SDXC 128GB loop

I am trying to use my new card with an #X100s, Moshi Cardette Ultra and Macbook Pro (early 2011 woth Mountain Lion) without success and am in a loop.

I formatted the card while in the camera before use, but when I inserted it into my reader to download the photos, a message popped up on my laptop and said I needed to initialize the card. I initialize the card on my Macbook then I put the card back in the camera, it said it was full, even though I just formatted it. I re-formatted the card on the camera and took more pics but then have the not initialized problem when trying to upload the pics to my Macbok Pro. It is a horrible loop. :o(

Advice?

Is your Mac and card reader SDXC (exFAT) compatible/compliant? I don’t know about Apple products, but Windows requires an OS update to recognize this new format.