X1 Credit Card 2021 Review – Is this Card Worth the Hype?

The X1 Credit Card is becoming very popular and really hyped. In fact, it is called “the smartest credit card ever made”. That seems like a good reason to get it right? If you are contemplating going for it, here are things you need to know about it.

Earning Rewards

An Overview of the X1 Credit Card

The X1 Credit Card has several attributes that put it at the top of the class. For starters, it’s one of just a handful of credit cards that don’t rely on your credit score to determine creditworthiness or how high a credit limit to grant you. Instead, it uses your current and potential future income to make a determination, which the company claims could result in a limit up to five times higher than a traditional credit card.

Since X1 bases their underwriting on your income, and not your credit score, there’s also no hard pull on your credit, which may be appealing to those working on building or repairing their credit.

When it comes to rewards, the structure on the X1 Card is one of the most generous we’ve seen on a card without an annual fee. The card earns 2 points per dollar on every purchase, but if you spend $15,000 or more in a year on the card, that rate jumps to 3 points per dollar on every purchase for that year. And, if you refer a friend who signs up for the card, you’ll earn 4 points per dollar for a month.

The biggest downside with the X1 Card for some may be that you can only redeem your rewards with X1 partners. 

There are over 100 partners so far and they include several airlines, Airbnb, and retailers ranging from IKEA to Etsy to Sephora, and points are worth a minimum of one cent each.

Highlight

  • $0 annual fee
  • No welcome bonus or introductory APR offers
  • No credit check, X1 uses the income to grant credit limits
  • Earn 2 points per dollar on every purchase
  • Earn 3 points per dollar for the year if you spend $15,000 or more that year
  • Earn 4 points per dollar for a month for every referral who signs up for the card
  • No foreign transaction fees
  • Redemptions can only be made with X1 partners
  • Visa Signature perks and benefits

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Earning Rewards

Earning Rewards

The X1 Credit Card earns at the following rates:

  • Earn 2 points for every dollar spent.
  • Earn 3 points for every dollar spent if you spend at least $15,000 that year on the card.
  • Earn 4 points per dollar for a month for every person you refer who gets the X1 card.

Redeeming Rewards

Rewards are worth between 1 and 2 cents per point, depending on the retailer and the redemption, according to X1 Card Co-founder and CEO Deepak Rao. Rewards can only be redeemed by making purchases at any of  X1’s list of partners and receiving a statement credit against that purchase.

Other Card Benefits

As a Visa Signature card, the X1 comes with the following benefits:

  • Auto Rental Collision Damage Waiver: Pay for your rental card with the X1 card and decline the rental company’s collision damage waiver and you’ll receive coverage for damage or theft to the vehicle
  • Travel and Emergency Assistance: Access to a call center 24 hours per day, 365 days per year that can connect you with services including medical referral assistance, emergency transportation assistance, and emergency ticket replacement
  • Extended Warranty Protection: When you use your card for your eligible purchases you’ll get double the term of your eligible U.S. manufacturer’s warranty up to 1 additional year on eligible warranties of 3 years or less
  • Travel Benefits: Concierge service and special guest status at Visa Luxury Hotel Collection properties
  • Trip Cancellation and Interruption Reimbursement: Can reimburse you for the non-refundable cost of your passenger fare if your trip is canceled or interrupted

Conclusion About  X1 Credit Card

X1 credit card is really not a bad option. if you don’t have a great credit score, then the X1 credit card could be an easy way for you to start earning points at a high level while building your credit at the same time. 

What it really all depends on is whether or not you want to redeem your points with X1’s partners. If you like these partners and see the value you’re getting from them, then you can definitely get a nice redemption rate for your spending.  However, it’s worth noting that these partnerships aren’t exactly locked in.

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