Cash Card debit card features a superpower where users can activate various cashback offers. For example, some current Boosts include 10% back at Chick-fil-A, 15% back on DoorDash orders, and even 10% back on any grocery store purchase — although users can only activate one deal at a time. Typically, these Boosts are activated immediately after an eligible purchase is made, reducing the total that is ultimately deducted from a customer’s Cash balance.
Joining the Boost line-up is a new offer that will earn Cash Card users 5% back in the form of Bitcoin on any purchase they make with their card. This particular Boost can be used up to three times, but eligible purchases will need to be made at least an hour apart. Also, there’s a minimum purchase requirement of $1.50 and the amount of BTC you can earn from this deal is capped at the equivalent of $7.50. Therefore, if you wanted to max it out, you’d need to spend $150 on your Cash Card.
Presumably, you’ll also need to have already opted into Cash’s Bitcoin trading platform before using this Boost. Since I already hold some Bitcoin in the app, the process was fairly simple. Within seconds of reloading my Starbucks card with $10 via my Cash card (incidentally, I’d have been better off using the 10% back at Starbucks Boost for this, but I sacrificed the 50¢ for reporting. You’re welcome) 2,171 Sats were added to my account. Sure enough, these Sats — which are tiny decimals of Bitcoin — equate to the 50¢ I should have earned from the Boost.
Once the Bitcoin is added to your account, you’ll be able to sell it and turn it into cash if you want. However, keep in mind that crypto is still super volatile, so there’s a chance that what you end up with will be slightly less than what you should have received. Of course, you’re also welcome to hold onto your Sats and hopefully watch them grow in value over the coming months/years/whenever.
Ultimately, while this Bitcoin-back offer may not technically be the most lucrative Boost available right now, it’s definitely an interesting one — and could be an easy way to get started in the world of crypto. I should note that, currently, this Boost is set to expire in a week, but there’s a good chance it will be renewed. Meanwhile, if you find you really like earning BTC back instead of cash, you might also want to check out the app Fold, which offers gift cards with a side of Bitcoin (it seems possible that you could even use your Boost-enabled Cash Card to make a purchase on Fold, but I didn’t personally try this double-dip strategy). In any case, I look forward to seeing where Bitcoin goes from here and hope to see my small-time Sats turn into something bigger.