Traditionally, credit card firms have used credit scores to determine a customer's spending limits. Such scores are notoriously opaque, and pose challenges for people at the start of their career or immigrants who don't yet have a credit history. X1 card calculates its credit offerings based on income, rather than credit scores, meaning people who struggle to get credit the traditional way may be able to borrow against the card.
X1 Card claims to provide "a different kind of credit card". From their mobile device, users can access a range of card services from transaction history, to disputing payments and reporting lost cards, even being able to use the card before they receive it. In addition, the company runs a rewards service that awards points for each purchase, and there are no annual or later fees, nor fees for foreign transactions.
After its initial launch to a limited number of users, X1 Card has become the fastest growing challenger credit card ever, boasting high levels of activity and a huge amount of money spent by its users. Its public launch in 2022 was accompanied by impressive funding, that will allow the company to innovate its product and invest in scaling operations.
Steph
Company Specialist at Welcome to the Jungle
