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Extra is a debit card to build credit by reporting monthly to Experian and Equifax credit bureaus. Debit cards typically don't help build credit, but after reading this Extra Debit Card review, you'll get a better understanding of how to build credit with a debit card.
Here's a quick look at how the Extra Card helps build a positive credit history.
Purchases and payments made with the Extra debit card will be totaled at the end of the month and reported to the credit bureaus to build your credit.1
Members increased their credit score by an average of 48 points by regularly swiping with Extra and practicing good credit habits.3
There is no minimum credit score required! Extra does not check your credit so you don't have to worry about negatively affecting your score by applying.
Earn up to 1% in points for everyday purchases like rideshares, coffees and your phone bills when you upgrade your subscription to include rewards points.
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 |
Credit cards allow you to borrow money against your credit card limit. When you swipe, purchases will be added to your bill.
If you don’t pay off your balance within 30 days, you'll owe interest on your purchases. Credit cards can help improve your credit score over time, especially if you make frequent purchases and pay off the balance in full each month.
The Extra Debit Card is not a credit card but much like paying off a credit card balance in full each month, the paid in full debit card purchases are totaled each month and reported to two major credit bureaus as positive payment history. You don’t have to worry about any interest or hidden fees.
It’s clear that building a positive credit history is an essential part of financial stability. But there are some people that want to avoid racking up debt while building credit.
The Extra Debit Card provides one of the few ways to build credit without piling on debt. While most debit cards, even if you’re using them responsibly, won't help to build credit, the Extra Debit Card is different.
The Extra Debit Card is not a credit card at all. But the Extra Card can build credit and earn rewards points just like a credit card. No security deposit is required like with a secured credit card to establish a credit limit.
With Extra, your spending limit (Spend Power) is based on your bank balance and other factors with no credit check. The more purchases you make with Extra, the more chances you have to increase your Spend Power.
At the end of every month Extra totals up all of your purchases and payments and reports them to credit bureaus to build your credit.
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).
Practically any adult with a United States bank account can qualify for the Extra Debit Card.
Here is what you'll need to apply:
The benefit of paying back the card daily is that there is zero percent interest. You can’t carry a balance beyond the one day so you’re never at risk of paying interest.
The Extra Debit Card does not charge interest but there is a fee that depends on the level of service that can be paid monthly or annually for a discounted fee.
Like with any card to build credit there are pros and cons to consider.
Good credit not only determines the price of major borrowing needs like getting a mortgage or car loan but being able to choose where you want to rent also depends on your credit history. Whether you can get the job you want, and getting good rates on car insurance can also be determined by your credit history.
It’s getting harder to live a life without a credit score. If you want to build credit but not incur debt, the Extra Debit Card is worth taking a further look. For people with poor credit, finding an easy approval credit card can be difficult. The Extra Debit Card can fill the need of building a positive credit history with no credit check required.
Extra Disclaimers
The Extra Debit Card is issued by Evolve Bank & Trust or Patriot Bank N.A. (Member FDIC), pursuant to a license by Mastercard International. Loans provided by Lead Bank. Extra is responsible for credit reporting and reports on time and late payments, which may impact a credit bureau’s determination of your credit score. Rewards points only available with rewards plan.
¹ Extra is responsible for credit reporting and reports on time and late payments, which may impact a credit bureau’s determination of your credit score. Credit scores are independently determined by credit bureaus based on a number of factors, including your other financial transactions. Extra reports to Experian® and Equifax®. The Extra Debit Card and related services will not remove negative credit history from your credit report. Rewards points only available with rewards plan. Membership fees apply. Please refer to our Terms of Service and Cardholder Agreement for additional details.
3 Data based on a study of active Extra customers with good credit habits. Individual results may vary. To learn more, please see the full study at extra.app/study.