New X1 Credit Card (3%)

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snailderby
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New X1 Credit Card (3%)

Post by snailderby »

The card offers 3 points on every dollar spent if you spend more than $15,000 on the card in one year. Points are worth 1 to 2 cents apiece, depending on the merchant. No annual fee. You can also generate virtual card numbers for one time purchases where you don't want the vendor to have your regular card number.

The big downside seems to be the limits on what points can be redeemed for. The website says you can "REDEEM POINTS AT BRANDS YOU LOVE" and then lists a number of vendors. See https://x1creditcard.com/.
Last edited by snailderby on Fri Sep 18, 2020 12:41 pm, edited 2 times in total.
MrJedi
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Re: New X1 Credit Card (3%)

Post by MrJedi »

Merchant restrictions on redemption kills it for me. Reaching $15,000 annual spend to make it worthwhile over a vanilla 2% card would mean sacrificing $300 in true cashback for $450 in restricted redemption. I do shop at a few of those merchants occasionally but not every year or enough to make that worthwhile. Merchants could also change at any time.
Last edited by MrJedi on Fri Sep 18, 2020 12:11 pm, edited 1 time in total.
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mmmodem
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Re: New X1 Credit Card (3%)

Post by mmmodem »

I do like the portrait mode design. All cards with a chip should be that way from now on. Unfortunately, I spend way more than $15k a year, so this card is worthwhile. But I don't spend anywhere near $750 on those merchants. Hard pass. Add Target or Amazon and I'll sign up.
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batpot
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Re: New X1 Credit Card (3%)

Post by batpot »

This could be useful for Airbnb, Alaska, and Delta...
But, boo Visa - Mastercard can be used to pay for mortgage, and 3% would beat plastiq's fee.
Still might be a worthwhile replacement over any 2% card.
MrJedi wrote: Fri Sep 18, 2020 11:44 am Merchants could also change at any time.
very true.
arf30
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Re: New X1 Credit Card (3%)

Post by arf30 »

From what I've heard you won't be able to redeem for 3% statement credit or cash back, which makes the card a bit of a bait and switch - they'll start gradually devaluing the points over time as other similar programs have done.
Last edited by arf30 on Fri Sep 18, 2020 1:18 pm, edited 1 time in total.
Doctor Rhythm
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Re: New X1 Credit Card (3%)

Post by Doctor Rhythm »

The other downside of rewards programs like this is that you usually pay full retail prices with your points when buying directly from the manufacturer’s site, whereas you can get sale prices from resellers plus earn further credit card rebates shopping normally.
ridebikeseveryday
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Re: New X1 Credit Card (3%)

Post by ridebikeseveryday »

Doctor Rhythm wrote: Fri Sep 18, 2020 1:09 pm The other downside of rewards programs like this is that you usually pay full retail prices with your points when buying directly from the manufacturer’s site, whereas you can get sale prices from resellers plus earn further credit card rebates shopping normally.
This happens with cash back programs too: look at how Alliant has raised fees and capped rewards for their 2.5% visa.
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batpot
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Re: New X1 Credit Card (3%)

Post by batpot »

ridebikeseveryday wrote: Fri Sep 18, 2020 1:34 pm
Doctor Rhythm wrote: Fri Sep 18, 2020 1:09 pm The other downside of rewards programs like this is that you usually pay full retail prices with your points when buying directly from the manufacturer’s site, whereas you can get sale prices from resellers plus earn further credit card rebates shopping normally.
This happens with cash back programs too: look at how Alliant has raised fees and capped rewards for their 2.5% visa.
Chase Sapphire Reserve is another great example...the first iteration of that card cost Chase millions. I'm happy to say we made about $2.5K off of them in the first year of ownership.
We also milked the Alliant card for a year, but cancelled before the annual fee kicked in. Then switched to the Citi Premier, which was a mastercard. Paid the mortgage by credit card for about a year, but it got weakened by Plastiq upping their fee. Not to mention Covid...

These promotions are going to ebb and flow as people like bogleheads learn of these programs and milk them.
But also remember that these benefits only exist because a good chunk of the card holders are paying 12%+ month after month.
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whodidntante
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Re: New X1 Credit Card (3%)

Post by whodidntante »

If you like annual spending bonuses, pick up the FordPass Visa instead of this or pick up both. You get $200 back on $6k every year, plus some points you can use for oil changes and new batteries and whatnot at Ford dealer dealers. And it's cash in the form of a statement credit, not some weird points that I have to spend at Patagonia. I also got a $100 sign up bonus for spending $3,000, but that's just a one time deal.
https://owner.ford.com/fordpass/fordpas ... -card.html

Don't worry, you don't need to actually buy a Ford. :P
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batpot
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Re: New X1 Credit Card (3%)

Post by batpot »

whodidntante wrote: Fri Sep 18, 2020 3:39 pm If you like annual spending bonuses, pick up the FordPass Visa instead of this or pick up both. You get $200 back on $6k every year, plus some points you can use for oil changes and new batteries and whatnot at Ford dealer dealers. And it's cash in the form of a statement credit, not some weird points that I have to spend at Patagonia. I also got a $100 sign up bonus for spending $3,000, but that's just a one time deal.
https://owner.ford.com/fordpass/fordpas ... -card.html

Don't worry, you don't need to actually buy a Ford. :P
that is fantastic!
Plus:
3% Back in Points on auto insurance, tolls, parking and dining
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whodidntante
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Re: New X1 Credit Card (3%)

Post by whodidntante »

batpot wrote: Fri Sep 18, 2020 4:24 pm
whodidntante wrote: Fri Sep 18, 2020 3:39 pm If you like annual spending bonuses, pick up the FordPass Visa instead of this or pick up both. You get $200 back on $6k every year, plus some points you can use for oil changes and new batteries and whatnot at Ford dealer dealers. And it's cash in the form of a statement credit, not some weird points that I have to spend at Patagonia. I also got a $100 sign up bonus for spending $3,000, but that's just a one time deal.
https://owner.ford.com/fordpass/fordpas ... -card.html

Don't worry, you don't need to actually buy a Ford. :P
that is fantastic!
Plus:
3% Back in Points on auto insurance, tolls, parking and dining
When that card dropped, there was a thread on doctor of credit with a few weird comments expressing confusion on the terms. I read the T&C myself and it was crystal clear and a good offer, so I applied right then.

Definitely a keeper!
MrJedi
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Re: New X1 Credit Card (3%)

Post by MrJedi »

whodidntante wrote: Fri Sep 18, 2020 7:21 pm
batpot wrote: Fri Sep 18, 2020 4:24 pm
whodidntante wrote: Fri Sep 18, 2020 3:39 pm If you like annual spending bonuses, pick up the FordPass Visa instead of this or pick up both. You get $200 back on $6k every year, plus some points you can use for oil changes and new batteries and whatnot at Ford dealer dealers. And it's cash in the form of a statement credit, not some weird points that I have to spend at Patagonia. I also got a $100 sign up bonus for spending $3,000, but that's just a one time deal.
https://owner.ford.com/fordpass/fordpas ... -card.html

Don't worry, you don't need to actually buy a Ford. :P
that is fantastic!
Plus:
3% Back in Points on auto insurance, tolls, parking and dining
When that card dropped, there was a thread on doctor of credit with a few weird comments expressing confusion on the terms. I read the T&C myself and it was crystal clear and a good offer, so I applied right then.

Definitely a keeper!
I was looking at this card but honestly not sure if we spend $6000/year on non-bonus categories except on years with high medical bills.

Is there anything useful to get with the actual points if we don't own Ford products? There doesn't seem to be a way to redeem through an online store at all.
moneywise3
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Re: New X1 Credit Card (3%)

Post by moneywise3 »

So now you have to say "steel", when they ask plastic or cash
brad.clarkston
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Re: New X1 Credit Card (3%)

Post by brad.clarkston »

whodidntante wrote: Fri Sep 18, 2020 7:21 pm
batpot wrote: Fri Sep 18, 2020 4:24 pm
whodidntante wrote: Fri Sep 18, 2020 3:39 pm If you like annual spending bonuses, pick up the FordPass Visa instead of this or pick up both. You get $200 back on $6k every year, plus some points you can use for oil changes and new batteries and whatnot at Ford dealer dealers. And it's cash in the form of a statement credit, not some weird points that I have to spend at Patagonia. I also got a $100 sign up bonus for spending $3,000, but that's just a one time deal.
https://owner.ford.com/fordpass/fordpas ... -card.html

Don't worry, you don't need to actually buy a Ford. :P
that is fantastic!
Plus:
3% Back in Points on auto insurance, tolls, parking and dining
When that card dropped, there was a thread on doctor of credit with a few weird comments expressing confusion on the terms. I read the T&C myself and it was crystal clear and a good offer, so I applied right then.

Definitely a keeper!
*sigh* now if the Jeep card had a 3% category I'd jump at that bad boy :annoyed ((5% dealership, 2% gas/travel, 1% everything else))
JackoC
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Re: New X1 Credit Card (3%)

Post by JackoC »

Doctor Rhythm wrote: Fri Sep 18, 2020 1:09 pm The other downside of rewards programs like this is that you usually pay full retail prices with your points when buying directly from the manufacturer’s site, whereas you can get sale prices from resellers plus earn further credit card rebates shopping normally.
I haven't check out the X1 deal in detail but in general I consider points systems to have beat cash by a considerable amount to really be better. Again not sure about this system but some other rewards systems obviously overcharge you on the option of buying goods compared to what you could get shopping around. Also, credit to purchase only certain items from certain providers is not as worth as much as the same amount of cash even assuming you don't get charged more, as the discounts on most gift cards in the secondary market tell you.

Also my comparison would be BOA cards at 'Platinum Honors' level, currently three Cash Rewards cards for 5.25% back on three categories (usually online shopping, restaurant and gas) and supermarket on any of them 3.5% on up to $2.5k per qtr per card no annual fee, Preferred Rewards at 3.5% travel 2.625% everything else, $95 annual fee but $100 airline extra's credit, and they've given some other special credits. That's netted us around 1% more on average than 2% everything no fee Citi Double (including manufacturing net CB by paying est tax +convenience fees with PR which we didn't bother to do with Citi Double though it would have eked out a small profit). And again to me 3% real cash is worth significantly more than 3% credit on some goods and services (also airline flights) where they choose what to offer and when, with typically fuzzy relationship between the point price and lowest available cash price for the same item.
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whodidntante
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Re: New X1 Credit Card (3%)

Post by whodidntante »

MrJedi wrote: Fri Sep 18, 2020 9:40 pm
whodidntante wrote: Fri Sep 18, 2020 7:21 pm
batpot wrote: Fri Sep 18, 2020 4:24 pm
whodidntante wrote: Fri Sep 18, 2020 3:39 pm If you like annual spending bonuses, pick up the FordPass Visa instead of this or pick up both. You get $200 back on $6k every year, plus some points you can use for oil changes and new batteries and whatnot at Ford dealer dealers. And it's cash in the form of a statement credit, not some weird points that I have to spend at Patagonia. I also got a $100 sign up bonus for spending $3,000, but that's just a one time deal.
https://owner.ford.com/fordpass/fordpas ... -card.html

Don't worry, you don't need to actually buy a Ford. :P
that is fantastic!
Plus:
3% Back in Points on auto insurance, tolls, parking and dining
When that card dropped, there was a thread on doctor of credit with a few weird comments expressing confusion on the terms. I read the T&C myself and it was crystal clear and a good offer, so I applied right then.

Definitely a keeper!
I was looking at this card but honestly not sure if we spend $6000/year on non-bonus categories except on years with high medical bills.

Is there anything useful to get with the actual points if we don't own Ford products? There doesn't seem to be a way to redeem through an online store at all.
The main value is the statement credits for hitting the spending target, which amount to 5% cash back on anything in the first year, and 3 1/3% cash back in future years. The FordPesos are just gravy. Some dealers have a sort of Jiffy Lube+tire shop thing going and will work on non-Ford cars. I've only been to my Ford dealer twice, but I did see at least one foreign car in the air each time. Also, Ford sells parts that are not exclusively for Ford cars like inflators and battery jumpers, and the Motorcraft brand makes parts for basically every recent, major car. So I imagine you would get some value out of the points as a non-Ford owner, but I have not tested that as I do have a Ford.
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