The X1 card is designed to solve many problems that consumers face when using a credit card today.
If you think about it, the credit card has been around for a long time, but not much has really changed. Yeah, you might find a card that gives you back an extra percent in rewards or maybe a welcome bonus of a few hundred dollars, but the process has been the same.
The X1 credit card team is raising the bar a few notches by helping the consumer save time, money, and stress. By integrating technology with the card, the consumer will have automated features that no card has offered before.
What is the X1 Credit Card?
Many people are waiting to get their hands on the X1 card by Visa. The X1 card is a credit card that was developed by a group of silicon valley tech executives and investors from the financial sector. Some of these executives include Deepak Rao (Twitter), Siddharth Batra (Twitter), Aaron Levie (Box), Jeremy Stoppelman (Yelp), Max Levchin (Affirm & Paypal) as well as others. The company raised another $12 million in their most recent round of funding.
The credit card was designed to give as much value without having to give back anything in return. The credit card is Built with 17g of clank-worthy stainless steel and powered by technology to automate benefits in the background. The card is completely free (no annual fees) and has benefits to help users protect their time, privacy, and money.
What are the Benefits of the X1 Card?
Let’s talk about all the benefits of the X1 card.
Some of these are common with all credit cards, but the rest of the benefits will make your life so much easier because you won’t have to constantly manage what is happening with your money.
1. Automatic Free Trial Management
One of the common problems today is the abundance of free trials. Most companies use a subscription model because they can capitalize on the large number of people who stop using the service after a few months.
The X1 card is designed to solve this problem by offering temporary credit card numbers that auto-expire at a certain time. This means there is no need to wait for the trial to end anymore. All you would have to do is use the card and create the cut-off date.
This gives the consumer a safety net when signing up for a service from a company they don’t fully trust. Usually, companies will make it extremely easy to sign up for a free trial, but ending the trial is like navigating through a jungle.
2. One-Click Subscription Cancellation
Now you are able to cancel subscription payments with one simple click.
We all know how much of a pain it can be to cancel a subscription because companies typically make it insanely tedious to accomplish this.
Instead of searching for your membership through the subscription vendor, you can log into the X1 card’s app and click cancel on that specific vendor. That’s it.
3. Create Virtual Cards for One-Time Use
You now have the power to create temporary credit card numbers if you don’t feel comfortable giving out your real credit card number.
This gives you peace of mind when shopping with vendors you haven’t built trust with as well as free trials you may forget about.
For example, You want to start a free trial for a service, but aren’t sure if you will like it. If you create a temporary virtual credit card number, you will be able to activate the trial and have the credit card inactive after joining.
This will allow you to sign up for as many trials as you want without needing to remember to cancel later.
4. Anonymous Spending
Though the company hasn’t fully revealed how this will work, X1 claims the consumer has the ability to transact without giving personal information to the merchant. In today’s age, it is always nice to avoid giving personal information if possible.
5. Amplified Rewards
The X1 card offers ways to further collect rewards on purchases. The points are not capped and never expire, but it currently appears they can only be redeemed with select companies/brands.
-2X points per dollar on every purchase
-3X points per dollar on every purchase if you spend $15,000 annually
-4X points per dollar on every purchase for 30 days for each approved referral
-Earn unlimited points that don’t expire
-All of these (except for the 3X points) kick-in immediately so there is no need to wait to hit a threshold.
The points are not capped and never expire, but it currently appears they can only be redeemed with select companies/brands. We are hoping this changes since other cards have more flexibility with the rewards.
6. No Credit Card Fee
The X1 card has no annual fee. This was surprising to us because of the long list of benefits the credit card provides.
The X1 card has lower interest than most cards (variable 12.9 – 19.9% APR) and only a 2% balance transfer fee. No introductory interest rates have been mentioned at this time.
7. Instant Notifications on Refunds
When your recent purchase is refunded from the vendor, you’ll get alerted by the X1 card with an instant notification. This will help you keep track of the credit card’s balance in real-time.
8. Attach Receipts to Purchases
This benefit isn’t necessarily automated, but will help you stay super organized for business write-offs during tax time or those monthly expense reports.
The X1 card app will give you the ability to click on a recent transaction, take a picture, and upload your receipt in a few clicks.
9. Higher Limits & Income-Based Credit
X1 supposedly offers limits up to 5x higher than traditional cards. This would mean you can spend more without negatively impacting your credit score.
The credit limits will be based on your current/future income and your limits can increase automatically as your income grows.
When applying, X1 will use a ‘soft’ inquiry so your credit score shouldn’t be impacted.
Release Date: When will the X1 Card become available?
Currently, the X1 card’s website shows a release date of “Winter 2020-2021”. With the recent funding, we are hoping this will be released very soon.
The X1 credit card has a waiting list, but the company offers ways to ‘skip the line’ by adding information to your account or inviting others to sign up.
The current waiting list is over 300,000 users at the time of writing this article.
X1 Card Release Update #1 (March 2021): We wrote this article in Feb 2021 and after a month, our position fell ~100 spots on the waitlist. We assume the cards are being released, but at a very slow rate. This is probably due to their marketing campaign to get more people to share their website and brand with others.
X1 Card Release Update #2 (August 2021): After checking our position six months later, our position in line fell another ~100 spots on the waitlist (~200 positions total within 6 months). at this rate, the release date for me could be years away. It seems that the only way you can really get this card soon is if you become a brand ambassador and market the hell out of their product.
Adding your school and employer will help you immediately advance 200 spots on the waiting list. If you invite friends to sign-up, you can advance an additional 500 spots each time someone signs up.
On top of that, you can earn extra points for spreading the word about the X1 card.
Why Is There Such A Long Wait?
We have been tracking our progress for over 6 months now and it doesn’t feel like we have moved much in line. There have been posts on Reddit and across the internet about how the company is making headway, but it doesn’t seem like we will be getting the card soon.
Hopefully, there will be some communication from the company soon. If not, they might lose steam from the original hype. If you find out any information about the release or waitlist, let us know in the comments below!
Is the X1 Card Worth Signing Up For?
Since there aren’t any annual fees, the card is definitely worth looking into.
As the card becomes available and in our possession, we will continue to give updates on how the automated benefits could make using a credit card easier as well.
We hope this helps you understand more about the X1 card. If we missed any important benefits or thoughts about the X1 card, leave a comment below!