topic Re: Approved for X1 $17,000, Did not accept in Credit Cards

X1 - Who is it for?

LADave — Sat, 26 Mar 2022 05:46:48 GMT

Some time ago in the dark misty past, for reasons that have been lost to the sands of time, I applied to get on the waitlist for the X1 card. And this weekend, I received a notice that I'm off the waitlist and can apply the card.

Now that it's happened, I'm wondering: should I?

Since the start of the year I've been holding out for a travel rewards card with either Capital One or Chase, but I can't help but wonder what would happen if I did apply. As I understand it, the card is better than even the Goldman Sacks cards (Apple and GM) in no hard pulls for an application, even after you accept an offer from them. (If I'm mistaken, please let me know.) (Edit: Yep, that's definitely not the case now.)

I understand that their SLs tend to be very generous compared to other cards, and the rewards tend to be good too: 2% minimum, 3% if you're spending more than $15k a year, and 4% for 30 days after referring a new customer to the card.

But the process of using those rewards leaves a lot to be desired, at least for me. Points can only be used as a statement credit for purchases with a very limited number of merchants. (Some customers see an option to get a statement credit with fewer restrictions, but at a lower rate per point.) And while there's no annual fee, there's also no sign-up bonus.

I would also have to wait longer to apply for any Chase cards, which I frankly value more right now than I like the X1 rewards structure.

One reason I haven't applied yet is because they advertise generous SLs - and I might find that too tempting to get out of the garden. A higher SL would lower my utilization, and perhaps even make it easier to get higher limit cards in the future. But I finally become eligible for Chase cards later this year if I don't get any other cards in the meantime, and getting this would throw a wrench in my gardening strategy.

I'm wondering if there's something I'm missing here that explains the mystique surrounding this card, besides its being a metal card with some brilliant marketing behind it. Who is this card actually for, and what kinds of customers actually get the most out of it?

Re: X1 - Who is it for?

DONZI — Mon, 28 Mar 2022 04:47:12 GMT

I'm a collector of sorts... art, stamps, cars, matchbooks, antiques, coins, etc. However I never really thought about collecting credit cards. Cards like this kind of appeal to me as a collector. So, I'd say that's one type of motivation.

I can more easily name reasons I don't want this card.. or if I had it, why it'd likely be unused.

Re: X1 - Who is it for?

SouthernCredit — Tue, 22 Mar 2022 12:23:47 GMT

One of the main reasons I got it was for the redemptions; my family and I frequently shop a lot of those merchants that get the good redemptions. I didn't need the utilization help, but it also never hurts. While it isn't my daily, it is in rotation, more heavily so now while I have the 4x points that I'm still riding from some invitations I sent out that were accepted. I didn't have a 2% card before this, so it will probably serve that purpose after the 4x expires.

Re: X1 - Who is it for?

Remedios — Tue, 22 Mar 2022 13:10:22 GMT

Who is it for?

Well, at first it was for those who suffer from HP phobia but have high SL aspirations.

Now that there is HP, it's toned down a bit, novelty wore out, and I cannot say that I've seen much in terms of "oh, I'll use my X1 for this and that"

So (according to me, pre-coffee) I think a few might have use for it, but mostly it's utilization padding.

It's just like Aspiration Zero card...so many applications, very few mentions of use.

That one has also taught us that $60 AF is perfectly acceptable fee for otherwise useless card as long as SL is high and there is SUB.

I've wondered whats the point spend/rewards wise outside of the SUB, and I came up with nothing.

Then again, I feel the same way about many of my cards 🤷‍♀️

Re: X1 - Who is it for?

AlanGJP — Tue, 22 Mar 2022 18:18:26 GMT

I actually really like this card...

First off, forget the misinformation behind no HP. They definitely do a HP. Mine happened the day I received notification my card shipped. (I believe it was EX)

As for the points, since I signed up under someone else I get 4X for 30 days - as you mentioned. However, they have what's called Boosts on many categories and spend.

My current available boosts:

5X when I use Apple Pay or Google Pay
5X on your next restaurant purchase
5X on your next grocery purchase
5X on your next food delivery purchase
5X on your next Amazon purchase
5X on your next Uber or Lyft ride
5X on your next drugstore purchase
Earn 100 Points on your next $100+ purchase
Earn 200 Points on your next $500+ purchase
Earn 400 Points on your next $1,000+ purchase

These do need to be activated before use (a 24 hour counter starts when you activate any of those - and activation can be cancelled - not sure if they revert after 24 hours of non-use). Most (all?) have a limited number of uses before they disappear. I'm assuming these are per 30 days before they refesh? (Clarification?) I've yet to exhaust any of my boosts and I've used a few in the week I've had the card.

Beyond that you get 3X for all purchases once you hit $15k spend in a year. This does appear to be retro-active from the verbage in the app.

Points can be redeemed for 0.7 cents/pt cash back. Which while lower - if you're getting 3-5X, that is a pretty nice redemtion value imo.

I've made this and my Amex my default cards now. At least while I'm under that 30 day 4X boost.

Re: X1 - Who is it for?

Aim_High — Tue, 22 Mar 2022 18:42:52 GMT

In keeping with some other recent "Fintech" cards, I think the X1 appeals most to:

Later Millenials (1981 - 1996) - Gen Z (1997 - 2010) who were born and raised around computers and technology
Consequently, consumers who also have less privacy concerns about 'big data" and don't mind allowing PLAID unfettered access to their banking account to collect marketing data.
Consumers with high income and thin credit file (think young college-educated professional adults) who want access to higher credit limits without having to grow limits slowly over time as done by traditional methods.
Or, consumers with otherwise established credit and high income who expect a higher SL and mainly get the card for utilization padding.
Consumers who like the idea of having new generation credit cards that are 'reimagined' ... "X1 Card is built from the ground up to transform how you shop and spend." "The SMARTEST Credit Card Ever Made." As we "boomers" would say, they're marketed to be hip, slick, and cool. My credit card is smarter than your credit card.
Consumers who like the allure of the polished metal card. IMO, the metal cards (just for the sake of metal cards) have also become much more popular with the above generations than with Baby Boomers or Gen X, who seem to value the older metal cards with traditional banks based on the rewards and perks associated with them.

I'll point you to my own evaluation of whether the X1 card was a worthwhile card for me. I decided it was not. >>Read HERE<<

Re: X1 - Who is it for?

FinStar — Tue, 22 Mar 2022 19:01:59 GMT

@Remedios wrote:
Who is it for?
Well, at first it was for those who suffer from HP phobia but have high SL aspirations.

Now that there is HP, it's toned down a bit, novelty wore out, and I cannot say that I've seen much in terms of "oh, I'll use my X1 for this and that"

So (according to me, pre-coffee) I think a few might have use for it, but mostly it's utilization padding.

It's just like Aspiration Zero card...so many applications, very few mentions of use.
That one has also taught us that $60 AF is perfectly acceptable fee for otherwise useless card as long as SL is high and there is SUB.

I've wondered whats the point spend/rewards wise outside of the SUB, and I came up with nothing.
Then again, I feel the same way about many of my cards 🤷‍♀️

In addition to what Remedios mentioned upthread (which pretty much nailed it), even most folks that were approved early on have not seen their tradeline report as of yet. So, while the appeal of a huge credit limit (and metal design) to pad utilization was the theme for some, it looks like it hasn't provided that 'benefit' in that regard as of yet.

X1 has stated it will report to the CRAs, but maybe it will remain under its invisibility cloak for a while 🤷‍♂️

Re: X1 - Who is it for?

LADave — Tue, 22 Mar 2022 19:19:33 GMT

@Aim_High wrote:

I'll point you to my own evaluation of whether the X1 card was a worthwhile card for me. I decided it was not. >>Read HERE<<

That's quite a comprehensive evaluation. I haven't seen anywhere else that they require users to keep their back accounts connected to Plad to keep the card, and I have seen reports of customers who were approved who couldn't connect to Plad (they had to send copies of their bank statements). Either way, if they require ongoing access to bank statements, that is a serious privacy concern. I don't really want to help make that acceptable by buying into that practice.

I'm at a point in my credit rebuilding where I want higher credit limits, but it's also not the highest concern for me. Getting good rewards is much higher on my list of priorities, and I don't like X1's redemption scheme.

The benefits are still a lot better than with some of my current rebuilder cards that I'm planning to get rid of, and I'm curious what they would give me for a SL. But at the end of the day, it seems like a card that just doesn't fit in with my current strategy/goals.

I would only "apply" for the card if I knew that I could reject any offer from them after being accepted, thus avoiding a hard pull. And even then, I'm still concerned about showing them my bank info.

Re: X1 - Who is it for?

LADave — Tue, 22 Mar 2022 19:16:42 GMT

@FinStar wrote:
In addition to what Remedios mentioned upthread (which pretty much nailed it), even most folks that were approved early on have not seen their tradeline report as of yet. So, while the appeal of a huge credit limit (and metal design) to pad utilization was the theme for some, it looks like it hasn't provided that 'benefit' in that regard as of yet.

X1 has stated it will report to the CRAs, but maybe it will remain under its invisibility cloak for a while 🤷‍♂️

If that's the case, then it's a hard no for me. My goal in having a less desirable higher limit card is to have it reported so it's easier to get more desirable higher limit cards later. 😂

Re: X1 - Who is it for?

Aim_High — Tue, 22 Mar 2022 19:20:18 GMT

@LADave wrote:
.... I haven't seen anywhere else that they require users to keep their back accounts connected to Plad to keep the card, and I have seen reports of customers who were approved who couldn't connect to Plad (they had to send copies of their bank statements). Either way, if they require ongoing access to bank statements, that is a serious privacy concern. I don't really want to help make that acceptable by buying into that practice.

Just to clarify, @LADave, my posting assumed that someone connected their bank account with the application then and kept it connected since X1 states that is how they evaluate for higher credit limits. I think that is the carrot to keep you connected. For those who have to send in statements or who unplug from Plaid after applying, I don't know the implications. But personally, I didn't even want to allow third-party access to my banking for the approval process, much less for an extended period of time.

Re: X1 - Who is it for?

DJRobbieD — Wed, 30 Mar 2022 13:52:34 GMT

@LADave Everyone above hit the important points, but wanted to share my personal experience with the X1 card as further validation. I apped for the card in late November (thankfully before they started with the HPs). I put some decent Xmas spend on it for the first 30 days when it was earning 4x points which I turned into a 2.8% statement credit. Once it when down to earning 2x points, it's been sock drawered with no spend. It just can't compete with my Chase/Amex cards for my daily spend, my 3-5% CB cards for recurring monthly bills, or my CU platinum cards for the occassional 0% BT. When X1 starts reporting to the CRAs, it'll only serve as utilization padding that I don't even need at this point. Until then, it's just a metal paperweight collecting dust. If X1 decides to close it on me for lack of use, I won't miss it.

Bottom line: I got sucked into the hype for a card that didn't meet my needs.

I think @Aim_High hit it on the head: the X1 card is good for people with higher income, but thin credit files. I can see it serving as a "stepping stone" card before being eligible for rewards cards from the major banks (Chase, Citi, BofA, etc).

Re: X1 - Who is it for?

SouthJamaica — Tue, 22 Mar 2022 23:34:03 GMT

@LADave wrote:
Some time ago in the dark misty past, for reasons that have been lost to the sands of time, I applied to get on the waitlist for the X1 card. And this weekend, I received a notice that I'm off the waitlist and can apply the card.

Now that it's happened, I'm wondering: should I?

Since the start of the year I've been holding out for a travel rewards card with either Capital One or Chase, but I can't help but wonder what would happen if I did apply. As I understand it, the card is better than even the Goldman Sacks cards (Apple and GM) in no hard pulls for an application, even after you accept an offer from them. (If I'm mistaken, please let me know.)

I understand that their SLs tend to be very generous compared to other cards, and the rewards tend to be good too: 2% minimum, 3% if you're spending more than $15k a year, and 4% for 30 days after referring a new customer to the card.

But the process of using those rewards leaves a lot to be desired, at least for me. Points can only be used as a statement credit for purchases with a very limited number of merchants. (Some customers see an option to get a statement credit with fewer restrictions, but at a lower rate per point.) And while there's no annual fee, there's also no sign-up bonus.

I would also have to wait longer to apply for any Chase cards, which I frankly value more right now than I like the X1 rewards structure.

One reason I haven't applied yet is because they advertise generous SLs - and I might find that too tempting to get out of the garden. A higher SL would lower my utilization, and perhaps even make it easier to get higher limit cards in the future. But I finally become eligible for Chase cards later this year if I don't get any other cards in the meantime, and getting this would throw a wrench in my gardening strategy.

I'm wondering if there's something I'm missing here that explains the mystique surrounding this card, besides its being a metal card with some brilliant marketing behind it. Who is this card actually for, and what kinds of customers actually get the most out of it?

Funny you should ask that because after seeing so many references to the X1 card, I went to the website to see what all the hubbub was about. And after reading about it, that's what I wanted to know: who is this card actually for? I don't really see why anyone would want a rewards card where the rewards are only redeemable with certain 'partners' of the lender.

Re: X1 - Who is it for?

LADave — Wed, 23 Mar 2022 01:24:26 GMT

@SouthJamaica wrote:

Funny you should ask that because after seeing so many references to the X1 card, I went to the website to see what all the hubbub was about. And after reading about it, that's what I wanted to know: who is this card actually for? I don't really see why anyone would want a rewards card where the rewards are only redeemable with certain 'partners' of the lender.

I did see a YouTube video ealirer this year from Dave Henson ("500,000+ points redeemed!") where he went into his earnings by each card and found he was getting an disproportionate amount of rewards from the X1. If I remember correctly, it was working out well for him because he used a lot of the merchants. I believe he's an outlier, though.

Re: X1 - Who is it for?

Remedios — Wed, 23 Mar 2022 01:53:19 GMT

@LADave wrote:
@SouthJamaica wrote:

Funny you should ask that because after seeing so many references to the X1 card, I went to the website to see what all the hubbub was about. And after reading about it, that's what I wanted to know: who is this card actually for? I don't really see why anyone would want a rewards card where the rewards are only redeemable with certain 'partners' of the lender.
I did see a YouTube video ealirer this year from Dave Henson ("500,000+ points redeemed!") where he went into his earnings by each card and found he was getting an disproportionate amount of rewards from the X1. If I remember correctly, it was working out well for him because he used a lot of the merchants. I believe he's an outlier, though.

Outlier lol no

You do understand it's a monetized channel and every video has his referral link?

What's he going to say "card is meh at best, but you better use my referral link, video is sponsored, apply because this is my income source and I'm pretending it's great

Now to provide additional context, they also have another vid that mentions rather proudly how they managed to "rake in $269,000.00" in available credit (maybe that's a big boy/girl number for YouTube viewers...

So, now for me to believe that out of all those cards (without rather lucrative continuous referral revenue) X1 is The One...well, I'd have to believe that polka dotted unicorns ride around on glittery pterodactyls, spreading goodwill and prosperity.

But as dude siad himself himself in the video "you get 4X points for every person referred which means I should have 4X points for life"

Re: X1 - Who is it for?

lgtwriter — Wed, 23 Mar 2022 01:55:49 GMT

I too, received the X1 card right before I went into the garden at the end of the year. I never bothered to post about it at the time because so many others were posting and I felt my thread would just be a "me too" thread with nothing much to add. Here are my facts and thoughts about the card.

1. I got it before the hard pull and that was a draw for me.

2. I got a $29k credit line which is my highest, but Aspiration is $25k so it's not my highest by much.

3. I closed my Apple card, so I use it as my main card for apple pay and I like the convenience and ease of setting it up with apple pay. I use it for cappuccinos, parking fees, convenience store mints and bottled water, and other things that I use my apple pay for.

4. I won't use plaid and I sent in my bank statements. But when I set up the card, there was an option to manual input the routing and checking info for my bank for autopay. I can have my bank account connected without Plaid and this is what I do with all my cards so X1 is the same and that's fine with me. It works for me.

5. It's all about the boosts for me. Many of them are convenient and geared towards things I do with my credit cards frequently (order doordash, grubhub etc, buy something from a drugstore, eat out) The boosts are always relevant, and the places you can use them are pretty standard and ubiquitous. I like the boosts.

6. I like the ease of setting up virtual cards. This lets me end subscriptions after ONE year, or ONE month instead of being in autorenewal hell. It also keeps my number safe.

7. I love how easy it is to get my card info in the app. It's not buried 6 screens deep. The app is well designed.

Disclaimer: I am a techie that loves the techie features of this card

Is it better than my other cards? Not really. But I don't regret getting it. It's not sock drawered. I use it for little daily purchases (that add up).

Re: X1 - Who is it for?

FinStar — Wed, 23 Mar 2022 02:00:57 GMT

@Remedios wrote:
@LADave wrote:
@SouthJamaica wrote:

Funny you should ask that because after seeing so many references to the X1 card, I went to the website to see what all the hubbub was about. And after reading about it, that's what I wanted to know: who is this card actually for? I don't really see why anyone would want a rewards card where the rewards are only redeemable with certain 'partners' of the lender.
I did see a YouTube video ealirer this year from Dave Henson ("500,000+ points redeemed!") where he went into his earnings by each card and found he was getting an disproportionate amount of rewards from the X1. If I remember correctly, it was working out well for him because he used a lot of the merchants. I believe he's an outlier, though.
Outlier lol no

You do understand it's a monetized channel and every video has his referral link?
What's he going to say "card is meh at best, but you better use my referral link, video is sponsored, apply because this is my income source and I'm pretending it's great

Now to provide additional context, they also have another vid that mentions rather proudly how they managed to "rake in $269,000.00" in available credit (maybe that's a big boy/girl number for YouTube viewers...
So, now for me to believe that out of all those cards (without rather lucrative continuous referral revenue) X1 is The One...well, I'd have to believe that polka dotted unicorns ride around on glittery pterodactyls, spreading goodwill and prosperity.
But as dude siad himself himself in the video "you get 4X points for every person referred which means I should have 4X points for life"

Well, there is some evidence on the webz, but the polka-dotted variety are...well, a rare sight. Although, from what I saw, they were more commonly seen riding T-Rex or Triceratops.

Re: X1 - Who is it for?

Remedios — Wed, 23 Mar 2022 02:53:04 GMT

@FinStar wrote:
@Remedios wrote:
@LADave wrote:
@SouthJamaica wrote:

Funny you should ask that because after seeing so many references to the X1 card, I went to the website to see what all the hubbub was about. And after reading about it, that's what I wanted to know: who is this card actually for? I don't really see why anyone would want a rewards card where the rewards are only redeemable with certain 'partners' of the lender.
I did see a YouTube video ealirer this year from Dave Henson ("500,000+ points redeemed!") where he went into his earnings by each card and found he was getting an disproportionate amount of rewards from the X1. If I remember correctly, it was working out well for him because he used a lot of the merchants. I believe he's an outlier, though.
Outlier lol no

You do understand it's a monetized channel and every video has his referral link?
What's he going to say "card is meh at best, but you better use my referral link, video is sponsored, apply because this is my income source and I'm pretending it's great

Now to provide additional context, they also have another vid that mentions rather proudly how they managed to "rake in $269,000.00" in available credit (maybe that's a big boy/girl number for YouTube viewers...
So, now for me to believe that out of all those cards (without rather lucrative continuous referral revenue) X1 is The One...well, I'd have to believe that polka dotted unicorns ride around on glittery pterodactyls, spreading goodwill and prosperity.
But as dude siad himself himself in the video "you get 4X points for every person referred which means I should have 4X points for life"
Well, there is some evidence on the webz, but the polka-dotted variety are...well, a rare sight. Although, from what I saw, they were more commonly seen riding T-Rex or Triceratops.

That's so cute, I'm going to cry

Re: X1 - Who is it for?

RootDet — Sat, 26 Mar 2022 08:43:47 GMT

For me i use them for virtual cards. recurring, one-time and "free-trial". Not many banks do this service anymore, only other one on my list is citi cards and capital one. Capital one is kinda pita because you need the browser app, and it seems to always want me to verify my identity to use it. Citi cards needed me to log into the web site.

X1 is just right there ....

Although X1 could have a wee bit more security for my taste getting into the app.

Re: X1 - Who is it for?

Guyatthebeach — Sat, 26 Mar 2022 14:09:16 GMT

LADave,

I have the X1 card and like the card overall so far. I personally think this card is those with higher incomes and play maximize your rewards game.

When I applied, X1 had a problem verifying my income via Plaid. I had to send in bank statements and pay stubs. I have have big payroll deductions for taxes, 401k, and Roth IRA contributions, things not verifiable through looking at bank statements. When I was approved, my tradeline is $26,500, not my largest CL, but not my smallest either. I do like the boosts and ease of generating virtual cards.

I only have 2 small issues with the card. 1. It takes 5 business days for my payments to post to my account from the day I initiate the payment. I don't have with any of my other cards. 2. The X1 card is still not reporting to any of my CR's yet. These aren't major issues, but I want my payments to post promptly, and I want to see the tradeline on my CR's. I think in the end, the X1 card will be the sleeper card that can generate some solid rewards.

Guyatthebeach

Re: X1 - Who is it for?

NRB525 — Sat, 26 Mar 2022 15:55:27 GMT

I was on the waitlist, got the invite a month ago or so. Could not get my bank to connect / verify via plaid. Mostly I was just looking to see what SP limit they would offer.

3 points isn't much if it's only redeemable in limited situations, and 0.7c is sad. The Boost offers sound like a lot of work for added pennies, not what I can keep up with. I've got a range of cards already that cover the type of spend I have, and the travel perks I enjoy.

No X-1 for me.