![]() You can also redeem your rewards for cash back as a statement credit, but the value is less than a penny per point. Rewards can be redeemed by making purchases at any of X1’s list of partners and receiving a statement credit against that purchase. Rewards are worth 1 cent per point at select merchants, and can also be redeemed for instant cash back, according to X1 Card Co-founder and CEO Deepak Rao. ![]() Earn 4 points per dollar for a month for every person you refer who gets the X1 card (a small percentage of referrals receive a reward multiplier up to 5 or 10 points per dollar for the month).Earn 2 points per dollar spent and after spending $15,000, earn 3 points per dollar spent for the rest of the year.The X1 Card earns at the following rates: If you typically shop at any of the available redemption options that may not be a problem, but if you want straight cash back to use any way you like or you want different options, this card will not be a fit for you in spite of its generous earnings scheme. The biggest downside with the X1 Card for some may be that you can only redeem your rewards with X1 partners. There are over 40+ partners so far and they include several airlines, Airbnb and retailers ranging from IKEA to Etsy to Sephora, and points are worth a minimum of one cent each. And, if you refer a friend who signs up for the card, you’ll earn 4 points per dollar for a month (a small percentage of referrals receive a reward multiplier up to 5 or 10 points per dollar for the month). The card earns 2 points per dollar spent and after spending $15,000, earn 3 points per dollar spent for the rest of the year. When it comes to rewards, the structure on the X1 Card is one of the most generous we’ve seen on a card without an annual fee. Be aware that although X1 does a soft pull when you apply, if you’re approved for the card, when you accept your terms the company will report the newly created account to the credit bureaus, a process similar to how the Apple Card and many Buy Now, Pay Later companies underwrite. Since X1 bases their underwriting on your income and not your credit score, it may be appealing to those working on building or repairing their credit. Instead, it uses your current and potential future income to make a determination, which the company claims could result in a limit up to five times higher than a traditional credit card. For starters, it’s one of just a handful of credit cards that doesn’t rely solely on your credit score to determine creditworthiness or how high a credit limit to grant you. The X1 Card has several attributes that put it at the top of the class.
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