Building your credit score requires you to apply for a credit account, make timely payments, and keep your debt balance low. But if you have no credit, it’s hard to qualify for a credit account. Applying for one requires a hard credit report inquiry, which hurts your credit score. And if you don’t manage the credit account well, you’ll end up damaging your score and incurring additional interest and fees.
Extra (extra.app) doesn’t come with any of those issues. It functions like any other debit card, so there’s no credit check to apply, you can’t spend more than you have, and there’s never interest on your purchases. Unlike a traditional debit card, however, Extra builds your credit score and lets you earn points on your purchases. It’s a safer and more rewarding way to build your credit. Let’s take a closer look at Extra below.
| Monthly Fee | Starts at $7 |
| Minimum Deposit | $0 |
| ATM Network | None |
| Credit Bureaus | Equifax, Experian |
| FDIC Insured | Up to $250,000 |
Extra Debit Card Features
Extra is a debit card that lets you build credit and earn rewards. There’s no need for a security deposit, and no credit check is required. Here’s how it works:
- Once you’re approved, connect your existing bank account to Extra as a funding source. They support over 10,000 banks, so you don’t have to open a new account to use the card.
- Extra determines your spending limit, which is always slightly below your checking account balance in real-time.
- When you make a purchase with your Extra Debit Card, they spot you the money and pay for the transaction.
- The next business day, Extra pays themselves back by transferring funds from your connected bank account.
The process works similarly to a credit transaction. Extra gives you a credit line that is equal to the purchase amount, and then you pay off the balance using cash from your linked funding source.
At the end of each month, Extra calculates your total purchases and reports your credit activity to Equifax and Experian, increasing your credit score as time goes on.
Other features include:
- Builld Your Credit History
- Earn reward points for every purchase
- Exclusive access to the Extra Rewards Store
- Overdraft Prevention with Spend Power
- 24/7 live chat support
- A sleek looking debit card
Extra Debit Card Plans & Pricing
Extra provides two plans with different pricing and benefits:
| Extra Credit Building Plan | Extra Rewards + Credit Building Plan | |
| Features | Build Your Credit History Overdraft Prevention with Spend Power | Build Your Credit History Earn reward points for every purchase Exclusive access to the Extra Rewards Store Overdraft Prevention with Spend Power |
| Monthly Price | $7 per month | $12 per month |
| Annual Price | $84 annually | $108 annually |
The rewards plan allows you to earn up to 1% back in redeemable reward points just like a rewards credit card. You can redeem your points for merchandise, gift cards, and donations in the members-only Extra Rewards store.
Bottom Line
The Extra Debit Card is not your average debit card. Depending on the plan you choose, you could be paying $7 to $12 a month, and your reward redemptions are limited to the Extra store. However, it has the ability to re/build your credit with regular spending, and it lets you earn rewards on all your purchases. It’s an excellent option if you want to build your credit without going through a credit check, racking up debt, or paying interest on your purchases.
Click here for ways to improve your credit score and rebuild your credit. Optimize your credit card rewards with Card Curator.
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Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.