X Money Now OPEN to ALL U.S. Users - FULL SETUP GUIDE

Well, guys, I am very excited because X Money, a feature of Elon Musk's X.com and X app, formerly Twitter, that we have been waiting for, for some time, is now available to a lot more users. Basically, actually everyone on the platform with a US-based account, as long as they're willing to upgrade to premium or above. I was able to test it out today and it certainly looks very promising. In this video, we're going to take you through the signup process. I'll show you how to set up the debit card, which earns 3% cashback on everything, how to set up the 6% APY with your savings, and I'll also show you the different welcome bonuses you can get. Hey, credit warriors, welcome to the show. My name is Ben Hedges, aka The Credit Shifu. And on this channel, we cover US credit cards, personal finance, and luxury travel. This video is brought to you by Upside, an app that lets you earn extra cashback on your spending, but more on that later. So as of yesterday, X Money is now open to all premium and premium plus users. What is a premium user? Well, X has three paid tiers, okay? Basic, premium, and premium plus. Basic is $3 per month, premium is $8, and premium plus is $40. To get X Money, you only need to be premium, so it's $8 per month. I personally already have premium so that I get that little checkmark, all right? I needed to do this anyway, and since being a YouTuber, people impersonate me and they try to get you guys to invest in their new Shiba, Pug, whatever crypto meme coin. But premium gives you a lot of other benefits too. So as of today, I also have access to X Money, and you could too, as long as you're willing to upgrade to premium. Now, this has been eagerly awaited because it offers a debit card that gives you 3% back on all spend and a savings account where you can earn either 4% or 6% interest on your money. We will tell you how exactly to qualify for the 6% rate in a minute. But first, how do you sign up? Well, if you are a premium or premium plus user based in the US, you will now see this little money option on the left-hand side in your desktop account. Clicking it will prompt you to scan a QR code and continue on the X app on your mobile device. You can, of course, also start directly in the app on your mobile phone. The app will then take you through the signup where you enter your legal name, last four of your social. There's no hard credit pool though. Set up a passkey, confirm address, photo of your ID, a selfie, and then your X debit card will be ready immediately and you can add it to your mobile wallet. You can then go ahead and order your metal physical card and choose to have your X username printed on the card if you would like. Let's now look at some of the features of the account and then we will talk about the 3% rate on the debit card and the 6% APY on savings. So when you click on the money option in the menu, it takes you to your dashboard. I realize most people will probably do this on their phone, but it just looks better in a YouTube video to do it on desktop because it's wider rather than taller. It's not vertical. So we'll just do it on desktop, but the options are the same. So from here, you can deposit money into your account. You can see that I have already linked my Chase checking account here. It links through Plaid, by the way. You can send money to other X users by searching their username on here. Let's send Elon a dollar. Actually, no, let's not do that. Let's use the next feature, which is request money. So here you can find the QR code that others can scan to pay you. You can also request it from people using their X username. So let's request a billion dollars from Elon. Is that enough zeros? Not sure. Come on, Elon, please. And last, transferring between your X account and linked accounts. There are a few options like immediate transfer for a fee or regular three-day transfers, etc. All right, let's look at the 3% debit card and the 6% APY savings rate. But first, having been through several years of inflation and the recent increase in gas prices, there are certain areas of everyone's budget really causing pain right now, especially gas, groceries and dining out. Now, we are all about credit card rewards on this channel, but the sponsor of today's video, Upside, is an app that can give you extra cash back on top of what you earn on your credit cards on gas, groceries and dining. Just install the app, link your cards, and then you can browse nearby merchants. For groceries near me, I'm seeing 27% back at Price Chopper. For gas, I'm seeing up to 15 cents back per gallon. And on dining, I'm seeing up to 45% back at Panera Bread, for example, on a $10 purchase. All you have to do is claim the deal in the app and then pay in store with your linked card. And this app is such a no-brainer, especially for gas. But if you also take the time to claim lots of deals on grocery and dining in your area, the cash back is really going to build up quick and you can transfer it straight out into your bank account. There are over 100,000 participating merchants, so checking Upside for a deal before you go get gas or go out to eat is a great habit to get into. Upside has given back $1 billion to its users. To find out how much you could earn, scan the QR code or click the link below to download the free Upside app and use code CREDITSHIFU to get an extra $0.25 back for every gallon on your first tank of gas. Yes, that's an extra $0.25 back for every gallon on your first tank of gas using code CREDITSHIFU. So if you want to make sure that you are earning the 3% rate on your debit card from the xMoney dashboard, click on the x card and then click on the little box that says cashback. From here, you will get a pop-up that confirms you are earning 3% on everything. It tells you your lifetime cashback earned, then also the pending cashback which gets paid to you weekly, and how much eligible spend you have this month. This is useful to know since there are some excluded categories that you won't earn cashback on, like jewelry and watch dealers, rent payments, gambling, etc. The usual things that you would expect to be exempt from rewards. It's a shame rent is exempt, alright? They could have just killed the bill card. Anyway, let's now look at the 6% rate on your money and how to get it. So as a premium user, you get 4% APY. To get the 6% rate, you need to be a premium plus user. That costs $40 per month and that automatically qualifies you. But you can still get the 6% rate just as a premium user as long as you receive a direct deposit of at least $1,000 every 34 days. This includes ACH deposits or any kind of creator payout for content creators on x. So if you choose to have your monthly salary paid into your x account, then you would qualify for the 6% as long as you're earning over $1,000 per month, but I think most people are. So you can see Elon is really doing things to make you use the platform, alright? Dangling a little carrot in front of you to keep you within their ecosystem and it'll probably work. Now earning interest on your balances isn't currently available to New York residents, alright? That's the only state that currently doesn't earn any APY because of some regulations in New York. And if you didn't know, I am based in New York, unfortunately. But it seems that New York residents can actually get a welcome bonus of $300 to make up for that. And there is another welcome bonus that everyone can get as well. And we're going to tell you all about that now. So when I logged in, I noticed that I had a $15 welcome gift. This actually used to be $25 when they were just rolling it out to a limited pool of users. But I guess that must have come down now to $15. Now it's open to everyone. But then there is also a way to get a $300 welcome bonus and that is for New York residents only. Check this out. Earn a $300 bonus if your account has been open as a resident of an eligible US state for 90 days and you receive $3,000 of qualifying deposits within that period. Only available to New York residents at this time. I'm guessing this is to make up for the fact that you can't currently earn APY in New York. So to persuade everyone to sign up, Elon is giving out free money. And again, the payments that qualify are ACH transfers and X creator payouts. I think I will try and get this. It's a pretty easy bonus to get. So that's a little demo of X money. I think it is well worth it. Even if it was just for the 3% cashback card alone, I think it's still worth it, especially if you already have X premium, then it's just a no brainer. If you're going to sign up for X premium just to get the card, you'll be paying $8 per month for the premium subscription. So you'll have to spend $266 first each month to earn back 8% in cashback to pay your subscription fee. And then after that, you will be truly earning 3% cashback on everything else you spend that month. So after you spent $266, if you spent, say, another $1,000, you'd earn $30 in cashback, $2,000, $60 in cashback. This is pretty similar to the Robinhood gold card that also earns 3% back on everything, but you have to be a gold member and Robinhood gold has a $5 monthly fee. So that one's a little bit cheaper than X money, but there is still also a waiting list for that card. So getting it isn't as guaranteed as getting the X card with X money, but both operate on similar models. The monthly fee gets you the card, but it also gets you a load of other features. So technically the monthly fee isn't just for the card. It's for the whole of either Robinhood gold or X money. For me, since I pay the monthly fee anyway, I would say the X card is actually free. That's where I'm going to leave it for today, guys. Thank you to Upside for sponsoring this video. Once again, click the link below or scan the QR code on screen to download the free Upside app and use code Credit Shifu to get an extra 25 cents back for every gallon on your first tank of gas. It would work great to combine that with the X card for 3% cashback or whatever other card you have in your wallet that earns rewards. And then you'd get whatever deal Upside is giving you at different merchants on top of that. Double dipping, baby. Please subscribe if you're new. I'll see you in the next video. Bye-bye.