The New X1 Credit Card - “The Smartest Credit Card Ever Made.”
 

The X1 credit card will be available later this year or early 2021. Credit limits will be based on your income, not your credit score. It offers a potentially rich reward scheme (up to 4X).

Waiting list is open. More info here.

Please don't post referral codes in this tread. Start or add to a conga in S.P.A.M.

As far as I can tell, points are only redeemable on purchases made at a select number of retailers (for many of which, a discounted gift card can probably be purchased).

Not impressed since you can only redeem the points towards products. I rather get it in cash back and I can decide where to spend my cash back freely.

Pathetic, amateur phishing expedition. It's laughable that a card issuer is advertising anonymously. Are you willing to entrust any information to a company that has no name, no place of business, no privacy policy, uses trademarks of other companies without explaining the relationship?


All issuers do this.

The claim "credit limits up to 5X higher than traditional cards." is misleading. Read footnote 1 which refers to "average" (mean) credit limits of a broad demographic. Offering a credit limit five times an average, is not higher than the maximum limits offered by other issuers.


No different than an airline or hotel co-branded card, and three airlines (AS, B6, DL) are listed as participating merchants.

That’s the dumbest thing I’ve ever heard. Limits are always based primarily on one’s income stated. On the other hand, they’re a fintech startup, and their young customers probably care about limits.

I disagree. One rumor is that BofA may be the issuer. The founders and backers are very credible people with documented, successful experience in fintech. Max Levchin is one of the most honorable and ethical tech entrepreneurs. And all they are asking for is a name and email.

That’s the name that really got my attention when reading about this new venture. For people not familiar, he was a co-founder of PayPal and is the current CEO of Affirm- definitely has a lot of experience in the payments space.

I wonder if it's BofA of it'll qualify for preferred rewards bonus. Their current BofA Premium card earning 2.625/3.5 for plat honors.

If this was intended to inspire confidence, it had the opposite effect.

I saw this posted on One Mile at a Time and people were fawning over it. I honestly don't understand its value. Basically you can earn up to 4x points (but more realistically you will be earning 2-3x). These points can be used to buy gift cards at major brands. The issue is it never really makes sense to buy directly from the major brands as the retailers like amazon usually sell their products at a better price than direct; especially when you think of brands like Apple, Sony, and Microsoft. I think I would be happier using the Chase trio of cards and earning either 1.5x points (with freedom unlimited); 3x points on travel and dining (with reserve); or 5x points on whatever the quarterly categories are. I think you can make better use and find better redemptions staying with Chase or Amex than going with this mystery card.

I feel like my information would be at risk with this card and the only way they really make money is by selling my information. I dunno I will stick with Chase and Amex .

To each their own, right? ;-)

I had the opportunity to see him speak at an industry conference last year (LendIt) and he definitely has a lot of insights when it comes to the payments space. A lot of it is definitely very different to what most of us here use in our everyday lives (ie I would never finance anything at checkout using Affirm), but the traditional points/miles space isn’t for everyone.

My guess is no. I suspect that the issuer will be very much in background, like Goldman Sachs and the Apple Card.

One thing that's not clear is when you earn points, and how the 3x works if you reach the required $15000 spend late in the year. Do they wait to issue you the points until the end of the year, or do they retroactively issue you more points when you reach $15000 spend that year, or do you only get 3x on purchases made after you pass $15000 for the year (and in that case, is it from the start of the year the next year)? The details could matter a lot! But will we get these kind of details before there are T&Cs published? :confused:

This seems to target the same group of people that have historically been way more leery of credit than their older peers. If you've mostly or solely been using a debit card for everything and don't have any other major loans from which to base a credit score (e.g. car purchases or mortgages), getting a card that we would consider "more" rewarding might be a bit of stretch. At least to start, anyway.

Even then, a lot of people outside of FT seem to prefer using one card for everything rather than spending the time optimizing their rewards. It's part of why Apple Card has gotten pretty good uptake, for instance.

I now see an About link that I do not think was present over the weekend:: https://x1creditcard.com/about