The X1 Card is a stainless steel metal card that's packed with benefits and potential to earn higher point multipliers.

Point Multipliers

• 2x on every purchase, regardless of category
• 3x points for the entire year if you spend $15,000 on the card; capped at $7,500 spend per month
• Potential to earn 4x-10x from Referrals based on "mystery reward multiplier" draws
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X1 Card Features

Metal Credit Card

The most notable marketing feature of the X1 Card is that it is made of 17g of stainless steel.

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Virtual Cards

A virtual card lets you control who can charge you and how much. They can be used for one-time purchases, subscriptions, and more. Take control with virtual cards to manage subscriptions and keep your details private with disposable card numbers.

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Credit Limit

One thing users might love but potentially hate is that your credit limit is based on your income.

That's usually the case with the big banks as well, but in the case of X1, they use Plaid to plug into your checking account and see the paychecks that come in.

On the one hand, people with lower credit scores but good incomes can still get the card.

On the other hand, it brings up the question of whether X1 would slash your limits or close your card if you lose your job or your income drops.

Outside of edge cases, if Chase or someone gives you a credit limit, that's your limit, even if you have an unstable income.

Point Multipliers & Redeeming Points

The X1 Card point multipliers:

• Earn 2X on every purchase regardless of category
•  Earn 3X for the entire year if you spend $15,000 for that year
  

Points are worth up to 1 cent per point, so $0.01. That means 2X is 2%, and 3X is 3%.

Although points are worth 1 cent per point, they can only be redeemed for eligible purchases at Rewards Partners.

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X1 Rewards Partners include Apple, Best Buy, Sony, Lululemon, REI, Allbirds, Amazon, Costco, Airbnb, and many more.

You can also redeem points for cash back, but the value may be less than the value of points used to pay off purchases from Rewards Partners.
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More Ways to Earn Points

X1 App Shopping

• Earn variable point multipliers by shopping via the X1 App

Activate Boosts

• Earn even more points on everyday spending via Boosts like restaurant purchases, ride shares, and delivery orders. 

Shopping rates and boosts may be added, removed, or changed in the X1 App with or without notice. 

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Benefits & Perks

The X1 Card is a Visa Signature card, which comes with a handful of benefits and perks, including:

• No foreign transaction fees
• Cell phone protection
• Trip interruption reimbursement
• Purchase security
• Auto rental collision damage waiver
• Extended warranty protection
• Return protection
• Zero liability protection
• Visa Signature concierge service
• Travel and emergency assistance
• Roadside dispatch

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For normal people who want an all-in-one 1 card setup, I think it's a great option. 

Best case, it's your go-to, and you earn effectively 3%. Worst case, it's a sock drawer gateway card down the rabbit hole.

Disadvantages of the X1 Card

Referral Bonuses

One of the main drawbacks of the X1 Card is that you can "earn up to 10X points when you refer people." However, 10X is not guaranteed, and you'll earn a "mystery reward multiplier" of up to 10 points for each eligible purchase for up to 30 days instead of the normal rewards rate.

The fine print:

"If someone accepts your in-app invitation to apply for an X1 Card Account using your invite (an “Invitee”), is approved for an X1 Card and activates their X1 Account, you will earn a “mystery reward multiplier” of up to ten (10) Points for each dollar of Eligible Purchases for up to 30 days (beginning on the date the Invitee activates their X1 Account), instead of the otherwise applicable rewards rate. The Invitee will also earn the same “mystery reward multiplier” amount for each dollar of Eligible Purchases for the same period of time as you, instead of the otherwise applicable rewards rate. At least 85% of participants will receive a multiplier of 4x Points; at least 5% of participants will receive a multiplier of 5x Points; and at least 2% of participants will receive a multiplier of 10x Points."

Source: https://x1creditcard.com/legal/program-terms#x1-card-rewards-program-rules

For most other cards, you can generally refer people and earn a set number of bonus points or cash.

No Intro Bonus

I see this staying the same given X1's focus on multiplier-based referrals, but most competitive cash back credit cards on the market have an intro bonus of $200-$500 after $1,000 of spend within the first three months of card opening.

To earn $200 on the X1 Card with the regular 2X multiplier, you would have to spend upwards of $10,000.

Alternatives

There are more competitive cards on the market if you're looking for something with no annual fee, an intro bonus, and 2x+ point multipliers.

• Citi Custom Cash℠ Card - automatically earn 5% on your top eligible spend category each month, up to $500/mo.

• U.S. Bank Cash+ - pick two eligible categories to earn 5% like ground transportation, fast food, and cell phone providers.

The main drawback is that none of the alternative options are made out of metal. 
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Conclusion

If you have a solid income, but weak credit score, the X1 Card is worth considering for their unique underwriting process. It's a great way to start building your credit history.

The X1 Card is also ideal for those who frequently shop at their Reward Partners. It has decent point multipliers and opportunities to earn more points via the X1 Shopping App, Boosts, and referral program.

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