X1 Credit Card Review 2022

So the x1 credit card which was introduced with a lot of fanfare a lot of hype about maybe a year and a half ago which had a waiting list and you needed a special code well all of the barriers have come down and now anyone can apply for the x1 credit card doesn't necessarily mean any everyone's going to be approved for it but everyone can apply

Now the x1 credit card has a number of interesting features but probably what was most exciting about it to a certain segment of people was number one the application process x1 was sort of promising that they were going to look not only at your credit history but also at your income and for some people

if you didn't even have a credit history that meant that there was the potential to be approved so if you were someone that was having a hard time getting your first credit card or maybe you're going to be able to get a credit cardB

But it was only going to have you know a measly 500 limit or whatever maybe this one seemed more attractive to you and number two sort of following from what i just said is that the x1 credit card was promising much larger credit limits so if you felt like you were getting measly credit limits

They were saying that you might get five times the credit limit that you would from other credit card issuers now how they came up exactly with five times the amount versus other credit card issuers is not entirely clear

but anyway that was sort of the hype and from people that were on the waiting list and have been able to get their hands on the card were approved for it it seems like the claims have been pretty much true people getting it as their first credit card and being able to use their income as a way to sort of justify their application even if they didn't have a credit history

It sounds like the credit lines have been larger than people were seeing with other credit cards so there's been a lot of happiness as far as that goes in terms of being approved and getting those larger credit lines sort of mixed reviews in terms of customer service

so it will be interesting to see how customer service works now that they have sort of opened the gates instead of controlling the flow as they've done up to this point that said let's do a little deeper dive on the x1 credit card it hasn't changed a whole lot since it was first announced but the credit card market has changed a little bit so let's look at its features and see how

It stacks up so the x1 credit card is a no annual fee visa signature credit card it is made of stainless steel if you care about having a metal credit card that might be a feature that you like in terms of rewards you are getting two points per dollar on all of your purchases with

The card across the board no categories to consider however you could get three points per dollar on all of your purchases if you spend at least fifteen thousand dollars on the card over the course of a year and then there are other opportunities to earn more points based on purchases in certain categories where you're getting special offers or referring other people to the card but sort of at the base for most people and for purposes of this video it is the two points per dollar or the three points per dollar

If you can hit that 15k per year there's no new card holder bonus opportunity on the x1 credit card at least not as i make this video which is going to make it less attractive obviously to many people myself included

However if you are someone that is newer or very new to credit and this is a card that you can be approved for and maybe get that bigger credit line maybe you don't care about that as much because maybe the other cards that you could get your hands on don't have a bonus or maybe it would be difficult to reach that anyway as far as you're concerned

So maybe it is the everyday uh reward earnings and redemptions that you're going to care about more but no bonus opportunity now let's look at how you can redeem at the points you earn on the x1 card because again this is a place that could be a non-starter for some people might be okay for others

So the points that you earn will be worth a penny per point when you redeem them for statement credits against purchases that you have made with the card at certain retailers so you buy from amazon for example that is a charge on your card and then you could use your points against that at a penny per point and the list of retailers and other merchants where you could use your points that way is pretty good

so amazon i just mentioned apple nike lululemon you got good travel retailers airbnb southwest united american airlines uber and there are a lot of others as well you're not going to get the cash in your hands it's only going to be against those particular purchases now you can get cash back from your points but it is not going to be at the same penny per point

Translation there it is going to be 0.7 cents per point so when we think about two points per dollar in your head you might think of that as two percent and it would be when you're using your points against those purchases you made at those certain retailers but if it's 0.7 cents per point well then when you just cash out in general you're looking at 1.4 percent which is not so great on that 2x or if you had the three points per dollar you would be looking at a 2.1 percent cash back rate which actually is not so bad

If you only wanted to carry one credit card that would maybe be something that you were okay with if you spent over fifteen thousand dollars on the card if you think about it with those retailers a lot of big names there let's say you spent fifteen thousand dollars per year on the card lose fifteen thousand dollars exactly at three percent or three points per dollar

You'd have 45 000 points so that's 450 of buying power or statement credits against purchases from some big names so if you're someone that ever was going to buy tickets on southwest or united or american or you did an airbnb or you used uber often or you're going to buy something from apple or from amazon

If you could hit 450 in purchases in that retail list which many people could especially if you're spending fifteen thousand dollars on a credit card in a year well then you might be okay with that and that is a three percent reward across the board on all your purchases

So that's not bad all right let's look at some other features of the x1 card that might help you to decide when you apply for the card there's going to be a soft pull on your credit report meaning it is not going to hurt

Your credit at all for you to at least see what they would offer you to see whether you would be approved however if they tell you are approved and you go ahead and get the card then there's going to be a hard pull on your credit

So that is going to ding your credit score to some extent assuming you have a credit score at all i don't think you should think about this too much because if you got the card and you got the hard pull well you wanted the card and that's just how it works if it dings your credit score a few points not a big deal

It will go back up over time especially with your responsible credit card use if you are approved in many cases that will be an instant approval and you will also be able to use the card instantly if you so choose even before you have the physical card in your hand so you would get some sort of number not sure if that's a temporary

Number if it's your permanent credit card number but you could use the card immediately thinking of virtual numbers or temporary numbers there also is the fact that with the x1 card they're sort of touting the fact of virtual card

Numbers which a lot of credit cards have but in this case they talk about things such as using a card that is a single use or a 24-hour use so that you could use them for things like free trials where you know they would charge your credit card at the end of a week or whatever well in this case

If you use the credit card you could get the free trial but when they come back in a week and try and charge your credit card that credit card doesn't exist anymore so that's sort of a way for you not to not to worry about those kind of free trials where you suddenly forget that they're going to charge

your card all that kind of stuff all right fees and interest all that good stuff i've already said this is a no annual fee card it does not have any sort of zero percent offer on purchases or balance transfers your interest rate as i make this video is going to be anywhere from 15 to 22 15 not

So bad in today's market 22 is pretty high so depending on your credit history you could end up in a not very good place interest rate wise but as long as you pay off your card in full every month you won't have to pay interest and so that is not necessarily a concern for you no foreign transaction fees on this card

So if you use it outside of the united states you're not going to get charged any extra there are a lot of cards out there that are no annual fee cards that are going to charge you an extra three percent so that is good no late fees on the card you can add up to five authorized users if you want to the x1 credit card is issued by x1 in partnership with coastal community bank

So that is the actual bank that is handling your account x1 is a company on the front end one of these fintech financial technology companies that is doing the marketing and is doing the customer service for the most part

But the actual bank behind it is a different bank coastal community bank the card is a visa signature as i mentioned earlier there are some extra benefits that come with the visa signature label in this case you've got some cell phone protection you've got some travel insurances some extended warranty features on this card x1 is a little bit vague in terms of the uh details on those things so i had a hard time really finding what the details were on all those

So if you have to you know pay some sort of deductible on the cell phone protection and those sorts of things you'll want to look closer at that i don't know how many people are going to get this card for those extra features in particular but they are on there so that is it.

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