What are the income requirements for getting a credit card?

The X1 Card is a new credit card that bases its credit limits on the applicant's income rather than their credit score.

According to NerdWallet, the X1 Card's income-based model could be risky, as a person's income level does not necessarily indicate how well they manage their debts.

The X1 Card does not disclose the issuing bank, making it difficult for consumers to gauge the customer experience and satisfaction.

While the X1 Card claims the current credit scoring system is "archaic," skipping it altogether with credit limit decisions could be problematic for the company and its cardholders.

The X1 Card's base rewards rate of 2x points per dollar for every purchase is double what many other flat-rate cash back cards offer.

The X1 Card has the potential to help cardholders boost their credit score, as it doesn't require a hard credit check to apply.

The X1 Card can offer credit limits up to five times higher than traditional credit cards based on the applicant's income.

According to Investopedia, the X1 Card's income-based model could be risky, as income level does not necessarily indicate how well a person manages their debts.

While the X1 Card's income-based model may benefit those with lower credit scores, it could also lead to higher credit limits than some consumers can responsibly manage.

The X1 Card's redemption process, while simpler than some other rewards programs, may not be as robust as those offered by traditional credit cards.

The X1 Card's focus on targeting a younger, tech-savvy consumer base may be a strategic move to disrupt the traditional credit card industry.