Like every iteration before it, Richard Smith’s TranzactCard has collapsed.

Following disabling of DBO recruitment and member referral yesterday, a “FinMore” reboot was announced on a TranzactCard corporate call.

For the most part, FinMore appears to be a cosmetic rebranding with more fees.

  • TranzactCard DBO –> FinMore Business Owner (FBO)
  • TranzactCard Member (retail customer) –> Finmore Cardholder
  • ZClub –> FinMore Market Place
  • ZBucks –> FinCredits

FinMore Cardholders will be charged $4.95 a month for access to FinMore. “Legacy” TranzactCard members will receive access to the same service for $2.49 a month, up until March 2025.

As to what services FinMore is providing access to, it’s a standard offering of “me too” discount services from undisclosed third-parties.

The services are broken down into various categories with “Flourish” branding.

Flourish Health and Wellness

  • telemedicine
  • a nutrition program
  • a fitness program
  • weight management program
  • medical cannabis savings
  • medicare concierge service
  • prescription discounts
  • senior savings benefits
  • dental savings
  • medical records vault

Flourish Decision Maker

  • finance tracking
  • overspending corrector
  • budgeting tool

Note that Flourish costs an additional $50 a month and “other Flourish bundles” will be released at some point.

Needless to say this looks nothing like what TranzactCard originally pitched.

They’ve gone from “here’s a credit card you’ll get a 1:1 dollar match on be able to buy Nikes with”, plus a “compound growth” savings account…

…to “here’s some discount services you can get from a bunch of places”.

With Flourish costing $50 a month extra, what I’m lost on is what FinMore members are paying monthly fees for.

I get that affiliates (FBOs) can be charged for backoffice access, but what exactly are the FinMore member retail customers paying for?

On the MLM side of things, FinMore is charging new recruits $199 plus $50 annually. This is down from the $495 TranzactCard DBOs were charged.

Retail customers are being charged $50 annually plus $4.95 a month (I still don’t know why you’d sign up for this).

Commissions are paid out via what appears to be a unilevel, capped at ten levels on recruitment and nine levels for retail customers. This matches what TranzactCard was offering.

Flourish, which is new, pays $5 a month for direct referrals (FBOs and retail customers), and $3 upline nine levels (based on rank).

Pointing out the obvious, FinMore appears to be a renewed effort to disassociate from TranzactCard founder and owner Richard Smith.

Communication from TranzactCard/FinMore distributors certainly suggests banks are being misled with the rebranding:

How long that goes undetected is anyone’s guess.

Something else I haven’t seen addressed is whether $495 TranzactCard DBOs are able to claim a refund. Given what they bought into has collapsed, offering full refunds would be the legally responsible route.

Still no corporate response on the 32,000 TranzactCard accounts being breached, or what the plan is going forward.

Richard Smith “resigned” from TranzactCard corporate last November but still owned parent company TZT Holdings LLC.

It’s unclear whether Smith still owns whatever shell company FinMore has been set up behind (directly or by proxy).