Originally Syndicated on August 5, 2024 @ 9:58 am
Richard Smith is listed as the Chairman and Founder on the official TranzactCard’s Reviews website. The company that owns the “TranzactCard” trademark and the TranzactCard Financial Ecosystem is TZT Holdings Inc., whose subsidiary TranzactCard Inc. is a fully owned subsidiary of.
According to Smith’s LinkedIn profile, he is the Executive Chairman of TZT Holdings. The owner and operator of TranzactCard Reviews is Richard Smith. Two prominent internet names that the company uses for operations are “tranzactcard.com” and “mytzt.com,” both of which were created.
The most recent modification to the registration details for these names is noteworthy.
It is noteworthy that, although the connection was not immediately apparent, BehindMLM was first made aware of Richard Smith’s MLM operations with Divvee in the middle of 2016.
Smith co-founded the company, but at the time he wanted to work behind the scenes for CEO Allen Davis rather than be more visible.
In November 2016, the company changed its name to Divvee Rank & Share after its original concept failed. Richard Smith and co-founder Troy Muhlestein became the company’s public faces.
However, by July 2017, Divvee Rank & Share’s shortcomings were evident, leading the company to shift its focus to a scam involving foreign exchange stocks & goods.
The Nui shift, an extension of previously reported fraudulent practices in commodities and stocks, began with this.
Nui’s trajectory, unfortunately, took a turn for the worse when Darren Olayan tricked him into participating in a string of fraudulent Bitcoin transactions. Regarding securities fraud, the Texas legislature made an illegal order. The State of Texas Securities Authority thereupon fined Nui $25,000.
Richard Smith resurfaced in March 2019, in line with Digital Vault & RevvCard, even if it’s unclear when exactly he left Nui.
Reviews of the TranzactCard product
TranzactCard states that it offers VISA credit cards bearing the authentic Visa bank card logo that may be used both physically and digitally. These cards are meant to be accepted everywhere Visa is accepted, serving as the face of the TranzactCard Financial Ecosystem.
As to the FAQ on TranzactCard, Evolve Bank & Trust, N.A. is the current banking partner. The daily and monthly spending caps for the TranzactCard VISA card are $5,000.00 and $15,000.00, respectively.
TranzactCard’s Visa payment card is a white-label offering of Steady Financial Technologies, doing business as Strong, according to a user tip. This calls into doubt TranzactCard’s integrity and honesty as a company.
Summary
TranzactCard seems to be a program that offers the chance to earn money through a multi-level marketing (MLM) compensation structure, except for the Power Save Accounts.
Claims that Members can make money by participating in Virtual Branch Communities and paying their yearly card fees are reviewed by TranzactCard. According to TranzactCard’s official “Glossary of Terminology” page, the Power Save Accounts are long-term deposits that grow automatically and accrue economic velocity.
TranzactCard’s marketing emphasizes the compounding process, suggesting that the card is essentially an investment card that pays a dividend passively. However, this claim makes me concerned about the company’s background and potential ties to dubious multilevel marketing practices.
Review of TranzactCard: Is it a scam or genuine?
A transactional card that may be used both online and offline is the Tranzact Card. It claims to be versatile and has the Visa bank card logo on it. Tranzact Card gets all of its banking services from Solid Financial Technologies, LLC, even though it says it’s not a financial institution.
Richard Smith is identified as the CEO on the company’s website, and it states that it is based in the US.
4.8k people have visited the website, according to SimilarWeb. The domain was registered in April 2021, based on WHOIS data.
It is challenging for Tranzact Card to be used in a referral system. The company offers perks on top of its services, but the associate subscription requires an upfront $450 payment plus $150 monthly fees. All of these factors point to the possibility that Tranzact Card is a fake business.
Client Reviews
Reddit.com reports that TranzactCard reviews are a fraudulent corporation.
Whether or if this is a scam is the question. It seems to be an MLM scam, but aside from the website, there’s surprisingly little information available. The LLC linked to it is registered with a Wyoming corporation that specializes in business formation, and it is not listed with the Better Business Bureau.
Not even a Google search for the purported “founder” turns up anything. Concerns are raised by the paucity of substantial information, especially for those who are thinking about investing in a “digital branch franchise.”
Remarks
- The client claims and states that I investigated Tranzact Card and the findings supported my suspicions. The network that Mr. Richard T. Smith presided over was a multi-level marketing/ponzi scheme that debuted in 2020. You can see videos on YouTube where Mr. Smith pitches Network if you look for him there.
A quick search on YouTube for “network Richard Smith” indicates that TranzactCard and Network reviews are posted exactly alike, suggesting that they are trying to con us all!
- According to one of the clients, the MLM business model is discouraged by the FTC because of the way their pay structures are designed. Because you get paid commissions not only for the products you sell but also for the number of people who join and the earnings of your downstream line, they almost seem like a pyramid scheme.
- According to the customer, TranzactCard reviews are fraudulent; you are forced to spend escalating sums of money until you are left with no choice but to pay and market your own business.
- “I’m curious whether anyone on here who believes it’s a fraud has had any financial success,” a viewer asked.
MLMs can use both legitimate and illicit business practices, such as TranzactCard review. Have you ever dealt with a technician poorly? Or does anyone in this room have a bad story about a job they had or are currently holding? An identical argument is made by both parties. Ultimately, it is up to you to determine what works best for you in your unique situation.
Your lack of self-confidence and self-belief is evident when you bottom-feed the internet for advice from strangers who have no consequences for your actions in life.
The Bottom Line
The company that owns the trademark for “TranzactCard” and the TranzactCard Financial Ecosystem is TZT Holdings Inc., which also owns TranzactCard Inc. “Tranzactcard.com” and “mytzt.com,” the company’s two main website names, were both created at an unidentified time.
It’s significant to remember that these domains’ registration information was just changed. TranzactCard Reviews and Richard Smith’s involvement in MLM fraud with Divvee were discovered by BehindMLM.
The relationship to TranzactCard Reviews was not immediately clear, though. During this period, Smith declined to play a more prominent position in the business he co-founded in favor of staying in the background and working under CEO Allen Davis.
This signaled the start of the Nui transition, which is an expansion of previously reported fraudulent activities in commodities and stocks. Consequently, the State of Texas Securities Authority fined Nui $25,000.
The body of data points to a troubling trend involving TranzactCard and its pivotal figures. You can click this link to learn more about the scam: TranzactCard
