3% Cashback, 6% Annual Interest, and a Debit Card: Elon Musk Launches X Money in the US
On July 27, 2026, the social media platform X (formerly Twitter) launched its integrated financial service, X Money, initially available only to US-based Premium and Premium+ subscribers. Founder Elon Musk emphasized the launch's significance for the platform.
US residents over 18 with a verified X account can use the service. X Payments LLC is not a bank; user funds are held in FDIC-insured accounts at Cross River Bank, with insurance potentially extended up to $10 million through a cash sweep program across partner banks.
The core of the service is the X Card, a virtual or physical metal Visa debit card. Key features include: 3% cashback on most purchases (with some exclusions), free instant peer-to-peer payments, worldwide ATM fee reimbursement, no foreign transaction fees, and support for Apple/Google Pay.
The service offers interest on account balances, up to 6.00% APY. Premium+ users get this rate immediately, while Premium users must meet a qualifying direct deposit requirement. Additional features include early direct deposit, wire transfers, bill pay, and paper check ordering.
Security features include passkey login, customizable transaction limits, and Visa's Zero Liability Policy for fraud. The public launch followed a limited beta test with select Premium+ users in late June 2026.
The launch marks X's continued evolution from a social network into a broader digital platform combining communication with everyday financial operations.
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