On July 27, X Money rolled out beyond its invite-only phase, now available to all Premium subscribers across 41 states in the U.S. This move expands the fintech service that combines a Visa debit card with up to $10 million in FDIC-backed coverage.
The offering first debuted in late June exclusively for Premium+ members, designed as a testing phase to gather user feedback. Now, the service includes peer-to-peer payments, deposit accounts, and a Visa-branded debit card integrated directly into the X app.
Elon Musk’s vision for X Money aligns with his broader goal of making X a super app where users can handle multiple services without leaving the platform. Partnerships, starting with Visa’s Direct network announced in January 2025, enable real-time money transfers and spending, supporting the debit card functionality now live for Premium users.
Premium+ subscribers enjoy an immediate 6% annual percentage yield on their balances, while standard Premium customers can unlock the same rate by setting up direct deposits. Every account includes a virtual X Card compatible with Apple Wallet, and users can order a sleek metal physical card personalized with their handle. Card purchases earn 3% cashback, foreign transaction fees are waived on transfers, and new sign-ups receive a $15 welcome bonus.
Despite the rollout, Senator Elizabeth Warren continues to voice concerns about Musk’s ambitions to enter the banking sector, warning that X Money’s expansion could pose risks to consumers. The service’s nationwide reach is still incomplete, with further state approvals pending as Musk aims for full U.S. coverage.
