Top 3 Reasons We Say No To the Extra Debit Card

Our Extra debit card review found the claims to build credit are correct, but there are several, less expensive debit cards that build credit.

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Benefits of the Extra Debit Card

Extra is a debit card to build credit by reporting monthly to Experian and Equifax credit bureaus. No credit check or security deposit is required for approval, and no interest is charged on purchases made with the debit card.

The Extra debit card can be a convenient way to potentially build credit without using traditional credit products but here are several reasons we do not recommend it:

1. Extra Debit Card Pricing is Expensive

Extra provides two plans, one with rewards and one without rewards:

Credit Building Only

(Save by paying yearly)

Monthly Fee: $20 per month

Yearly Fee: $149 per year ($12.41 per month)

Credit Building + Rewards

(Save by paying yearly)

Monthly Fee: $25 per month

Yearly Fee: $199 per year ($16.58 per month)

Rewards: Earn up to 1% in points for everyday purchases like rideshares, coffees and your phone bills

2. Extra Debit Card Rewards Come With Fees

Customers can earn up to 1% in points for everyday purchases like rideshares, coffees and phone bills but only when you upgrade your subscription to include rewards points.

The Extra rewards plan costs more than the basic plan and only offers 1 percent cash back on purchases. The fee for the rewards plan only pays off if you spend at least $5,000 per year on the Extra debit card.

3. Only Reports to Experian and Equifax

The Extra debit card only reports to Experian and Equifax. But it’s important for creditors to report to all three major credit bureaus (Equifax, Experian, and TransUnion) for several reasons:

Comprehensive Credit History: Reporting to all three bureaus ensures that your credit history is accurately reflected across all credit reports. This is crucial because different lenders may pull your credit report from different bureaus, and having consistent information on all three ensures a fair evaluation of your creditworthiness.

Higher Credit Score: If an issuer only reports to one or two bureaus, your positive payment history and credit utilization may not be fully reflected in your overall credit score. Reporting to all three bureaus maximizes the impact of your responsible credit behavior on your credit score.

Increased Loan and Credit Approval Chances: When applying for loans, credit cards, or other financial products, lenders often check all three credit reports. Having a positive credit history on all three reports increases the likelihood of getting approved for the best rates and terms.

Protection Against Errors: If there are any errors or inaccuracies on your credit reports, reporting to all three bureaus helps you identify and dispute them more easily.

4. You Must Link The Card To Your Bank Account

Your bank account is connected through Plaid, a well-known industry provider and it must remain connected until you cancel Extra. Once connected, Extra gives you a spending limit based on your bank balance and other factors. They have complete access to the purchases you make with the Extra debit card.

At the end of the month, Extra totals up all of your transactions and report them to credit bureaus as credit worthy payments.

Who issues the Extra Debit Card?

Your money is safe with the Extra Debit Card. They partner with Evolve Bank and Trust, which is FDIC insured. Extra is not a bank, they are only linked to your bank account using the Plaid technology.The Extra Debit Card carries the Mastercard logo and works anywhere Mastercard does (except outside the United States, Extra only works within the US).

Alternatives to the Extra Debit Card?

The Extra debit card partnera with Evolve Bank and Trust, which is FDIC insured. Extra is not a bank, they are only linked to your bank account using the Plaid technology. The Extra Debit Card carries the Mastercard logo and works anywhere Mastercard does (except outside the United States, Extra only works within the US).

Current Build Card

Features

Credit Score: No credit check
Annual Fee: $0
APR: None
Earn Rewards: Yes, 1x to 7x, depending on the merchant

Minimum Opening Deposit

Annual Percentage Yield

4.00% (Up to $6,000)

Why we like it

Current is a financial technology company, not a bank. Depositor funds are FDIC-insured up to $250,000 through partner banks Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.

The Current Build Card offers low barriers to entry for those with bad or limited credit. Build credit using only the money in your account and enable AutoPay so you never miss a payment.

Get credit for every swipe just by using your card, even at the ATM, to build credit with every swipe and earn rewards points.

What you should know

You must open a Current account before applying for the Current Build Card. Funds transferred into the Current account become your security deposit, and thus your credit limit, for the card.

There is no required minimum security deposit for the Build Card. Whatever money is added to your Current Account counts towards your Spending balance.

Final Takeaway

Any type of of credit builder card whether a debit card designed to build credit or a secured credit card, should report payment activity to all three major credit bureaus (Equifax, Experian, and TransUnion). Consistent on-time payments demonstrate responsible credit behavior, which positively impacts your credit score over time.

The biggest problem with the Extra debit card are the fees. It’s important to avoid unnecessary fees when building credit. The concentration should be timely payments as well as keeping amounts owed (utilization) low. By using a credit responsibly, you can build a positive credit history and open doors to better financial opportunities in the future.

Current Disclaimers

Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.