X Money has finally launched to all Premium & Premium+ X.com (formerly Twitter) subscribers. This post is designed as a more thorough review of the features, please keep discussion in the comments to the product itself as I think the back and forth regarding Elon Musk’s political leanings has been covered enough in other threads. Realistically you’re unlikely to change anybody’s mind anyway.
6% APY/$300 Bonus
- One of the main perks of X Money is 6% APY. To receive this you must have an active Premium or Premium+ account and receive a qualifying direct deposit of $1,000+.
- New York residents are not eligible for the 6% APY, instead they are eligible for a $300 bonus when you receive $3,000 in direct deposits.
3% Cashback
X Money debit card earns 3% cash back on most purchases. You can find a list of exclusions here. You can find previous discussion here.
Sign Up Bonus
You are supposed to get $25 when signing up, but there are reports of some people only receiving $15.
Fees
- The main fee you will pay is for Premium/Premium+. Premium is $8 per month/$84 per year and Premium+ is $40 per month or $395 per year. Although discounts seem frequent. Reminder that basic X membership doesn’t qualify you for X Money.
- No foreign transaction fees
F.A.Q’s
Does X Money Offer FDIC Insurance?
Yes, deposits are held by Cross River Bank, Member FDIC. Note that this is pass through insurance. More discussion here.
What happens if I cancel my Premium or Premium+ account?
You keep your account but your X Money account drops to the base/standard tier. This means the APY drops from 6% to 4%
Why is NY different to other states?
Because it doesn’t hold a required state money transmitter license from New York regulators.
If I fund with a credit card, is it a cash advance?
Yes.
