Consumers today experience several challenges when using a credit card. The X1 card aims to address these issues.
Although credit cards have been around for a long time, not much has changed since their invention. It’s possible to locate a card that pays you a few hundred dollars in welcome bonuses or an additional percent in rewards, but the procedure remains the same.
This credit card company is stepping up its game by helping customers save money, time, and stress. The consumer will have access to automatic capabilities that have never been available before, thanks to integrating technology with the card.
Suggested Read: Can I Sign a Check Over to Someone Else?
What Is the X1 Credit Card?
Many individuals are eagerly waiting for the X1 Visa card. A group of Silicon Valley tech executives and financial sector investors developed the X1 card, a credit card.
With a credit card, you may get as much value as you want without having to put anything down as payment for it. For additional security, the credit card has a chip that can be heard clinking in the background. With no yearly fees or other costs, this card is a no-brainer for anyone who wants to protect their time, privacy, or money.
Benefits of the X1 Credit Card
Let’s have a look at what the X1 card has to offer.
All credit cards offer some of these features, but having them will make your life a lot easier because you won’t have to worry about your money as much.
1. Automatic Free Trial Management
The overabundance of free trials is one of today’s recurring issues. Subscription models are popular because they allow businesses to profit from the high number of customers who abandon their services after a few months.
A temporary credit card number that expires after a set period of time is provided by the X1 card. As a result, you won’t have to wait for the trial to be over. Use the card and set a deadline for when it expires.
While signing up for services from companies you don’t entirely trust, this safeguard gives you peace of mind. Normally, firms would make signing up for a free trial as simple as possible. However, canceling the trial can be as difficult as walking through a jungle.
2. One-Click Subscription Cancellation
With just a single click, you can cancel your membership payments.
When it comes to canceling subscriptions, firms make it as difficult as possible for their customers to do so.
Instead of looking for your membership in the subscription vendor’s database, you can just log into the X1 card’s app and cancel your subscription there rather than searching for it elsewhere. That’s all there is to it.
3. Create Virtual Cards for One-Time Use
If giving out your genuine credit card number is still a concern, you can now create temporary credit card numbers.
This gives you peace of mind when making purchases from sellers with whom you haven’t developed a relationship of trust or while taking advantage of free trials that you might otherwise overlook.
Think about starting a free trial for a service but not knowing if you would like it or not. In order to initiate the trial, you need a temporary virtual credit card number that will be deactivated after you join.
To avoid forgetting to cancel later, you can sign up for an unlimited number of free trials this way.
4. Anonymous Spending
X1 promises that customers will be able to transact without providing personal information to merchants, although the business hasn’t explained exactly how this will operate. It’s best to keep personal information private wherever possible in this day and age.
5. No Credit Card Fee
There is no annual fee for the X1 card. We were somewhat aback by this, given the credit card comes with a large list of perks.
APR ranges from 12.9% to 19.9% on the X1 card, which also charges a 2.5% balance transfer fee. At this time, we don’t know much about the interest rates.
6. Instant Notifications on Refunds
The X1 card will send you immediate notification if the vendor refunds a recent transaction. You’ll be able to see the current balance of your credit card right now.
7. Attach Receipts to Purchases
Even if this feature isn’t fully automated, it will help you remain on top of your monthly spending reports and company write-offs throughout tax season.
With the X1 card app, you can quickly take a picture of your receipt and upload it to your online account.
8. Higher Limits & Income-Based Credit
As much as five times higher than standard cards, the X1 is said to offer. Thus, your credit score is not impacted as a result of your increased spending.
Depending on your current/future income, your credit limit may automatically rise as you make more money.
X1 will conduct a ‘soft’ investigation when you apply, so your credit score will be unaffected.
Pros of X1 Credit Card
Benefits of the X1 as a Visa Signature card include:
Renting a car? Be sure to purchase the collision damage waiver insurance.
If you pay for your rental card with an X1 card and decline the collision damage waiver offered by the rental business, you will be covered in the event that the vehicle is damaged or stolen.
Assistance with Travel and Emergencies:
A telephone call center is available to you. Services available 24 hours a day, 7 days a week, 365 days a year, such as medical referral support, emergency transportation assistance, and emergency replacement tickets
Protective Coverage Under an Extended Warranty:
For qualified purchases made with your card, you’ll receive an additional year of warranty coverage from your U.S. manufacturer, up to a maximum of 2 years for warranties with a length of 3 years or less.
Visa Luxury Hotel Collection properties offer premium guest status and concierge services to their guests.
Reimbursement for Trip Cancellation or Interruption:
The non-refundable passenger fare amount can be reimbursed if your journey is canceled or interrupted.
Cons of X1 Credit Card
The X1 Card’s biggest drawback is the inability to redeem points. If points can only be used with a limited number of brands, this could cause issues in the long run. You can only use the X1 Card with the brands that have collaborated with it, and those brands may change in the future. This could indicate that the card issuer adds new merchants that you prefer, but it could also mean that it removes some of your current favorites from the program.
The X1 Card has a great rewards rate. However, amassing a large number of points is only valuable if you can use them immediately. A cash-back credit card is a better choice if you want a reward option that is more secure.
Also, it’s not clear if the increased credit limits will apply to all customers. When applying for this card, your credit limit will be determined based on your annual income rather than your credit score Consumers with fair to bad credit and high salaries may be able to obtain greater credit limits as a result of this. However, it stands to reason that consumers with good credit but lower incomes may be offered less credit than they are accustomed to receiving.
X1 Credit Card Release Date
A “Winter 2020-2021” release date is listed on the X1 card’s official website as of right now. We expect it to be launched very soon now that it has received new funding.
In the event that you want to avoid being placed on the X1 credit card waiting list, you can add information to your account or invite people to sign up instead.
At the time of writing, there were over 300,000 people on the waiting list.
How to Join the Waitlist
Visit the X1 Card website and click “Join the Waitlist” to get on the waiting list for this card. Your name, email address, and any bonus codes you may have should be entered into the form.
You’ll be able to check where you stand on the list as soon as you join. Adding your college and most recent employer, as well as asking others to join up for the card, will get you promoted.
Is the X1 Card Right for You?
In comparison to other credit cards offered by Internet businesses, the X1 Card isn’t all that ground-breaking.
If you’re looking for a rewards credit card, this one isn’t the ideal option. Even if the rewards rate is good, it appears that the number of ways to redeem your points will be somewhat limited.
Credit card companies have begun to assist users with low credit limits. If you’re having trouble, get the Milestone Gold Card here.
That so, it’s still a respectable card. The fact that your credit limit is based on your income is advantageous if your credit score is low. If you’re prone to splurging on subscription services, the one-click cancellation, and virtual card number functions will come in handy.
As of now, the X1 Card appears to be an excellent credit card alternative for anyone with less than perfect credit.