On TranzactCard Reviews’ official website, Richard Smith is portrayed as the Chairman and founder. TranzactCard Inc. is a wholly owned subsidiary of TZT Holdings Inc., which owns the trademark “TranzactCard” and the TranzactCard Financial Ecosystem.
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Smith describes himself as the Executive Chairman of TZT Holdings on his LinkedIn profile. Richard Smith is the owner and operator of TranzactCard Reviews. The corporation operates through two major website domains, “tranzactcard.com” and “mytzt.com,” both of which were established.
It’s worth mentioning that the registration information for these names was most recently updated.
It’s worth noting that Richard Smith’s involvement in MLM activities with Divvee was first brought to the attention of BehindMLM in mid-2016, albeit the relationship was not immediately evident.
During that time, Smith preferred to work behind the scenes for CEO Allen Davis rather than take a more public role in the company he co-founded.
After the initial idea of Divvee failed, the company was renamed as Divvee Rank & Share in November 2016, with Richard Smith and co-founder Troy Muhlestein taking center stage as the company’s face.
Nevertheless, by July 2017, the flaws of Divvee Rank & Share had become apparent, prompting the business to turn toward a scam including foreign exchange stocks & products.
This represented the beginning of the Nui transition, which was an expansion of earlier documented fraudulent techniques in equities and commodities.
Unfortunately, Nui’s trajectory shifted downward, and he became involved in a series of fraudulent Bitcoin transactions perpetrated by Darren Olayan. The legislature of Texas issued an illicit order regarding fraud in securities. As a result, Nui was fined $25,000 by the State of Texas Securities Authority.
Despite the precise date of Richard Smith’s resignation from Nui is unknown, he reappeared in March 2019, aligned with Digital Vault & RevvCard.
Product by TranzactCard Reviews
TranzactCard claims to provide VISA credit cards that may be used both digitally as well as physically, and they are emblazoned with the official Visa bank card emblem. These cards are positioned as the face of the TranzactCard Financial Ecosystem and are stated to be accepted anywhere Visa is accepted.
According to the TranzactCard FAQ, the current banking partner is Evolve Bank & Trust, N.A. The TranzactCard VISA card has daily and monthly spending limitations of $5,000.00 and $15,000.00, respectively.
We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.
All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.
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According to a user tip, TranzactCard’s Visa payment card is a white-label product of Steady Financial Technologies, which operates under the moniker Strong. This raises questions regarding TranzactCard’s transparency and credibility as a firm.
Summary
Except for the Power Save Accounts, TranzactCard appears to be a program that provides an opportunity to make money through a multi-level marketing (MLM) compensation structure.
TranzactCard reviews claims that Members can earn money by taking part in Virtual Branch Communities and paying their annual card fees. The Power Save Accounts are long-term deposits that increase automatically, collecting economic velocity, according to TranzactCard’s official “Glossary of Terminology” page.
The promotion for TranzactCard stresses the compounding process, implying that it is primarily an investment card with a passive dividend. This statement, however, raises worries about the company’s nature and its possible connection with questionable MLM tactics.
TranzactCard Review: Is it legit or a fraud? Let’s Find Out
Tranzact Card is a transactional card that may be used both online and in person. It bears the Visa bank card logo & claims to be multifunctional. Tranzact Card, despite its claim that it is not a financial institution, relies on Solid Financial Technologies, LLC for all of its banking services.
The website names the CEO as Richard Smith, and the company claims to be situated in the United States.
The website has received over 4.8k visitors, according to SimilarWeb. According to WHOIS records, the domain was registered in April 2021.
The involvement of Tranzact Card in a referral system is problematic. The organization promises extra benefits in addition to its services, but the associate subscription demands a $450 initial payment, followed by $150 monthly costs. These aspects collectively suggest that Tranzact Card may be a potentially fraudulent company.
Customer’s Reviews
According to Reddit.com, it is stated that TranzactCard Reviews is a fraud company.
The question is whether or not this is a hoax. It appears to be an MLM fraud, however there is a remarkable lack of information beyond the website. There is no presence on the Better Business Bureau, and the LLC affiliated with it is registered to a Wyoming corporation that specializes in business formation.
Even a Google search for the alleged “founder” finds no results. The lack of considerable information causes worries, particularly among those considering the purchase of a “digital branch franchise.”
Comments
- According to the client, claims and stated that I did my research on Tranzact Card & the results confirmed my suspicions. Mr. Richard T Smith was the president of a network, a multi-level marketing/ponzi scheme that launched in 2020. If you search for Mr. Smith on YouTube, you will see videos on YouTube where he pitches network.
Simply searching “rNetwork Richard Smith” on YouTube reveals that rNetwork & TranzactCard reviews are put up identically, implying that they are out to defraud all of us!
- One of the clients claims that The FTC warns against the MLM business model due to the way their pay systems are set up. They veer close to becoming a pyramid scheme because you get paid commissions not only for the things you sell but also for the number of individuals that join and the earnings of your downstream line.
- As the customer, stated that TranzactCard reviews are a fraud; they make you pay increasing amounts of money, until, if you want to advertise your own business, you make a payment and get no response.
- One of the spectators inquired, I’m curious whether anyone on here who believes it’s a fraud has had any financial success.
MLMs, like TranzactCard review, can engage in both legal and illegal business methods. Have you ever had a terrible experience with a mechanic? Or has anyone in this room had a poor experience with a previous or current job? Both sides make the same argument. At the end of the day, you must decide what is best for you in your particular scenario.
Bottom-feeding on the internet for advice from people you don’t know and who have no repercussions for the things you do in life demonstrates your lack of self-confidence and belief in yourself.
Final Thoughts
TranzactCard Inc. is owned by TZT Holdings Inc., which holds the trademark for “TranzactCard” and the TranzactCard Financial Ecosystem. The company operates through two primary website domains, “tranzactcard.com” and “mytzt.com,” both established at an undisclosed time.
It’s important to note that the registration details for these domains were recently updated. BehindMLM uncovered TranzactCard Reviews along with Richard Smith’s involvement in MLM fraud activities with Divvee.
However, the connection to TranzactCard Reviews was not immediately evident. During this time, Smith chose to remain behind the scenes and work in the shadows under CEO Allen Davis, rather than taking a more visible role in the company he co-founded.
This marked the beginning of the Nui transition, an extension of previously documented fraudulent practices in equities and commodities. As a result, Nui was fined $25,000 by the State of Texas Securities Authority.
The cumulative evidence strongly suggests a concerning pattern associated with TranzactCard and its key figures. To know more about the scam, you may learn from the link: TranzactCard Reviews.
