This Week in Credit Cards: Musk Launches X Money With 6% Yield and 3% Debit Rewards

Elon Musk wants his social media platform X to be where people post, save, send, and spend money.

Its new X Money service offers a 6% yield, person-to-person payments, and a debit card that earns 3% cash back. To qualify for the yield, customers must subscribe to one of X’s premium tiers and maintain at least $1,000 in the account.

X Money is not itself a bank. Cross River Bank provides the underlying banking services.

Elon Musk offers 6% yield and 3% cash back through X Money, Discover cardholders begin the move to Capital One, and a new card launches for home improvement. Find out what else happened This Week in Credit Cards 💳 https://t.co/bHBxISORKb pic.twitter.com/7OdCheV0aR

— CardRates News (@CardRatesNews) July 31, 2026

The Premium tier costs $8 per month, while Premium+ costs $40.

The new service also gives customers a Visa debit card that lets them earn 3% cash back on eligible purchases. That rewards rate could make the card more appealing to consumers who typically use credit cards to earn cash back.

For now, access to X Money is limited to invited users who are also paying members of X, according to an Associated Press report.

Capital One completed its purchase of Discover in May of 2025. Now, Discover credit card customers are starting to move to Capital One’s platform.

The first credit card customers to move to Capital One did so on July 27, but others may have to wait a while as the transition is expected to stretch into 2027. Despite the platform change, many core features of Discover card accounts will remain the same.

People who are primary cardholders on their Discover cards will retain their card and account number as well as annual percentage rates, credit limits, rewards balances, and earn rates on rewards.

For those who have questions about the transition, representatives will be available around the clock to provide assistance, according to Capital One’s website. Though some cardholders may be eager to move to Capital One, a phased transition may reduce potential problems.

Brian Riley, Director of Credit Advisory Services and Co-Head of Payments at Javelin Strategy & Research, told us that Capital One’s goal is to have a flawless integration, and the phased implementation is an appropriate approach given the size of the portfolio.

Visa provides the payment rails that help move credit and debit card transactions through the financial system. The payments giant now plans to perform that work with a significantly smaller workforce.

The company confirmed that it plans to cut its workforce by 7%, which amounts to approximately 2,600 jobs, according to a Reuters report.

Ryan McInerney, CEO at Visa, wrote in a memo to staff that the company is maintaining its focus on driving efficiency, allowing Visa to reinvest resources in the opportunities with the highest potential.

02,600 Approximate number of jobs Visa plans to cut in workforce reassessment

Artificial intelligence is playing a growing role in how companies reassess their workforces. But Bloomberg News reported that AI wasn’t the only reason for Visa’s decision, even if it has helped the company move faster on developing products.

The Reuters report highlighted that Mastercard, Visa’s chief competitor, announced plans earlier this year to lay off 4% of the company’s workforce.The Reuters report highlighted that Mastercard, Visa’s chief competitor, announced plans earlier this year to lay off 4% of the company’s workforce.

American Express raised the annual fee on its U.S. Consumer Platinum Card to $895 last year. Despite that higher price, the move appears to be paying off for Amex.

The company revealed in its Q2 earnings release that its Platinum portfolio is the fastest-growing portfolio in its U.S. consumer business. In addition to raising the annual fee on the card, American Express also rolled out new perks to the U.S. Consumer Platinum Card last year. The card now offers more than $3,500 in lifestyle benefits each year.

Stephen J. Squeri, Chairman and CEO of American Express, said in the release that the second quarter, which saw Amex’s revenue grow by 10%, was an excellent one for the company.

The company appears well positioned for the future as it has had success in attracting younger customers. Millennials and members of Gen Z represent more lifetime value to the company, Squeri said. And those age groups now account for nearly two-thirds of American Express’s new global consumer accounts.

Financing company GoodLeap has introduced a home improvement rewards card, although consumers can currently only join a waitlist. The GoodLeap Home Card is linked to a home equity line of credit and offers rewards to cardholders.

Its headline benefit is 6% cash back on qualifying home projects they start through the GoodLeap Home app. According to a press release from the company, that cash back rate is the highest any major card offers on spending for home improvement.

Cardholders can earn 1% back on other eligible purchases. After spending $2,000 in a billing cycle, they earn 3% cash back on additional eligible purchases, subject to a $30,000 spending cap over a 12-month period. The card, which doesn’t come with an annual fee, can be used anywhere that accepts Visa.

“If you’re a homeowner with equity, you’ve likely been paying too much and earning too little,” Dan Lotano, Chief Operating & Strategy Officer at GoodLeap, said in the release. “The GoodLeap Home Card changes that. We built a card for your house, not just one backed by it.”