X1 credit card goes from waiting list to reality

Citi is an advertising partner.

The X1 card, which opened its waiting list last fall, has finally started approving requests. The card touts itself as a ‘smart’ credit card with features you would expect from a fintech start-up targeting a millennial market: metallic stainless steel design, non-traditional ways of setting credit limits and many opportunities to earn rewards.

Plus, it doesn’t hurt that some of its top funders, like Jared Leto, will likely ensure the card’s continued popularity and the company’s ability to earn and fundraise for years to come. to come.

Despite the buzz that the X1 card has generated over the past year or so, you still need to know if this rewards credit card is practical for your needs. That is, what features and offers would make it the best credit card for your spending habits? Here’s more information on what to expect with this card and if you should apply.

What does the X1 card offer?

Card details:

• Reward rate: 2X points on all purchases; 3X points on all purchases if you spend more than $ 15,000 per year; 4X points for 30 days for each approved referral who obtains the X1 card; up to 10X points for certain brands when you buy in the X1 app
• Annual subscription: $ 0
• Regular APR: 12.75 percent to 19.75 percent variable APR

Application process: Higher credit limits, no hard pulls and immediate use

Perhaps one of the most interesting features of the card is the way it selects and approves applicants. There is only gentle credit application, and the approval algorithm is largely based on your annual income, not just your credit score. According to the issuer, this means that card applicants could get up to five times the credit limit they would get from a credit card using a more traditional formula for setting credit limits.

Even if you earn a large portion of your income through business operations, rental income, dividends, or other non-salary sources, chances are that X1 will still approve your application, and you will be eligible for a higher credit limit based on that. Income. During the digital application process, you can connect a bank account for income verification, which gives you a better chance of getting a higher credit limit.

Finally, if you are immediately approved for the card, you will get a virtual card number that you can start using immediately. You can use the card number online or add it to a digital wallet to launch your rewards and earn Getaways.

Earn rewards

Another remarkable feature of this “smart card” is the generous reward structure. You can earn 2X on all purchases to start. Then there are opportunities to increase your income by meeting the annual expense requirement of $ 15,000, which will retroactively give you 3X points on all your purchases for the year.

Finally, if you refer people and they end up getting the X1 card, you can earn 4X points on purchases for 30 days. When you refer your family and friends, they skip the X1 waitlist.

Sometimes X1 will provide other opportunities to increase reward earnings based on certain expense categories, merchants, or other account activity. Cardholders will see updates on increased earning opportunities in the X1 credit card app.

There is no limit on the number of points you can earn and the rewards do not expire. If your account fails, X1 may recover points and prevent you from earning points on future purchases until your account is up to date.

Redeem rewards

Reward Points can be converted and applied to purchases you make from X1 Rewards Partners. Unless stated otherwise, Reward Points are worth $ 0.01 in statement credit. So 100 points would equal $ 1.

The value of points for other redemption options, such as cash back, may be less than this. To redeem points, you need to download and install the latest version of the X1 app on your mobile device.

The list of exchange partners covers many popular brands that cover categories such as tech, fitness, retail and travel. Here is a sample of these partners:

• Adidas
• Airbnb
• Nintendo
• Bose
• Apple
• Etsy
• Ikea
• South West

What else do I need to know about the X1 credit card?

Technological integration

The X1 card is tightly integrated with its mobile application for account management and communication. Everything from the application process to redeeming points and accessing card notifications is handled directly in the X1 app.

Another useful feature is the versatility of X1’s take on virtual credit card numbers. This feature has some anti-fraud potential and allows cardholders to have more control over spending on the card:

• Automatically end free trials with auto-expiring virtual cards
• Cancel subscription payments with one click
• Spend anonymously without disclosing personal information
• Create single-use virtual cards

Metal form factor

The growing popularity of metal cards makes the sleek and sleek card imprint an appeal to many in the camp of high-income millennial professionals that this card is marketed to. The stainless steel aesthetic and heavy weight of 17 grams place it at the heavier end of the growing line of metal credit cards.

Additional advantages and advantages of the card

The X1 card is part of the Visa Signature network, which has many advantages, including:

• Car Rental Collision Damage Waiver
• Travel and emergency assistance
• Extended warranty protection
• Travel benefits such as concierge service and special guest status at Visa Luxury Hotel Collection properties
• Cancellation and reimbursement of trip interruption

What other credit cards compare to the X1 card?

So far, we believe this card could be considered a daily spending card. This is because of the potential to earn more rewards on all of your spending on the card, and not just on certain categories. Plus, if you spend over $ 15,000 on the card in a year, you can earn up to 3x the points on all your purchases, which is one of the highest rates we’ve seen for a flat-rate reward card.

While you can earn quite a bit with this card, you might not like the limited redemption options, which, for now, include cash back at 0.7 cents per point and 1 cent per point. on select purchases from Reward Partners.

If you want similar opportunities to earn and redeem points on your daily spending, you might like the Chase Freedom Unlimited®. While you don’t earn that much on all purchases, there are bonus categories like travel purchases through Chase Ultimate Rewards, where you can earn up to 5X points. There is also a welcome bonus of $ 200 after spending $ 500 within three months of opening your account.

Using rewards is a bit simpler and includes cash, statement credit, gift cards, and Amazon.com purchases. Freedom Unlimited earns Chase Ultimate Rewards points which can be redeemed for cash at a 1: 1 rate, making this card a sort of beginner’s travel credit card, especially if you are planning on getting a card. Chase premium thereafter.

If you want simple, straightforward rewards, the Wells Fargo Active Cash℠ card offers a 2% lump sum cash back on all purchases. The Citi® Double Cash card also offers 2% cash back: 1% when you make purchases and an additional 1% when you pay off the balance.

The bottom line

The new X1 card debuted with an impressive array of features. However, given that very few people have moved from the wait list to the card membership, it remains to be seen how the card will perform in terms of customer service, long-term value and evolution of business. features.

If you are interested in the card, the best you can do at the moment is to put yourself on the waiting list and see if you are chosen to apply. If you’re not ready to wait on that card, you can check out Bankrate’s CardMatch tool for other credit offers that match your credit profile.