This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Disclosure, visit this page.
The new X1 Credit Card has certainly built up a lot of hype around itself — but why, exactly? What’s so special about it? It is being called “the smartest credit card ever made,” but is it really? Should you sign up for it? Is it really that smart, and worth a spot in your traveler’s wallet, or is it just another gimmick? Here are all the details.
The information for the X1 Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The Basics of the X1 Credit Card
- The card currently has a waitlist and will be released this winter, with no exact date announced yet.
- The card will not have an annual fee.
- There’s no hard pull on your credit, just a soft pull when signing up.
- Credit limits are not based on credit history, but rather on income (and you can increase your limit over time by providing your bank account and pay stub information).
- The card is claiming it’ll have huge limits, as compared to traditional credit cards, up to quintuple what you might get with a normal card.
- There are no foreign transaction fees or late fees.
One of the other bonuses is the fact that this card is a metal credit card. It’s made of 17g of stainless steel.
If you’re an avid point and miles earner, then you likely really only want a credit card if it can get you those sweet points and miles to spend on travel and more. So, what will the X1 credit card offer you in terms of points earning and spending?
The X1 card gives you 2 points per $1 spent on everything, across all spending categories. However, if you spend more than $15,000 on your card in one year (which isn’t exactly difficult to do), then that point-per-dollar rate is upped to 3 points per every $1 spent.
Your point-per-dollar rate also increases if you invite someone to sign up for the card and they then do so, to 4 points per $1 spent on everything. That rate holds true for the 30 days following sign up.
Unfortunately, if you invite multiple people to sign up for the card and then multiple people do sign up for the card, you won’t get, for example, 12 points per $1 spent if three people sign up. Instead, that 30 days that you get the bonus rate multiplies, so you’d get 3 months of 4 points per $1 earning if three of your friends signed up.
There’s no limit for points earning and points do not expire.
So then what do you do with all those points once you’ve earned them? The X1 credit card allows you to redeem your earned points with a whole bevy of brands, both travel and otherwise. Announced travel partners include Delta, Alaska Airlines, JetBlue, Hotel Tonight, Zipcar, and Airbnb. There are redemption options with more than 100 retailers.
The value your points hold differs according to who you redeem your points with. Most brands value the points at $0.01 for each, but some offer you $0.02 for each point. This is a pretty good value and one that can stand up to even some of the best travel credit cards — if you want to travel with X1’s selected travel partners and if you take advantage of those extra ways to boost your point-per-dollar rate.
Unlike with other credit cards, you don’t have to redeem your points through a portal. Instead, you just make the purchase with one of the partners, like you normally might, but with the X1 card. Then, simply wipe the charge from your bill using points.
Extra Perks from the X1 Credit Card
One unique feature the X1 credit card offers is the ability to create a virtual card number. This basically is a “fake” card number that you can use to get free trials of various services. Then, before the trial is up, the card number expires. No one can charge you once that free trial turns into a paid trial.
Note that the X1 card is also a Visa Signature product.
Should I sign up for the new X1 credit card?
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. As with every credit card that’s not co-branded with, for example, a hotel chain or airline, the redemption partners can change over time. While they may add some partners you like, they can also remove some that you like. So, if you only can foresee yourself redeeming points with one or two of the current partners, you may not want to sign up for the new X1 credit card.
If, however, you really like all of the card’s redemption partners and you think you could redeem with most or all, then it’s definitely a card worth considering.
Additionally, 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.
Joining the Waitlist
As mentioned, the X1 credit card does come with a waitlist. This means that, once the card is released this winter, you may not have automatic access to it. The company says there are more than 160,000 people on the waitlist now, but if you want to move up the waitlist, you can do so by sharing some personal information (moves you up 100 spots) and by referring others to sign up (moves you up 500 spots).
- Best Ways to Earn Points and Miles Through Dining
- Using Chase Ultimate Rewards for Apple Purchases
- Best Credit Cards for Purchasing Flight Tickets
Chase Sapphire Preferred® Card
- Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
- Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.