topic Re: X1 Card in Credit Cards

X1 Card

ZAWARUDO — Sat, 12 Sep 2020 19:23:14 GMT

Anyone heard of this? There seems to be a waitlist for it at the moment.

https://x1creditcard.com

• No annual fee

• 2x points on all purchases

• 3x points if you spend more than $15,000 in a year

• Unlimited points

• Points don't expire

• Create virtual cards for
one-time use

• Card has a Visa logo

Re: X1 Card

K-in-Boston — Sat, 12 Sep 2020 19:39:28 GMT

The card has not been released. It's a startup and they have no financial backer.

Re: X1 Card

CreditCuriosity — Sat, 12 Sep 2020 19:47:39 GMT

@K-in-Boston wrote:
The card has not been released. It's a startup and they have no financial backer.

@K-in-Boston just curious where you saw start-up and no backer.. Just did a quick google search and found nothing other then well their card info and notta else about company, etc

Re: X1 Card

K-in-Boston — Sat, 12 Sep 2020 20:04:07 GMT

Domain and DNS registry, phone number, lack of appropriate legalese, Facebook page, etc.

Re: X1 Card

blindambition — Sat, 12 Sep 2020 20:05:52 GMT

Anybody remember Blispay?? Other than a solid stainless card, card not doing anything for me, but I'm also not GenZ

Re: X1 Card

Slabenstein — Sat, 12 Sep 2020 20:11:59 GMT

If I had enough spend/year for the 3x points, I'd keep an eye on it to see what it actually is when/if it launches. But I don't so meh.

Re: X1 Card

Anonymous — Sat, 12 Sep 2020 20:22:27 GMT

The limits "based on current and future income" part sounds like another case of a credit card maintaining constant access to your banking info situation to me.

There are already two credit unions with 3% on all purchases all the time credit cards that I would recommend people try first.

The metal card doesn't even have a cool design. 🤷‍♂️

Re: X1 Card

Aim_High — Sat, 12 Sep 2020 20:34:02 GMT

Thanks @K-in-Boston. I did a search and found nothing either but startup was on my mind too. There's been a few others of these types of products released, targeted towards Gen Z and Millenials. The target market is pretty obvious from the website but this one actually mentions it in the footnotes.

If they can make it work, it's not bad but certainly not as industry-leading as they claim. Flashy metal card with no AF like the GS Bank Apple card. More substance on the 17grams stainless steel than the rest of the card.

Basically a 2% cashback card unless you want to make it your daily driver and spend $1250 monthly or more, so they give you 3%. While that's not bad and would beat the Apple card, many of us get 3% with AOD FCU or US Alliance FCU with no minimum spend. Or whoever hangs their hopes on getting a new friend approved every month who is approved for the card to "unlock" 4% temporarily. There are more reliable ways to earn 3% or higher rewards without the hoops.

The "lowest APR in class" (12.9 - 19.9%) is nothing special and is surpassed by many other cards including AOD FCU Visa at 7.49%. And while AOD FCU and Navy Federal have 0% Balance Transfer fees, the X1 claims its' 2% is "lowest in class". (The comparison points for both are Chase Sapphire Preferred, American Express Blue Cash Preferred, American Express Amex Everyday Preferred, Bank of America Premium Rewards, Citi Premier. But everyone knows you don't get cards from the largest national banks and card issuers for low fees and interest rates! Lol So the comparison for a startup with the largest national banks is absurd since it's not "in class.")

The "5x higher starting limit" is "Based on average credit limit of $4,479 granted to Generation Z." (So 5x $4,479 average is $22,395.) Again, to see if anyone actually got higher limits than other banks or cards, one would have to see it when approvals begin but this doesn't necessarily sound exceptional.

This card appears best suited for people who haven't acquired a lot of other card options or who want to simplify spend on a single card.

Re: X1 Card

Red1Blue — Sat, 12 Sep 2020 20:24:45 GMT

I have signed up and wait listed.

Re: X1 Card

Anonymous — Sat, 12 Sep 2020 20:26:32 GMT

@Aim_High wrote:

This card appears best suited for people who haven't acquired a lot of other card options or who want to simplify spend on a single card.

And best suited for them only if and when this card actually launches (with the promised specs!)

Re: X1 Card

Aim_High — Sat, 12 Sep 2020 20:27:34 GMT

@Anonymous wrote:
The limits "based on current and future income" part sounds like another case of a credit card maintaining constant access to your banking info situation to me.

+1 ^ ^ ^ No thanks.

That's the other point I forgot to mention. I don't see it mentioned directly but we've seen some other "revolutionary" products aimed at Millenials and Gen Z that want access to personal data like bank accounts. I'd never agree to that, similar with the Experian credit score Boost that is being advertised.

Unfortunately, it appears Millenials and Gen Z are generally less concerned about privacy violations that older market segments and businesses are trying to capitalize on it.

Re: X1 Card

M_Smart007 — Sat, 12 Sep 2020 21:06:09 GMT

@Anonymous wrote:
The limits "based on current and future income" part sounds like another case of a credit card maintaining constant access to your banking info situation to me.

That would be a hard pass for me

Re: X1 Card

ReturnOfTheCredi — Sat, 12 Sep 2020 21:35:48 GMT

What are the conditions for being an AOD or Alliance member? I assume you must be a member before applying for a card?

Re: X1 Card

sammydavidjr — Sun, 13 Sep 2020 00:15:18 GMT

The part of this card that I like is the virtual credit card numbers: if executed like privacy.com, this can be a good tool to manage subscriptions most effectively.

Re: X1 Card

Aim_High — Sun, 13 Sep 2020 00:27:07 GMT

@ReturnOfTheCredi wrote:
What are the conditions for being an AOD or Alliance member? I assume you must be a member before applying for a card?

I see you haven't been on My Fico much in 2020, @ReturnOfTheCredi! AOD FCU and previously Alliance FCU were all the buzz earlier this year with their respective 3% uncapped and uncategorized cards. US Alliance was first and then they closed off new applications before AOD revealed their new 3% card. Since then, US Alliance has resumed taking applications.

Yes, they are both credit unions so you'll need to be a member to get a credit card. As always, membership info can usually be found on the CU website by looking for "membership," "eligibility", "About," "how to join," or even just "open an account."

AOD FCU is geofenced to parts of northeast Alabama and selected employer groups (SEGs). However, many of us found alternative ways in by joining member organizations. Complete listing under the website. The most popular was Northeast Alabama Bicycle Association (NEABA) but there were other ways. No guarantees that any of the backdoor methods that were previously available haven't been closed off. You might consider checking the Approvals section for recent AOD approvals to see more current information.

You can find all the details about the application process with AOD and how our members got the AOD Visa card at this thread:

https://ficoforums.myfico.com/t5/Credit-Cards/Juicy-new-3-CB-offering-from-local-CU/td-p/5971983

Another very helpful resource is the AOD Visa Discussion thread:

https://ficoforums.myfico.com/t5/Credit-Cards/AOD-Visa-Siggy-Discussion-Thread/m-p/6005027

I should also mention that while many members were approved, there were many denials for a credit card based on higher debt-to-income ratios, high student loan debt, and for people with irregular incomes such as those self-employed or working commission-based jobs. Basically, they have conservative assumptions about both income and debt repayment. There are postings about all this on the threads.

The websites for US Alliance and AOD FCUs are:

https://www.usalliance.org/

https://www.aodfcu.com/

Re: X1 Card

ReturnOfTheCredi — Sun, 13 Sep 2020 00:26:28 GMT

Thanks, I appreciate that info. I did look up the AOD one and saw their requirements, but I didn't see anything outlining membership conditions on US Alliance's site. I'll probably skip these, but was just curious. The 3% on all transactions is nice, but it's not the end of the world and may not really be worth another HP.

Re: X1 Card

Anonymous — Sun, 13 Sep 2020 00:28:04 GMT

@Aim_High wrote:
@ReturnOfTheCredi wrote:
What are the conditions for being an AOD or Alliance member? I assume you must be a member before applying for a card?
I see you haven't been on My Fico much in 2020, @ReturnOfTheCredi! AOD FCU and previously Alliance FCU were all the buzz earlier this year with their respective 3% uncapped and uncategorized cards. US Alliance was first and then they closed off new applications before AOD revealed their new 3% card. Since then, US Alliance has resumed taking applications.

And between the two the better choice generally is AOD. AOD offers:

1) lower rates

2) no FTF

3) The 3% is automatically taken off the amount due, no separate redemption process (OK, some might consider this a negative, but they are wrong!)

Another reason, which is a little harder to quantify: when we got our USAlliance cards, it indicated that the 3% is a limited time offer, the card usually was just 1%. (This was annoying as there was no indication of this in the application material) Now AOD could also nerf, but IMO it's much easier for a CU to just declare that the limited time is over, than to have to officially reduce the advertized rate. That said, USAlliance is still paying 3%

One exception for going for USAlliance is if you are in their region, which makes joining easier than going through the AOD hoops (but the USAlliance process wasn't that smooth either).

Re: X1 Card

Aim_High — Sun, 13 Sep 2020 00:34:00 GMT

@ReturnOfTheCredi wrote:
Thanks, I appreciate that info. I did look up the AOD one and saw their requirements, but I didn't see anything outlining membership conditions on US Alliance's site. I'll probably skip these, but was just curious. The 3% on all transactions is nice, but it's not the end of the world and may not really be worth another HP.

You're welcome. AOD is an all-around awesome card if you can get it. I did just update my post with the paragraph about denials for higher DTI, student loan debt, and irregular income patterns. Other than that, I would strongly recommend it. It's not just the high 3% payout, uncapped and uncategorized. They also have exceptionally low fees and APRs as low as 7.49% with that, and the customer service experience we all have reported have been great. The cash back is automatically applied to your posting statement month-to-month. No minimum redemption and everything is automatic. If I had to slim down my lineup to only a few cards, it would be one I would keep since it fills so many squares.

Re: X1 Card

Anonymous — Sun, 13 Sep 2020 00:44:24 GMT

@sammydavidjr wrote:
The part of this card that I like is the virtual credit card numbers: if executed like privacy.com, this can be a good tool to manage subscriptions most effectively.

Capital One and Citi both offer the ability to generate unique ones.

Re: X1 Card

Anonymous — Sun, 13 Sep 2020 00:47:10 GMT

@Anonymous wrote:
@Aim_High wrote:
@ReturnOfTheCredi wrote:
What are the conditions for being an AOD or Alliance member? I assume you must be a member before applying for a card?
I see you haven't been on My Fico much in 2020, @ReturnOfTheCredi! AOD FCU and previously Alliance FCU were all the buzz earlier this year with their respective 3% uncapped and uncategorized cards. US Alliance was first and then they closed off new applications before AOD revealed their new 3% card. Since then, US Alliance has resumed taking applications.

And between the two the better choice generally is AOD. AOD offers:

1) lower rates
2) no FTF
3) The 3% is automatically taken off the amount due, no separate redemption process (OK, some might consider this a negative, but they are wrong!)

Another reason, which is a little harder to quantify: when we got our USAlliance cards, it indicated that the 3% is a limited time offer, the card usually was just 1%. (This was annoying as there was no indication of this in the application material) Now AOD could also nerf, but IMO it's much easier for a CU to just declare that the limited time is over, than to have to officially reduce the advertized rate. That said, USAlliance is still paying 3%

One exception for going for USAlliance is if you are in their region, which makes joining easier than going through the AOD hoops (but the USAlliance process wasn't that smooth either).

Joining isn't smooth with USAlliance? I thought they even make the donation to the charity on your behalf? Didn't sound all that bad to me.