The Truth about the X1 Card Smart Credit Card

So we have another credit card that’s joining the party, its called the x1 card with up to 4x points and today we are going to go over the details and see if its really worth it.

Here is the Wallet: https://amzn.to/2ZVBtSG

1. Higher Credit Limits:
– According to the websites it’s going to be based on current and future income
– And your credit limit is automatically increased ( which is weird because normally when you request a limit increase they do a soft pull and sometimes even a hard pull)
– Now theirs no sure way to tell how they’ll base it off your income, but I have a theory

Theory:
– According to tech crunch the company works with Thrive, a company that lends money to students that are going to get internships and jobs
– And the way they lend money is very simples, it’s based on your salary
– Reddit is saying 25% of 3 paychecks but if we assume they’ll use the same model as thrive it might be 3 months salary.

However:
– This sounds cool by I have to assume they’ll use your credit score in some way also
– their people that make a lot of money and have little to no money free after their payments ( debt to income ratio)
– So that’s why if you scroll all the way down it says subject to underwriting to figure out the credit line.

2. Cosmetics before I get to the point structure
– 17 grams of pure stainless steel
– Virtual cards to protect you from online websites with limits ( privacy app does this)
– Cancel subscriptions automatically ( I think this is cool)
– Notification on refunds ( that’s cool too, but again any credit card can add this to their code)
– Receipts ( chase is now doing this)

The point is:
– Although these things do sound cool it wouldn’t make me get the credit card unless there was something more

3. Point Structure
– According to the credit card they have unparallel points
– But in reality, they are pretty average and cool

Points:
– 2x points for every dollar you spend on anything, the Citi cash card does the exact same things just requires you to pay back your balance.
– 3x points if you spend more than 15k in one year ( the average person is not going to spend anywhere near that number, I personally don’t spend this much money a year)
– 4x points for a friend you refer to, and I think it’s for a maximum of 10 months ( but it’s something new companies do to get more people in, so I understand it. However the average person doesn’t really know a lot of people like YouTubers do, so I rather there be a different way to obtain that 4%)

Ps: the average person gets a credit max it out and carries a balance, and most likely if you use the 25% of 3 months salary theory to get a line of credit of 15k, you’ll need around 60k in income over 3 months. ( I think my theory is wrong, so we will see when we have more information)

4. Overall
– This credit card makes sense for two parties
– People that can’t qualify for a good cash back card, and want points and cool features
– And people that spend a lot of money and want to get 3x points on everything they spend on

Ps:
– 15k in spending gives you 45k points which is $450
– Don’t go crazy justifying this card point system to spend extra money
– Just spend one what you need and pay it off in full every month to avoid interest.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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