New Generation Credit Card Is Already Here
Finally, there is a credit card specifically designed for Generation Z which is to meet the needs of today’s youth. Meet a new no-annual-fee credit card with rewards – the X1 Card. The offer is described as “the smartest credit card ever made.” But what is so smart about it? Let’s figure it out.
The X1 Card looks quite impressive, starting from the appearance. Instead of the usual plastic, preference was given to stainless steel. However, it cannot be marked as a complete innovation. We have already seen something similar with the Apple Card, which is made of titanium.
As for the card’s main features and rates, it comes with a $0 annual fee and promises to provide up to 5X higher credit limits compared to other credit cards. It is interesting that how much you can get will depend on your current income, not your score. The amounts for Generation Z are expected to reach $4,479 in the mean. What is more, the credit line may be increased automatically in case your income goes up.
Unfortunately, the X1 Card won’t grant you with a 0% intro APR, but the offered variable APR on purchases is 12.9-19.9%, which is lower than average. But the main benefit that everyone, including representatives of Gen Z, expects from a credit card is rewards. And the X1 has something enticing for you:
- 2X points on every dollar spent;
- 3X points on every dollar spent during a year if you spend $15,000+ on the card in that year;
- 4X points on every dollar spent during a month for every friend you refer.
The points are unlimited and never expire. Accumulated rewards can be easily redeemed for purchases in the mobile app, but not on anything you wish. There is a list of partner brands that participate. Airbnb, Apple, ASOS, Beats Electronics, Delta Air Lines, Nike, Sephora, and Supreme are among them. As a rule, credit cards bring you no more than 1X rewards point on all purchases. 2X points on every single purchase is a really good deal.
Now let’s look at some unusual X1’s perks that distinguish the card from hundreds of others. First, you can create virtual cards for one-time use as well as auto-expiring virtual cards, which will be rather useful for free trials that one always forgets to cancel. Second, with the X1 Card, you can make payments anonymously. Next, there is an opportunity to conveniently attach receipts to the purchases you made, get instant notifications on refunds, and more.
The card issue will start in winter 2020. The name of the issuer is still unveiled. However, we already know for sure that the X1 Card will work on the Visa network. Now anyone in the US can sign up for a waiting list on the card’s website.
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