X Money Review – 6% APY/$300 Bonus & 3% Back On Debit Card Purchases [3% Exclusion List Expanded]

Update 9/22/26: Looks like the exclusion list for the 3% on debit card purchases has been expanded.Following have been added:

Utilities

Wholesale Clubs

Jewelry Stores, Watches, Clocks, and Silverware Stores

Insurance Underwriting, Premiums

Colleges, Universities

When no MCC is present transactions

Current list here.Wayback August archive here.

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

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.9/22/26 additions:

Utilities

Wholesale Clubs

Jewelry Stores, Watches, Clocks, and Silverware Stores

Insurance Underwriting, Premiums

Colleges, Universities

When no MCC is present transactions

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

Our Verdict

It’s difficult to determine a break even point compared to other accounts because of the varying prices of Premium and the fact that both the 3% debit earning and 6% APY are attractive.If you have $10,000 in the account earning 6% you’d earn $600 in interest or $516 after the $84 fee.

That works out to be an APY of 5.16% and that would be the top high yield rate but do keep in mind you need the monthly direct deposit so probably more accurate to compare to other high yield rewards checking accounts.

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.

I have premium/premium+, I still can’t sign up?

Despite advertising it’s available to all premium/premium+ members some people are unable to sign up.

Not sure why, you can try to contact X to see if they will fix the issue.

I just signed up for X Premium, I don’t see the option to sign up for X Money?

Suspect it is the same issue above, not sure how long it takes to become available to new users.

What codes as a direct deposit?

X Money define it as:

Qualifying Deposit is (i) a direct deposit received via the Automated Clearing House (“ACH”) with SEC code = PPD or (ii) an X Creator payout from Original Content Rewards, Creator Revenue Sharing or Creator Subscriptions .

You can see what has/hasn’t worked for other readers in the past here.

My question isn’t answered

Try the official F.A.Q

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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.