Extra Card: Build Your Credit with a Debit Card

Extra is the first debit card that lets you build credit and earn rewards for your purchases. Previously, building your credit score was quite a task since you were required to apply for a credit account, keep your debt balance low, and make timely payments.

Today, over 100 million Americans don’t want or can’t get a credit card… and we understand why! Credit cards come with cons. Like overspending, high interest rates, inaccessibility, and mountains of debt. But a great credit score can change lives, especially with important long-term goals like securing a housing mortgage or getting the best possible repayment plan on your big purchases. Despite this, there are very few credit-building alternatives. Enter Extra. Our mission is to create a safer, more accessible credit experience with the ease and predictability of a debit card.

Extra Debit Card Benefits

  • At the end of every month, purchases made with your Extra Debit Card are tallied up and reported to credit bureaus to help build your credit history.
  • Extra has no interest rate, hidden fees and doesn’t require a security deposit or a credit check.
  • It is an ideal debit card for consumers with no or poor credit history, anyone who wants to build credit and earn reward points, and young people newly navigating financial independence.
  • Once you sign up, Extra should start appearing on your credit report by the 15th of the following month.

How Extra Debit Card Works: Can you Build your Credit Score with a Debit Card?

Yes. Extra card is designed to help build credit by reporting your credit transactions to credit bureau to show that you are a responsible borrower. This is how Extra works:

  • Get started with extra.app, by creating your Extra account and wait for approval.
  • Once approved, connect your bank account to Extra as a funding source.
  • Extra will give you a spending limit (Spend Power) based on your bank balance with no credit check. Spend Power is the amount of money you can spend on your Extra Card at any given time. Your Spend Power depends on your bank balance and how long you have been a member of Extra. Also, the more purchases you make the higher your Spend Power.
  • When you use your Extra debit card to make a purchase, Extra temporarily pays for the transaction. On the next business day, Extra debits the exact amount from your checking account (linked bank account) to pay themselves.
  • At the end of every month, Extra calculates your total purchases and reports your credit activities to major credit bureaus (including Experian and Equifax). These reports help the credit bureaus to prove that you are a responsible borrower and it in turn increases your credit score as time goes by.

The Extra Debit Card Plans

Extra offers two plans which you can pay for in either monthly or annual installments. These are the Credit Building Basic Plan and the Credit Building and Rewards Plan.

The Credit Building Basic Plan

The Credit Building plan helps to monitor your credit, it offers overdraft protection with Spend Power, and helps to build your credit score.

The Credit Building and Rewards Plan

This plan helps to monitor your credit, helps to build your credit score, and offers overdraft protection with Spend Power. Additionally, it gives access to Extra’s Rewards store, and gives rewards for every purchase. This plan allows you to earn up to 1% back in redeemable reward points just like a rewards credit card.

TheCreditPros is a US company that offers credit repair, credit scores and credit monitoring services. When you sign up with The Credit Pros, you will get credit reports and personalized score insights, tools and tips to understand the score and take the next step, and credit monitoring is to help in spotting potential identity theft.

Extra Debit Card Fees

Extra does not make money from interest rates or any hidden fees. Instead, it charges a flat monthly subscription for its debit card. If you decide to pay annually, Extra gives you a discount. The subscription fees are as follows:

INSTALLMENTCREDIT BUILDING PLANCREDIT BUILDING AND REWARDS PLAN
Monthly Price$8 per month ($96 per year)$12 per month ($144 per year)
Annual Price$84 per year ($7 per month)$108 per year ($9 per month)

Extra Debit Card Supported Countries

The Extra debit card is available to US and Canadian residents who are 18 years old and above. During sign-up you must be living in the United States or Canada with an address where you can receive your physical card (P.O Boxes are not valid). You must also have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) and a bank account in the United States or Canada. Extra is available through the web and also through the Extra mobile app (for both Android and iOS).

Extra Debit Card Customer Support and Customer Reviews

Extra has a limited customer support system. You can only contact the support team through the live chat on their website or app. However, the available support option is reliable since it is available 24/7. Whenever you contact them, they respond as fast as possible. If you have a question concerning the Extra debit card, Extra’s FAQs page answers most of these questions.

The Extra debit card (Extra.app) is not accredited by the BBB. However, it has earned 4.6 out of 5 stars on App Store with most customers praising Extra for helping them build their credit score. The few complaints are about Extra’s customer support system which might need improvement.

Is Extra Debit Card Safe?

Yes. Extra does not store any customer banking information. Instead, it uses Plaid to securely connect to your existing bank account, making your banking information only private to you. Also, Extra’s partner bank, Evolve Bank & Trust is FDIC-insured for up to $250, 000. Additionally, the Extra app alerts you as soon as your card is used. This helps you deal with fraudulent purchases in good time.

Extra Debit Card Alternatives

The Extra debit card is best if you want to rehabilitate your credit score as you earn rewards. However, the rewards are limited and may not be worth Extra’ monthly costs. If you want more reward options, you can consider alternative debit cards.

Final Thoughts on the Extra Debit Card Review

The Extra debit card is ideal for those who want to strengthen their credit without getting a credit check, paying interest on your purchases, or racking up debt. However, the Extra Debit Card is not your average debit card since you will be paying $7 to $12 a month. Other major downsides of the card is that it has no access to ATMs and has limited spending.

Ndesanjo is an experienced blogger and journalist. He was named one of 100 Influential Africans in Media Category. His mission is simple: making finance work for everyone. Read more about Ndesanjo and the whole editorial team at FiFi.