Image courtesy TranzAct Card W/ Text in Black at Bottom by Behind MLM, w TranzactCard Deleting Videos & Shifting After the Review Where The Same Person Would be losing $38/month instead.
I've seen a number of people ask me about TranzactCard or attempt to post about it on my travel hacking FB page. Another person attempted to sell me on it today. Here are my thoughts in brief, primarily with quotes directly from Tranzact, the FTC, & from other reviewers:
Disclosure: I'm not a CPA, CFA, or Attorney
I am not a certified public accountant, chartered financial analyst, or attorney. I provide mostly quotes, but some quotes are of the opinions of others.
Mind the fine print disclaimer at the bottom of the Tranzactcard website
1. Mind the fine print disclaimer at the bottom of the Tranzactcard website that warns people of investing too heavily in the platform in case the business flops"This website contains forward-looking information and there are no guarantees that the Company’s development of business, projects, and contractual relationships will materialize as projected. You are cautioned to perform your own due diligence in order to not place undue reliance on this presentation or any forward-looking information. TranzactCard makes no representation as to your income potential nor should you when discussing TranzactCard with others. A Digital Branch Office’s success depends on many factors including but not limited to his or her skill set, effort, and desire to succeed."
Mind the FTC's warnings regarding determining whether something is a legitimate investment opportunity or a scam
"1. Don’t believe promises that you’ll make money or earn guaranteed returns. No one can guarantee you’ll make lots of money with little to no risk. Anyone who does is a scammer.
2. Do your own research. Don’t make any investment until you’ve checked it out and fully understand what you’re investing in, and the terms of the deal. Research the investment and the person offering it. Search online for the name of the company plus “review,” “complaint,” or “scam.”
TranzActCard Deleting Videos After BehindMLM Review Published
"Update 26th June 2023 – Shortly after this review as published, TranzactCard deleted the cited marketing video featuring Eric H. Allen discussing the Power Save Account.
In fact all previously public videos have been deleted. The one video TranzactCard serves on its website from its YouTube channel is now a non-searchable unlisted video (Behind MLM)."
Check out reviews of TranzactCard by those who make reviews on similar subjects who seek to do so objectively, with no vested interest in the company
a. https://www.gripeo.com/tranzactcard includes the statement ""It’s obvious from the above points that they are not as reliable as they market themselves to be. It would be better for you to spend your money elsewhere."
"TranzactCard’s official marketing videos promise a “fixed interest rate, higher than any bank you’ve ever seen”. Not disclosing how is a problem... Consumers can’t make an educated due-diligence call because TranzactCard doesn’t provide audited financial reports..."
"I’m not 100% on TranzactCard committing securities fraud but I’m smelling smoke. And that smoke is thick given Smith’s past brushes with securities fraud..."
"In TranzactCard’s own income examples, affiliates are losing money. The above example provides a $12,000 spend coming to $12 a month in commissions.
This same affiliate would need to generate $150,000 a month (now $50k w/ their revised structure after the BehindMLM review came out) in spend just to break even. I’m not saying it’s impossible but is it realistic for your average TranzactCard affiliate? Approach with caution."
Check out the Chairman & Founder's Thick History w/ Business Flops & Fraud
"On its website, TranzactCard identifies its Founder and Chairman as Richard Smith... BehindMLM first came across Richard Smith’s MLM work with Divvee in mid 2016... Divvee’s original concept flopped and it was rebooted as Divvee Rank and Share in November 2016... By July 2017 it was apparent Divvee Rank and Share had also flopped. This prompted a pivot to forex trading securities and commodities fraud. After that we had Nui – a continuation of the aforementioned securities and commodities fraud. Nui devolved into a bunch of crypto schemes led by Darren Olayan. The mess culminated in Texas issuing a securities fraud cease and desist in July 2018. The Texas State Securities Board would go on to fine Nui $25,000 in February 2019. I don’t know exactly when Richard Smith left Nui but he resurfaced with The Digital Vault and RevvCard in March 2019. The Digital Vault and RevvCard were supposed to bring fiat banking services to Nui’s crypto fraud. In April 2019 The Digital Vault relaunched as R Network. RevvCard still hadn’t launched and wasn’t due to launch for another eight months. By mid 2020 the original concept for RevvCard had been scrapped. Smith began offering stock ownership in R Network, despite neither himself or the company being registered with the SEC. What was left of R Network quietly died off after that. In March 2021 what was left of R Network was sold off to iX Global. We didn’t hear anything further from Smith until TranzactCard surfaced on or around April 2023."
Check out recent events with Tranzactcard, which stated directly, "All active accounts and bank cards will be closed at the end of September. They will not be transferred to the new bank/s. Funds can no longer be deposited into existing bank accounts. Available funds must be spent or withdrawn from all Evolve/Solid bank accounts by September 30." https://behindmlm.com/companies/nui/tranzactcard-loses-us-banking-services/
The reviewer stated,"Whether these will be US bank or offshore accounts remains to be seen." If TranzactCard is losing their US Bank accounts, FDIC insurance on the accounts would be lost I would think, smoothing the pathway for your money to be lost in many cases.
My thoughts on if this business could survive
As long as this business isn't convicted of fraud, with the chairmen having plenty of time testing the limits with fraud with other companies, it could actually survive as long as most of those acquiring TranzactCards are losing out while TranzactCard is able to convince those putting money in that it will be worth it in the end. Once the "official" launch happens, convincing others becomes a lot more difficult, so who knows what will happen, but based on the history of flops, I project that will happen with this one as well, but I've seen other card companies take more money than they give to most consumers and survive, so who knows.
My thoughts on if TranzactCard is worth your time
No. Even if you are one of the rare people who are getting more than $50k spend from others on a monthly basis from those you've recruited, you'll likely be doing more harm than good to others in my unprofessional opinion based on my review of the data.