When new credit cards from the big banks launch, it is hardly news. Generally, those same cards have been leaked for months, and everyone has already offered their complete analysis before anyone actually receives the card. However when cards from new players launch, it’s always exciting to me. Is this something that can disrupt the industry? Will I need to reevaluate my credit card strategy? Well, we’ve got a new contender from the Thrive company called the X1.

The Card Details

The card comes with a $0 annual fee. The reward structure is setup as follows:

  • 4x on every purchase for a month for every single friend you refer
  • 3x on every single purchase for the year if you spend $15,000 in the year
  • 2x every single purchase otherwise

As far as the points are concerned, they look to be worth 1 cent per point, however, they can also be redeemed for up to 2 cents per point depending on the retailer. Some other interesting tidbits about the card is that the credit limit is based on the cardholder’s income level. Finally, there is no hard inquiry for picking up this card.

Final Thoughts

As my own personal opinion, I don’t really care much when the newer cards like to incentivize people to ask their friends to signup outside of a traditional referral bonus. I completely understand why a smaller company would need to take this approach, but it kind of rubs me the wrong way, you know? What’s nice is that even if you don’t take that approach, it could still be a nice 3% back card if you tend to spend $15,000 or more every single year on miscellaneous expenses.

Outside of the reward categories, I always find it interesting when companies go with the credit limit is tied to income instead of credit score approach. Technically a higher income would mean that someone has more ability to pay a credit card back, however, higher income doesn’t imply financial responsibility. Credit based on income works in a ton of other countries though, so it could work here too. The only other example that comes to mind is Brex’s credit card, but that’s a business card vs this as a personal credit card.

My main concern with this card, and others like it, is the long term stability. Considering that applying for this card would take up a 5/24 slot, is this reward structure stable for 2+ years? Just something to consider before applying!

What do you think about this credit card? Is this something worth signing up for? Let us know why or why not in the comment section below!

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