Is Tranzact Card Scam Or Legit: Beware Of This Ponzi Scheme
Tranzact Card is not a scam per se, but an MLM (Multi-Level Marketing) that focuses on recruitment and referrals to make profit. The Tranzact Card provides “Z-Bucks” that can be used to buy everyday items online and promises easier transactions and financial control for users.
The write up on their websites says” Every time you spend $1 using your TranzactCard, earn a matching Z-Buck. Z-Bucks can be spent in Z-Club making everything – from everyday items to vacation packages – more affordable”. However, the value of these Z-bucks is not close to the promise they are making. This article will reveal disturbing concerns and the TLDR of this Ponzi scheme.
The Tranzact Card Scam: How It Works
Tranzact Card is a physical and digital transaction card, globally accepted with Visa branding. It’s important to note that Tranzact Card is not a bank, and its banking services are handled by Solid Financial Technologies, Inc., their partner. Its affiliate and customer referral schemes are MLM-based.
TranzactCard charges a one-time fee of $25 for a lifetime membership, and customers can earn bonuses through referrals. They also receive ZBucks, which can be used for discounts at Z-store(beta).
Here’s a little TLDR about the Tranzact Card Scam
- Some reps seem to be advertising this as a bank when it is not a bank.
- Visa, the company who was white-labeling Tranzact’s cards, terminated their partnership with Tranzact about one week prior to their “launch” in November.
- Recruiting seems to be the prime way that people are making their money, not selling an actual product.
- The “Z bucks” people accumulate through using the card are basically the equivalent of Monopoly money, Schrute Bucks, or Stanley Nickels.
- The “Z club” where you can cash in your “Z bucks” doesn’t exist.
Is Tranzact Card A Scam? Victims Speak Out
It’s not a scam per se, TranzactCard is not on BBB and D&B, and the given address appears fake. The physical address is actually fake and has ties with a service provider. Also some customers believe that Z-store sells outdated items.
Beware – Tranzact Card MLM is a Scam. They used my credit card info from my initial $25 payment and used that credit card for $500 at Dollar Store and $30 at WinnDixi in Miami. I don’t live in Florida! This just happened today 1/9/2024. Oh, and they never sent me a physical card. The website wasn’t working for me. Nothing was in the store to purchase. My deep research shows me that this is a SCAM.
Can You Make Money On Tranzactcard.com
Yes, To make $10,000 a month from Tranzact Card’s branch commissions, you need a total monthly transaction volume of $10 million from your direct transactions. Also, you have to recruit 4,000 people to reach a $20,000 monthly income.
Disturbing Concerns About Tranzact Card
Tranzact Card promotes making money more than explaining its product, which raises concerns about the product’s actual value. To earn money, you must pay fees, including an upfront cost of $495, a monthly fee of $50, and a 10% service fee, potentially affecting overall earnings.
They claimed value of Z-Bucks is not as valuable in reality due to limited spending options and potentially inflated prices for items. Moreover, the founder, Richard Smith, has a questionable history, facing charges of Securities Fraud in 2010 for running Ponzi schemes and defrauding consumers of approximately $10.9 million.
Conclusion
Finally, The Tranzact Card MLM system is a ponzi scheme and is not as profitable as it promises. People should be careful, as there’s a chance it could be a scam targeting those involved in network marketing.
Similar Ponzi scheme: Metahorizon investment scam
