If you’ve been floating around social media the last few days, you might have seen “X1” or “X1 Card” trending. As the second term suggests, the X1 Card is a new credit card. Yet far from being issued by a standard banking juggernaut, the company behind the X1 Card is founded by former Twitter employees and backed by PayPal founder Max Levchin and former Twitter COO Adam Bain.
With a tech C-suite behind it, it’s no wonder the X1 is billed as “the smartest credit card ever made.” That’s a big claim—and sounds like a bit of a throwdown to Apple and its Apple Card. The X1 is even made of stainless steel (as opposed to the Apple Card’s titanium). But is the X1’s “smartest” card claim accurate? Here are its biggest features:
- Auto-expiring virtual cards: The X1 allows users to create virtual credit cards with their own individual card numbers. X1 is billing this as a perfect way to sign up to free trials since the card number can be set to cancel after the signup—and thus means that the free trial, once it ends, can’t be converted to a paid subscription.
- One-click subscription cancellations: Seeing a theme here? The people at X1 seem to really hate subscription fees. That’s why the card offers the ability for one-click subscription cancellations.
- Instant refund notifications: When a purchase is refunded to the X1 Card, you’ll get instant notification of the refund.
- Receipt management: The X1 Card’s app also allows you to attach receipts to transactions right in the app.
- Points for every purchase: No matter what you buy, you’ll get two points for every $1 spent. But if you spend more than $15,000 on the card every year, you’ll get three points for every dollar spent—from the very first dollar. If you refer a friend to the X1 Card, you get one month for each friend in which you’ll earn four points for every dollar spent.
- Income-based credit limits: Unlike other credit cards, the X1 Card bases your credit limit on your income, not credit score. X1 says this means the X1 Card can see credit limits up to five times higher than traditional cards.
- No fees on many types of transactions: The X1 Card has no annual fee, no late fees, and no foreign transaction fees. The X1 Card will have an APR from 12.9% to 19.9%.
If you want to get another credit card, the X1 might be a good choice for you, depending on your personal situation. However, you can’t apply just yet. The X1 Card won’t debut until winter 2020, but you can join the wait list for one today.