There are a number of reasons why the X1 Credit Card ranks so highly. In addition, it is one of the few credit cards that does not use your credit score to assess your creditworthiness or the amount of credit you are granted. Rather than relying solely on your creditworthiness, the firm claims it can provide you with a limit up to five times more than a regular credit card.
X1 Credit Card 2021 in a Nutshell
- There is no annual charge.
- There are no welcome bonuses or introductory APR offers available.
- No credit check, X1 uses income to grant credit limits
- Earn two points for every dollar spent on eligible purchases.
- If you spend $15,000 or more in a calendar year, you will get 3 points every dollar spent.
- For every referral who signs up for the card, you will receive 4 points per dollar for the next month.
- There are no international transaction costs.
- Vouchers and bonuses are only redeemable with X1 partners who offer Visa Signature perks and benefits.
X1 Credit Card Rewards
- Forbes Advisor analyses data from several government agencies to compute the X1 Card’s reward potential, which includes both baseline income and expenditure averages across many categories. Earning households in the 70th percentile bring in a yearly income of $100,000 and spend $52,820 on necessities. Total annual spending on this card would be $26,410 if 50% of these expenses were charged to this card.
- A total of 79,230 points would be earned in the first year of use if the yearly card expenditure exceeded the threshold of $15,000 for a higher rate of 3 points per dollar. If you refer someone to sign up for the card, you’ll get an extra point per dollar spent for that month, bringing your total to 4 points per dollar spent for the whole year!
- According to X1 Card Co-founder and CEO Deepak Rao, rewards are worth between 1 and 2 cents each point, depending on the shop and the redemption. Customers who use X1’s list of partners can only redeem their rewards by making purchases and receiving a statement credit for those purchases.
Rates of return for the X1 Credit Card are as follows:
For every $1 you spend, you’ll get two points. If you spend at least $15,000 on the card in a calendar year, you’ll get 3 points for every dollar you spend. For every X1 card you refer, you’ll gain 4 points every $1 spent.
X1 Credit Card Benefits
Benefits for Travelers: Concierge service and VIP status at Visa Luxury Hotel Collection locations are included in this package.
Pay for your rental card using the X1 card and decline the rental company’s collision damage waiver, and you’ll be covered for any damage or theft to the rental vehicle.
The ability to reach a call centre 24 hours a day, 365 days a year, and get connected to services such as medical referral support, urgent transportation aid, and last-minute ticket replacements
As long as you use your card to make eligible purchases, you’ll get an additional year of warranty coverage from the U.S. manufacturer on qualified warranties of three years or less.
Itinerary Cancellation and Delay A cancellation or interruption of your travel may necessitate reimbursement of the non-refundable portion of your passenger price.
The X1 Card* is an A+ rewards card for people who have a good salary but a bad credit score. There is no annual charge and the earnings structure is generous.
For some, the most significant disadvantage of the X1 Card is that you can only redeem your points with X1 partners. So far, there are over 100 partners, including many airlines, Airbnb, and businesses ranging from IKEA to Etsy to Sephora, with points worth a minimum of one cent apiece.
When it comes to rewards, the X1 Card has one of the most generous structures we’ve seen on a no-fee card. The card earns 2 points every dollar spent on purchases, but if you spend $15,000 or more on the card in a year, the rate increases to 3 points per dollar spent on purchases for that year.
For someone who usually spends in the redemption categories offered by the X1 Card, the card is best in class due to its high earning potential as well as bonuses and benefits in its sleek no-annual-fee package.