X1 Credit Card Review 2022: Can It Help Build Your Credit?


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quick take: The X1 credit card is a unique offering in that credit scores don’t play a major role in approval, credit limits are often significantly above average, and the card itself comes in the form of sleek stainless steel, not plastic. Points are easy to rack up on this rewards card, too. Cardholders receive two points for every dollar on every purchase all year long, three points for every dollar spent when they spend $15,000 or more per year, and four points per dollar spent for an entire month if they refer a friend.

  • Accessibility
  • Credit Limit
  • Earning and Redeeming Rewards
  • Fees and Interest

How did we calculate this?

pros

  • High approval odds
  • Meaningful credit limit
  • Earn rewards points quickly
  • $0 annual fee
  • Reasonable interest
  • No foreign transaction fee
  • Virtual credit cards
  • Improve credit score
  • Seamlessly cancel subscription payments
  • Anonymous spending

Cons

  • no cash back
  • High credit limit

X1 Credit Card Overview

The X1 is a 17-gram card made of pure stainless steel and packed with unique perks. Unlike the average credit card, the X1 approval process does not take credit scores into account. The lender is only interested in the borrower’s income.

Another main draw to the card is the high credit limit coupled with a competitive interest rate. The company’s website suggests the average credit limit is $24,300, with interest rates ranging from 13.00 to 20.00% variable APR.

The rewards card doesn’t limit the reward amount cardholders can earn in a year. Instead, the X1 credit card increases the rewards-per-dollar rate when cardholders spend $15,000 per year or more.

The X1 card has been developed with the cardholder’s protection in mind. Cardholders can shop anonymously, cancel subscriptions with a click of a button, and create temporary virtual credit cards that can be used to cancel free trials automatically.

Who Is The X1 Credit Card Best For?

The X1 credit card is best for consumers that have a high level of income and are seeking access to a high revolving credit limit. Due to the high credit limits offered, the best candidate would display a high level of self-control and a keen ability to manage debt.

Top Features of the X1 Credit Card

The most impressive features of the X1 credit card include:

Accessibility

Most credit cards that don’t depend on credit for approval are secured by a deposit made by the cardholder. The X1 card offers an unsecured line of credit without considering the applicant’s credit score, making it one of the few options for people with poor credit to access unsecured funds.

There is one point of contention in terms of the accessibility of the card. Approval is based primarily on the applicant’s income, with higher levels of income correlating with higher approval odds. There is a moderate correlation between high income and high credit scores, so some consumers that have a hard time accessing unsecured credit will have a hard time accessing an X1 credit card as well.

Credit Limit

The X1 website suggests that credit limits are up to five times higher than the industry average, with the average X1 credit limit coming in at $24,300. The limit cardholders are provided is based on current and future income and will automatically increase as the lender sees fit.

Although access to a higher credit limit is generally viewed as a plus, those who take advantage of this credit card should thoughtfully consider how much of the outsized credit limit they receive they’re willing to tap into.

Earning and Redeeming Rewards

Earning rewards is a breeze with the X1 card, and there’s no limit to how much cardholders can earn in a year. The points earned also do not have an expiration date. The reward program offers two points for every dollar spent on all purchases. Cardholders that spend $15,000 in a year will earn three points per dollar spent. When cardholders refer a friend that gets approved, they’ll earn four points for every dollar spent for an entire month.

X1 rewards points can be redeemed through a large and growing list of more than 100 retailers in travel, tech, fitness and retail. Each point redeemed is worth at least a penny and could be worth more depending on the retailer with which the cardholder chooses to redeem the points. Unfortunately, the X1 card doesn’t offer cash back. As a result, cardholders are limited to partnered retailers when cashing in on their rewards points.

Fees and Interest

The X1 credit card comes with competitive fees. See the chart below outlining the fee structure on the card:

Fairy cost
Standard Interest Rate 13.00 – 20.00% variable APR
Balance Transfer Interest Rate 13.00 – 20.00% variable APR
Cash Advance Interest Rate 20.00% variable
Annual Fee $0
Foreign Transaction Fee $0
Balance Transfer Fee 2% of the amount of the transfer
Cash Advance Fee 2% of the amount of the advance
About Limit Fee $0
Late Payment Fee $0
Returned Payment Fee $10
Replacement Card $25

Other Benefits of the X1 Credit Card

X1 cardholders also enjoy the following features:

Virtual Credit Cards

Cardholders can create virtual credit cards that automatically expire on the date of their choosing. Doing so makes it easy to cancel free trials by simply setting the virtual card’s expiration to the day before the free trial becomes a paid subscription.

Metal Credit Card

While most credit cards are made of plastic and degrade over time with frequent use, the X1 credit card is stainless steel and made to last. Even if cardholders swipe their cards enough to cause friction fires, the metal form of payment will continue to work reliably.

One-Click Subscription Cancellations

In some cases, people find it difficult to cancel unwanted subscriptions. X1 cardholders avoid the runaround when they want to end a subscription by taking advantage of the one-click subscription cancellation feature offered with the card.

Anonymous Spending

X1 cardholders can shop online anonymously without having to disclose any personal information.

Comparable Cards To Consider

Some of the top alternatives to the X1 credit card include:

Apple Card

Built directly into Apple Pay, the Apple card can be managed from the cardholder’s iPhone and offers a high level of security. One of the main draws of the card is the fact that cardholders aren’t charged any fees other than interest. This means there’s a $0 annual fee, foreign transaction fee or late payment fee.

Like the X1 credit card, applying for the Apple Card will have no impact on the applicant’s credit, though once approved, their activity will be reported to all three major credit bureaus. Moreover, cardholders earn up to 3% cash back on purchases on an unlimited basis.

Petal Card

The Petal card gives cardholders the ability to build and manage credit, and applicant credit scores are not considered for approval. When applying for the card, Petal doesn’t just take the applicant’s credit score into account. The company uses banking history to create an instant cash score that may help applicants get approved for a better offer.

Once they become members, cardholders are given access to the Petal App, where they can track and manage their credit scores as well as all of their financial accounts in one place.

Final Take

The X1 credit card is a compelling option for high-income earners with a keen sense of self-control and strong debt management skills.

X1 Credit Card FAQ

Here are the answers to some of the most frequently asked questions about the X1 credit card.
  • Does the X1 Credit Card affect credit score?
    • The X1 credit card reports activity to all three major credit bureaus. Since the X1 credit card doesn’t use credit scores in its approval determination, it will not affect the credit scores of those that are declined. Those who are approved will see movement in their credit scores based on their activities with the card, including payment history and credit use.
  • Who’s behind the X1 card?
    • The X1 card was founded by Twitter executives Deepak Rao and Siddharth Batra. It also has support from Max Levchin, David Sacks and Michael Dearing, PayPal cofounder, PayPal founding COO and Harrison Metal founder, respectively.
  • What income do you need for the X1 card?
    • The website for the X1 credit card explains that income is taken into account for the approval process but doesn’t outline how much income applicants need to be approved. Though, the higher the applicant’s income, the better the chances of approval.
  • Is X1 a charge card or a credit card?
    • The X1 card is a credit card, meaning users will be able to carry balances over from month to month, rather than having to pay the entire card off every month.
  • How do you redeem X1 points?
    • Cardholders can redeem their X1 Points by clicking on the “Rewards” tab from the X1 mobile app. On the Rewards page, users can choose from a growing list of rewards partners that accept X1 points as payment.

Editorial Note: This content is not provided by X1 Card. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by X1 Card.

Rates and fees are accurate as of March 25, 2022.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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