Do I Dare Trust a Social Media App With My Money? X Thinks I Will.

A few days ago, a coworker at my day job texted me asking if I’d be in the office that day. I replied, “No” (I worked from home) and asked why. His text reply: “I wanted to show you my new X card.” My coworker is a man who loves President Donald Trump and Elon Musk. He then sent several pictures of the dark metal card.

Elon is now in the credit card game, I mused. Turns out, it’s a debit card, and the man who helped birth PayPal is back into fintech (the tech bros’ way of saying financial tech) on his own terms. Besides using it as a savings account, you can pay people or request cash with it, like Venmo or Cash App.

This week I got an email from X touting the “industry-leading APY on balances” as well as the metal X card. I decided to investigate – particularly as yesterday I saw some sort of message float across my X mobile app saying, “Now: X Money!” Not all of the users are getting it at once — they're rolling it out slowly to the eligible base.

Hey @XMoney when do I get my invite/notification for X Money?

I'm ready anytime you are!✌️🇺🇲

Thank you for your attention to this matter!😂

— Mike Engleman🇺🇲 (@RealHickory) August 2, 2026

X started rolling out the new financial services on July 27 to only United States Premium+ and Premium members. Back when Premium was offered, I decided to buy the basic Premium, just to thank Elon for restoring free speech on the platform.

But banking with X? I wasn’t so sure, so I dug deeper. Payment transfers (peer to peer) can take place in all states except, as of Aug. 4, Massachusetts and Wisconsin. I learned that they did start me off with a gift of a $15 deposit. X Money offers up to 6% APY on the savings account. To my chagrin, I learned that 6% APY is only for Premium+ members. However, Premium members get 4% on their savings – competitive with others and much better than mine now. Plus, there’s a 3% cashback on that debit card.

I have already earned 30 dollars cash back with my X card. Not to shabby guys. If you don’t have X money, you should get it.

— Sassafrass84 (@Sassafrass_84) August 5, 2026

Lest my editor scold me for sounding like an ad, here are the drawbacks I found: for a Premium user getting 4% to boost their earnings up to 6%, he has to deposit $1,000 every 34 days via direct deposit. X encourages you to set up direct deposit from your paycheck to achieve that, but you can transfer money from your bank. However, you’ve got to use a third-party app called Plaid to set that up. Plaid acts as an identity verification tool between X and your bank. In other words, just another financial tech app that is capturing your information along the way.

Plus, people who are getting into late middle age (like me) may find signing into the passkey tricky if you’re moving from the app to a desktop version of X. I finally figured it out after scanning one of those QR codes on the desktop screen with my phone’s camera app. Then, presto, I was in.

One other thing that bugs me: though there is a toll-free number for support, X Money encourages you to go through the in-app chat. I’ve heard horror stories of other support issues with X, so I’m leery. With banking, I want to know that if I have a problem, I can reach out and touch somebody.

After plowing through Plaid’s terms and conditions, I decided to hold off on transferring money to the X account for a while. That $15 will have to sit for a little bit while I continue reading all the fine print (including Appendix 3, X Money Interest Addendum to their stored value account terms of service). But that 4% APY does look pretty good. I may decide to move with the times and sign up for Musk’s new X Money.

Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.

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