Guys no. Visa does not collect interest, they don’t issue credit cards, they are payments processor. That’s why they are on cards from lots of different banks. The banks collect interest. American Express and Discover do both payments processing and issuing cards. They collect interest on top of payment processing fee. I know you guys are not like finance bros but you can check with the community before putting this stuff out plenty of us are finance people.

@svenmaximus2476

3 ай бұрын

You are 100% correct

I like you guys, but please do at least the bare minimum research for your videos. A simple internet search would have educated you that Visa's revenue does not come from credit card interest. It's the issuing banks that set, charge, and profit from credit card interest. Also, a huge portion of Visa transactions are debit.

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

@leojack9090

3 ай бұрын

Although stocks are now rather volatile, you should be okay if you perform the proper calculations. There have been stories of people making over $250,000 in a matter of weeks or months, according to Bloomberg and other finance media, so if you know where to look, I believe there are many wealth transfers during this recession.

@hasede-lg9hj

3 ай бұрын

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that’s the most effective way to enter the business at the moment.

@lowcostfresh2266

3 ай бұрын

@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?

@hasede-lg9hj

3 ай бұрын

The advisor that guides me is Vivian Carol Gioia, most likely the internet is where to find her basic info, just search her name. She's established.

@parrish8386

3 ай бұрын

Thank you so much for this tip! Finding your coach was a breeze and I was really impressed with all the research I did on her credentials before scheduling a call. It's clear from her résumé that she's extremely knowledgeable and skilled, and I'm so excited to have the chance to talk to her!

If X were to start taking payments most likely it would compete more in the lines of Cash App, Venmo, and Apple Pay.

@WilliamFiler

4 ай бұрын

Negative Roy, the world is about to change.

@Saxafruge

4 ай бұрын

​@@WilliamFilerHolding my breath ...Visa and MC has taken on numerous supposed competitors in the past ...hows that Paypal stock looking these days?

@IAMDPP

4 ай бұрын

Correct because they are at layers in the payment infrastructure.

Visa does not make money on the interest the issuing bank or lender does. Chase, Bank of America, Citi etc. Visa/Mastercard only make money on the transaction. Discover makes money with interest charges.

@banow6314

4 ай бұрын

This huge error will now make me question the accuracy of everything Z&J report.

@davidradtke160

4 ай бұрын

Also American Express.

Visa and Mastercard is apart of the infrastructure layer and what X is doing, they will be involved with the Application layer, same as PayPal and Zelle.

2:30 interest payments don't go to VISA/MC, they go to card insurer. When you don't know you don't know, you could be wrong.

Cc companies don't 'get you' when you buy something. If you pay interest on cc, that's a choice you make. Don't blame cc companies for choices you make. If you don't want to pay interest, don't.

Having another way to take deposits and payments for guided fishing trips will be awesome!

Do you know if X (besides the payments) will have an internet market like Amazon or eBay?

Elon been talking about x for everything app cant wait for it in action

In most cases debit cards use Mastercard or visa for payment processing so there is still a processing fee. Actual Cash has to be handled and stored, sorted and transferred to a bank. It’s not a charge but there is a coat yo all transaction mediums.

I think I might make that Jim Cramer *"BUY BUY BUY duh BUY BUY BUY"* one of my ringtones - this one for the NO ID Number spammers.

So DI is taking a page out of the Jim Cramer playbook for X Payments?

Saw Lite Horse on your channel got mine awesome!

Are you really sure visa make money on interest? I dont that part mostly have to do with the issuing bank.

✖️ marks the spot!

What about a tesla credit card that the “cash back” goes to an account that we use to help pay for a new car?

@UncleGreatness

3 ай бұрын

What about some sort of X points. Which could also have value towards SpaceX, Tesla, products!

How does Visa collect interest ? They dont issue any cards those come from Bank of America, Chase, Wells Fargo, Capital One etc

What happens when x card comes with auto binary trading platform bot. So your card makes 12 to 24 percent profits annually. Like cashap and bitcoin.

Jessie at 6:40 is so spot on!!!!

The store I worked at for years would pay a small % to credit card companies. No charge per transaction... I think there are a lot of options out there...

I get cash back from my bank using their Visa. Unless the X card offers same, won't be using. FYI, I use my bank cc for everything and immediately pay it off.

Visa and Mastercard do not collect interest. They are simply payment networks that process transactions. They take a certain small percentage from each transaction and that is it. This is why all credit cards are issued by a bank or credit union. These banks and credit unions apply the interest fees on transactions. They are the ones loaning the money, not Visa nor Mastercard. The interchange fee that Visa and Mastercard charge per transaction is about 1-3% roughly. Truly, I don't see this competing with Visa or Mastercard. I see this being a competitor for Apple Wallet, Google Pay, PayPal, etc. I think that is where the disruption is, not Visa and Mastercard. Building a network like what Visa and Mastercard has built is extremely difficult. Personally, really have my doubts about how "disruptive" X payments will be.

And X may use dogecoin as payments?

What about XAI? Will existing Tesla stockholders soon be able to have some skin in the game?

@UncleGreatness

3 ай бұрын

The upcoming Tesla call may shed some light on Tesla's & XAi's relationship. Stay tuned

Great concept but I live on the Citi DoubleCash and Goldman Apple Card because of 2% cash-back as well as perks. There is absolutely no incentive to move to X although it would have been great to see Visa & MC dethroned. Elon knows there’s too many hands in the CC cookie jar for this concept to disrupt anything.

@UncleGreatness

3 ай бұрын

Yet. I'm sure X will have an attractive hook. People never thought X would pay people either. They do. Be patient its coming.

Wait, no funny graphic for the camera that cleans out your ears?

what disruptive is if you swipe then forget....

Very interesting episode discussing a future business model based on a large user base. It’s not really novel because something like it is already running in China.

Did you know that Amazon has a payment system? This is exactly what X is trying to do. This is not disruptive in any way.

@Hohmies86

3 ай бұрын

If they use cryptocurrency to mitigate tax issues. Giving crypto to a person and it be $20k won’t be taxed… or will it. I have no idea, just spit balling

UPI payments from india says Hi

Apple Card/Apple Pay (operator: Goldman Sachs) is utmost expensive. Is Musk trying to pull one from Cook's playbook?

@scottstempmail9045

4 ай бұрын

Didn't Goldman drop the card?

If it’s approved it’ll have to undercut everything else

It funny how someone can make a video about a topic yet not understand the fundamentals and basic knowledge of the topic... like how would x be competing with Visa and Mastercard when x are not processing the payment

Family Guy - Credit Card Debt Song HQ kzread.info/dash/bejne/nYd7mZNmZ9Wvl5c.html

It’s going to use crypto to mitigate some things

Still can't get Tesla insurance in Missouri.

This isn't disruptive in any way. Like not even a little bit.

X isn’t doing anything with payments that hasn’t already been done, it’s not disruptive to the industry and certainly not to the card brands. Do more research.

the everthing app is not a good idea. and normaly you two are a lot more critical. that is a single point of failure and a massiv privacy and data collecting issue. i like that alternativ but everthing is not going to fly and it wouldn´t be better then a orvalian state like china. he has to blindside all of the people with nice to use argument, as our states does it in the moment to convince us digital central controled money is a good thing. He could pull a cat out of the hat and do it with a totaly or nearly decentralize system in crypto, but i don´t think so. There are options to do it right, but i don´t think, elon would take it right now. Maybe next year, when finaly even the US has a stand on crypto. That is the only way this would realy work.

Don’t get me wrong, I’m a huge fan and f everything Elon. BUT… If Apple Pay could not make a dent in CC payments, with Apple having consumers payments info, payment device, privacy and security credibility, etc, etc, who the hell will pay with a social media? No chance!!!

@Ronald_Ingram

4 ай бұрын

True but - the most popular form of payments in China is via a social media platform.

I'm a little confused about the credit card idea. Why are you not using your debit cards? Do you seriously not use debit cards for small stuff? Surely since I was last in the USA a few years ago, you've seen the usage of contactless payments on your credit/debit cards become universal, cash usage has plummeted and cheques have become a largely forgotten nightmare because you're using funds transfers for payments when you're not using a credit or debit card, right? As for X doing payments of some kind, I think the big question is whether they'll be able to charge less than Visa & Mastercard do for a transaction. Can you buy a banana in Kenya for 1 penny, and neither you nor the vendor are charged 2 pennies for the transaction fees? Solving that for the developing world would be a game changer. Whether or not X can do that seems like a whole other kettle of fish because you have to maintain a robust IT infrastructure and have to make money somewhere in that process though.

@AnonYmous-rw6un

4 ай бұрын

Sadly where I am FCUs don't do contactless debit. I use debit for trusted transactions and only credit untrusted to cut transaction fees sucking money out the local economy. Still, payment platforms are good in minimizing transaction fees as long as you can stay within the platform. The challenge is competing against all the others.

@jonevansauthor

4 ай бұрын

@@AnonYmous-rw6un well, that could change quite easily. Just issue up to date cards, and get the contactless terminals to vendors to cut down transaction time. They should have done that US wide, a decade ago. It's bonkers that they haven't.

@randymaclean2707

4 ай бұрын

Using a debit card for purchases is not a very good idea. First, the discounts the merchant is saddled with are exactly the same, so no benefit to the merchant there. However, if your card number is stolen or compromised, you've walked away from the greatest protection you can get. If this happens (in the U.S.), the credit card company is required to eat the loss (excepting $50, and in almost all cases they take it all). If your debit card is compromised, you're on your own, AND your entire account can be drained. IMO, it's best to use a single credit card for online and in-store purchases, gas company cards for gasoline, and your debit card for the ATM. You can request a replacement card from time to time, and this will stop those pesky recurring subscriptions that tend to pile up.

@jpslaym0936

4 ай бұрын

This is more about Elon wanting to offer a financial processing system outside the mainstream corporate banking system. Much like Elon thinks of X formerly twitter as an alternative for non corporate MSM influenced free speech, X Payments will off a payment system alternative when the MS Banking system collapses in near future

@paulpark1170

4 ай бұрын

@@jpslaym0936 Elon May collapse if he doesn’t get off this X train soon.

Credit card companies usually charge 3% + 30¢ per transaction

Time start mining Doge again.

ONE SYSTEM TO RULE THEM ALL 😂 NOT

Elon can go by the venom path.

Hypothetically, if I were an American Express Gold and Platinum card holder, how would you sell this "X Card" to me? Honestly, your presentation sounds like more Elon Dick Riding.

OK... Let's see if I got this right: 1. Elon bought a microblogging platform (for its user base, you say - that's some weird revisionism of him being forced to buy after making a dumb mistake; his name alone would have brought in a brand new user base on anything he would have created from scratch) 2. He set fire to this platform 3. He'll attempt to do PayPal again (this idea is good, because there's money in it) 4. Profit (We'll have another payment platform that has the remains of a microblogging platform grafted onto it like a conjoined twin)

Not going to success.

These guys are Elon's groupies. They are so blinded by their love for the cult leader... Keep drinking the Elon cool aid boys 😂

Screw elon

How can we trust anything you say when you can't even get the basic facts of who actually started Paypal. It's on Wikipedia ffs.

@TheJazzper1970

4 ай бұрын

They are not entirely wrong. Elon is as much a founder of the merged company as anyone else.

@jschenck8451

4 ай бұрын

Yea wtf 😂 wiki is your end all be all source?? Ffs

@user-pk5ek1uz8o

4 ай бұрын

If your source is Wikipedia.. you are a joke

@schtinerbock4570

4 ай бұрын

Wikipedia? Is that thing still around?

"gigafactory" guy, ...you microphone is pointe to you EYES!

Hey guys, I agree Musk can change the game in payments like he has disrupted the auto industry. It isn’t even as hard as competing with Visa, MasterCard and the other card associations. These associations only make penny’s per transaction. The rest of the “fee” actually called interchanged is shared between issuers and merchant processors like FIS, FiServ, First Data, Worldline, certified card manufacturers, ID verification systems etc. and of course the issuing banks who also get the interest on credit card transactions (Visa doesn’t get any of that).