However, if you want to use your balance to shop in stores, without having to wait for it to transfer, all you need to do is apply for a Cash Card — the app's debit card. The card is free ...

It is partnered with financial institutions, though. If you have a Cash App card, your Cash App account balance is FDIC-insured for up to $250,000 per depositor through Wells Fargo Bank.

Within cash apps, users can link bank accounts, credit cards and debit cards to transfer money and make payments. "If you do register a card, I recommend a credit card, not a debit card," King says.