Unique Platinum vs Extra Debit Card

The Extra Debit Card is a great alternative to the Unique Platinum because it reports to two credit bureaus and Unique Platinum no longer does so. You can use the Extra Debit Card anywhere Mastercard is accepted whereas you can only use the Unique Platinum at their proprietory online store www.myuniqueoutlet.com. Furthermore, the Extra Debit Card has lower fees than the Unique Platinum.

I will now go into greater detail and compare the Horizon Gold Card vs the Extra Debit Card.

What is Unique Platinum?

The Unique Platinum is a close loop online store credit card where you can only use at www.myuniqueoutlet.com. My Unique Outlet is their online store which has a rather limited set of products. The credit limit for Unique Platinum is $1,000. They charge $19.95/month and you get the following benefits:

• Roadside assistance
• Universal RX
• Legal Assistance
• Proprietory Reward Program

Unique Platinum DOES NOT report to credit bureaus. They also do not do any credit checks and you simply need a debit card to pay your monthly fee to get approved.

What is Extra Debit Card

Extra Debit Card is a debit card that reports to credit bureaus (Equifax and Experian). It is a Mastercard and can be used anywhere Mastercard is accepted. Extra does charge a fee for their credit reporting. You can either pay a monthly fee of $20/month or a $149 annual fee (which is cheaper than the monthy fee).

Extra Debit does not perform any hard inquires as well but requires you to link your banking account via PLAID. Extra will give you a credit limit based on your bank activity and positive balance. Extra calls the credit limit spend power. When you make a purchase on the Extra Debit Card, Extra will spot you and make the payment for you. It will then withdraw the money from your bank account via ACH. This process might take up 3 days. So essentially, Extra is giving you credit for 3 days.

On the 15th of each month, Extra will tally up your purchases and report them to Equifax and Experian.

Differences

Unique Platinum and Extra Debit Card are different in the following ways:

Extra Has Lower Fees

The Unique Platinum charges $19.95 a month in fees. This works out to $239.40.

With Extra Card, you can choose to pay a monthly fee or an annual fee. The monthly fee is $20/month which works out to $299.4 a year. Alternatively, you can pay an annual fee of $149, which is a $91 savings over paying the monthly rate.

$149 is also $90.40 less than the $239.40 fees you have to pay for the Horizon Gold.

Extra Card Can Be Used Anywhere Mastercard is Accepted

As the Extra Debit Card is a Mastercard, you can use the card anywhere Mastercard is accepted (which is pretty much everywhere). In contrast, the Unique Platinum can only be used at their proprietory online store, www.myuniqueoutlet.com.

Extra Reports to Credit Bureaus while Unique Platinum Does Not

Extra reports to Equifax and Experian on the 15th of each month. Unique Platinum does not report to any credit bureaus (though they used to report to TransUnion). Hence, Extra Debit Card helps build or rebuild your credit while Horizon Gold does not.

Uniquw Platinum is unsecured whereas Extra is a Debit Card

Unique Platinum is an unsecured store card which allows you to buy products from their website on credit and pay over time at 0% APR. In contrast, though Extra will spot you purchases and get your bank to pay in back in a day or so, you will not be able to carry a balance from month to month. Many of you will prefer Extra because it prevents you from getting into credit card debt.

Slightly Different Approval Criterias

Though both cards do not perform any hard inquiry, they have slightly different requirements and approval process.

For the Unique Platinum, all you would need to get approved is to provide a debit card number or credit card number to pay the $19.95 monthly fee. You will be approved immediately though you have to wait for your physical card before you can make any purchase at the online store.

With Extra, you would have to set up an account, then connect your main bank account to Extra via PLAID (note: Extra will not have any login credentials but would be able to see your banka activity to be able to give you a credit limit). You may then have to upload documents (like drivers license) for identity verification purposes. Once you are approved, you will be given a virtual card (which can be uploaded to digital wallets) and start using it.

Difference in Starting Credit Limits

The starting credit limit is $1,000 for the Uniquw Platinum. There is no fixed starting credit limit for the Extra Debit Card. It will depend on your cash activity and positive balance you have on your bank account. Credit limits will increase the more you use the Extra Debit Card.

Similarities

The Horizon Gold Card and Extra Debit Card has one main similarity. And that is:

No Hard Inquiry

Both the Unique Platinum and Extra Debit Card do not perform any hard inquiries and do not rely on FICO scores to give you approval. In fact, approval is almost guaranteed if you meet their easy approval criterias.

Which is Better?

The Extra Debit Card is much better then the Unique from all perspective. Firstly, it is a Mastercard and can be used anywhere Mastercard is accepted (which is everywhere). In contrast, the Unique Platinum can only be used at www.myuniqueoutlet.com, which really has limited and dare I say lousy products and no free deliveries. Secondly, it has lower fees than Unique Platinum. But most importantly, the Extra Debit Card actually reports to Equifax and Experian while the Unique Platinum does not report to any credit bureaus now.

So even though both card do not perform any hard inquiries and approval is guaranteed if you meet their simple requirements and fill in your application forms correctly, the Extra Debit Card is way better than the Horizon Gold.