Elon Musk Launches X Money with Branded Visa Debit Card
On July 27, Elon Musk introduced a new financial service called X Money through the social media platform formerly known as Twitter. The feature includes an invite-only debit card issued by Cross River Bank and offers FDIC insurance up to $250,000 per account holder. X Money allows users in the U.S., aged 18 or older, to send money directly within the app using a dedicated 'Money' tab. The service is currently limited but expected to expand soon. Premium+ subscribers may earn an annual percentage yield (APY) of 6% if they meet direct deposit requirements. The X-branded Visa card offers benefits such as 3% cash back on eligible purchases, no foreign transaction fees, and free ATM withdrawals worldwide. The feature is part of Musk's broader strategy to integrate financial services into the platform.
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Topics: Elon Musk FDIC insurance social media banking Visa debit card X Money