X Money News – April Public Release, 6% APY No Direct Deposit & 3% Debit On All Purchases

A few days ago we posted about Elon Musk’s X Money.Since then a few additional details have come to light.

Musk stated that early public access will start next month (April)

Twitter user Redwriter (who was authorized to post X Money beta reviews) shared that:

6% APY is available instantly with first deposit.No direct deposit is required or debit card transactions.

Debit card earns 3% cash back on all purchases

Debit card provides an instant debit card number

Limits:

Per transaction
Deposits: Bank Accounts $1 mil, Checks $2.5k
Withdrawal: $100k

Daily
Send: Wires $75k, Checks $25k
Deposit: Checks $15k, Cash: $990
Withdraw: Bank Cards $5k, ATM $2k

Monthly
Send: Wires $250k, Checks $75k
Deposit: Checks $45k, Cash $4.5k
Withdraw: Bank Cards $15k

Our Verdict

Obviously 6% APY with no requirements and 3% debit earning is not remotely sustainable but even if it only works for a short time it could be lucrative.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by mycardopinions.
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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.