The New X1 Visa Credit Card is Based on Income – Not Credit Scores

metal-x1-credit-card

There’s a new no credit check credit card on the horizon that does not require credit scores for approval.

With traditional credit cards, credit scores are one of the most important factors in credit card approval decisions.

The New X1 Credit Card may make it easier for people without a solid credit history eligible for a high limit card. The X1 Credit Card has the backing of some major tech executives like the founder of Paypal, Max Levchin.

The X1 Credit Card will launch soon and currently has a waitlist.

Key features of the X1 Credit Card

  • X1 Credit Card is a no credit check visa that offers consumers the chance to get a credit limit based on their income, not their credit score.
  • Credit limits are based on current and future income.
  • X1 Card offers credit limits up to 5X higher than traditional cards.

How the X1 Credit Card Works

When you apply for the X1 Credit Card, a soft pull on your credit card is used to verify your identity. Approval is primarily based on the following data points:

  • Documentation proving you are employed
  • Pay stubs (optional)
  • Linking your bank account (optional)

If approved, the credit limit will be based on your income instead of your creditworthiness, and it’ll be up to five times what traditional cards might offer you. What’s more, as your income increases, you’ll get automatic credit line increases.

X1 Credit Card Perks

In addition to the X1 Credit Card being 17g Pure Stainless Steel, there are several other perks cardholders can enjoy:

  • Cardholders will earn a flat 2 points per dollar on every purchase.
  • Cardholders that spend more than $15,000 in a year will earn 3 points for every dollar you spend during the year.
  • Refer a friend to earn 4 points per dollar for 30 days. (For example, bring in 10 friends and you’ll get 4X points on every single purchase for 10 months).
  • Credit limits will automatically increase over time.
  • To manually increase your credit limit you can link your bank account and provide pay stubs.
  • Create virtual cards for one-time use.
  • No annual fee.
  • No foreign transaction fees.
  • No late fees.

The only drawback to earning points is that you can only redeem then for statement credits against purchases from specific retailers, including Airbnb, Etsy, Nike, and Wayfair. Points are worth a minimum of 1 cent apiece but can be worth up to 2 cents each with some retailers.

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