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Finally got the invitation for the X1 card! I am excited to apply but read some stories here about issues verifying accounts and general hesitation to giving them your account information through Plaid.
Is the card worth it? SHould I be concerned with giving my info up?
Mod note: I've updated your subject to reflect your approval; feel free to change/edit if you would like. --UB
The card is fine, but IMO overhyped. As far as giving Plaid access to your accounts, just go read their terms and conditions...
There was a ton of hype around this card when it started getting popular. Aside from the big limits for mediocre scores, it used to be a soft pull approval and sometimes a HP if accepted. However, I think that has changed and there are more and more people reporting hard pulls. The rewards are ok, but you are limited to the reward partnerships they offer. I have used plaid a few times in the past and feel its secure, but how you personally feel about that can be totally different.
As far as the accoutn verification stuff, yes there have been a good handful of people that were denied because X1 could not verify their income, even though they did everything that was asked.
IMHO, You are probably better off with a different rewards card, especially if you plan on using the rewards for things like travel.
Plaid got caught scraping then using account and financial information without consent from users and just about a year ago negotiated a large fine to resolve legal action taken. Up to you to decide for yourself if you think they significantly changed their business practices or just moved goalposts.
Interesting, I had no idea that went down. Were they just selling the information for ad targeting?
Thank you everyone for the insight.
I already use plaid for rental payments so figured it really doesn't matter at this point. I pulled the trigger last night, quickly verified my info and direct deposits through plaid and got instant approval for 26k.
Very seemless and intuitive process for me and their presentation is really top notch in my opinion.
As always, thank you all for guidance.
Congrats on the great approval and nice SL!
Congrats and glad you had a smooth process overall.
Congrats on your X1 Visa approval
Congratulations on your X1 approval!