Extra Card: $7/month, No Credit Check, Debit Card that Rebuilds
REVIEW

• No credit checks
• Keep your bank
• No deposit required
• No interest or hidden fees
• Full impact on credit
• Earn rewards points
• 99% approval rate

Pros	Cons
No Credit Checks	Transaction is paid the next day from bank account
Reports to Experian and Equifax
Option of Reward Program
No need to "load" card
No security deposit
Reasonable monthly fee

At A Glance

The Extra Card is a total game changer in the world of rebuilder cards. It is the only debit card we know of that actually reports to the major credit bureaus and helps you build or rebuild your credit. Unlike secured credit cards, you do not have to need a security deposit to set your credit limit. And unlike unsecured credit cards, you avoid all sorts of fees and just pay $7 a month. There is no credit checks and no hard inquiry. Instead, you simply link your bank account to Extra and your credit limit is set based on your bank balance. At the end of each month, your transactions are tallied and reported to Experian and Equifax as credit worthy payments. It will show up on the 15th of the following month in your credit report. This card is the easiest card to get and arguably one of the best cards to get for rebuilders.

Requirements

• 18 years of age
• Must have SSN or ITN number
• US Address - no P.O. Boxes
• US/Canadian based bank account

Card Details and How It Works?

Monthly Fee	$7/month
Credit Limit	Determined by your bank account
Credit Bureau Reporting	Experian and Equifax
APR	0% - your purchases are paid the next day
Rewards Program	Earn up to 1% in Points

This is how Extra Card works.

Sign up by connecting your bank account - When you sign up for the Extra Card, you will connect it to your bank account (via PLAID). You will be given a spending limit based on your bank balance and past activity. There is no credit check and no hard inquiry on your credit report.

Spending and paying back and Rewards - When you use your card for a purchases, the Extra Card will spot you for the purchases. Money will be taken from your bank account the next day to pay for the purchase. This works differently from prepaid cards where you have to "load" your card first. You will also earn up to 1% in points for every dollar that you spend on the card. These points can be redeemed for products like Airpods or gift cards from Extra's reward store.

Credit Bureau Reporting - At the end of the month, your payments are tallied and reported to Experian and Equifax as credit worthy payments. It will appear as an uncapped loan in your credit report on the 15th of the following month.

Monthly Fee - There is a $7 monthly fee. To have the reward program, the fee will be $12/month.

Card	Fee	Starting Limit	Credit Reporting
Extra Card	$7/month	Depends on bank account	None Experian and Equifax
Sequin Card	Not Known Depends on bank account	None	3 Major Bureaus
Chime Credit Builder	$0 No Min Deposit	None	3 Major Bureaus/td>

Extra Card compared to debit cards which report to credit bureaus

Traditionally, debit cards do not build credit because they simply do not report to credit bureaus at all. And the reason is debit cards by their very nature do not extend credit. The Extra Card gets around this by setting a "credit limit" based on your bank account (which will be linked via PLAID) and reports your monthly purchases as an uncapped loan to both Experian and Equifax. The only other debit card that is similar to the Extra Card is the Sequin Debit Card, which is not yet launched.

The Sequin Debit Card works like the Extra Card but is different slightly in two ways. Firstly, the card and company was designed by women for women (though men can apply)! Secondly, they intend to report to all three major credit bureaus. Having said that, the card is not launched and you have to join a wait list.

Hence at this moment, the Extra Card is the only debit card that will help you build or rebuild your credit.

Extra Card vs Secured Credit Cards

Secured credit cards are different from debit cards in that you have to put up a security deposit (which becomes your credit limit). Having said that, there is one particular secured credit card, the Chime Credit Builder Secured Card, which allows you to use your security deposit to pay your bills and continuously "top up and add money to your card". Hence it works like a prepaid card and also reports to all three major credit bureaus. The Chime Credit Builder Card also does not check your credit so you will definitely be approved. However, you need to set up a Chime banking account and also set up a regular direct deposit to get their secured card.

Extra Card vs Unsecured Credit Cards

Aside from secured credit cards, rebuilders also have a choice of using unsecured credit cards to rebuild their credit. The key difference between a typical unsecured card and Extra Card is that unsecured credit card require a hard inquiry. Their credit limit tends to be low (although the better ones will give starting credit limits up to $1,000). Some of the better unsecured credit cards charge only an annual fee, but many charge both an annual fee and monthly fees. While unsecured credit cards give you up to 25 days grace period (versus just 1 day for Extra Card), they tend to have very high APRs (as much as 30 plus percent) and if you are not careful, you will incur lots of interest charges. Compared to unsecured credit cards, the Extra Card is so much more cost effective and there is no way you will get into debt with it.

Pros: What we like?

• No credit checks - Extra Card does not check your credit report or do any hard inquiries. Instead, they check your bank accout via PLAID and will give you a credit limit based on that. Hence, those with no credit or bad credit can build or rebuild their credit with this card.


• Reports to Experian and Equifax - Extra Card is the only debit card we know that reports your purchases and payments to Experian and Equifax as uncapped loan.


• No Chance to get into debt - Because money is taken out of your banka account to pay the previous days purchase and transaction, there is no chance of you getting into more debt.


• Reasonable Monthly Fee - Extra charges $7/month and also comes with a rewards program that can offset the fees. This is in contrast to unsecured credit cards for bad credit that tend to come with monthly fees on top on annual fees.


• No need for security deposit - Because Extra Card is a debit card, there is no need to put up a security deposit like a secured credit card. In fact, you do not even have to pre-load your card.

Cons: What we don't like

• Does not report to TransUnion - This is honestly a minor quibble and I am sure they will report to TransUnion over time.

Our Take: Arguably Best Card for Rebuilders

Those of you who want to build or rebuild your credit usually have to make the tough decision of whether to go the secured or unsecured route. Each presents it's own advantages and disadvantages. Secured credit cards are normally more cost effective (as many do not charge annual fee) but many baulk at the idea because you have to put up a security deposit to set your credit limit. Unsecured credit cards tend to have low credit limits and many charge monthly fees in addition to high annual fees. Furthermore, you will face hard inquiries and credit checks when you apply for these cards and each hard pull can ding your credit score by a few points. A few denials later and these can add up. Furthermore, many of you will fall into further debt because of the high interest on these cards (in which 30% is not uncommon).

The Extra Card is a game changer because it is a debit card and it avoids many of the pitfalls of both secured and unsecured credit cards. A normal debit card or prepaid card does not report to credit bureaus and is of no use to rebuilders. However, the Extra Card is different. They report your payments to both Experian and Equifax. It is a great tool for rebuilders because you do not have to put up a security deposit and there is no risk of you falling into debt because it is a debit card. The monthly fee is also very reasonable.

Based on our evaluation and review, we have decided to give the Extra Card a 4.5 out of 5 star for it's low cost, ease of approval and it's debit card nature to prevent you from accumulating debt. If you have no credit or have bad credit and are looking at credit cards to help you rebuild your credit, I strongly suggest that you consider and get the Extra Card.

Extra Card Application

Application for the Extra Card is relatively straight forward. You have to fill in your mobile number and email and you will get a code on your mobile phone to proceed. Eventually, you have to link your bank account to Extra Card. Below are some screen shots of the first couple of application pages.

FREQUENTLY ASKED QUESTIONS

Does Extra have fraud alerts?

Does Extra have fraud alerts?

Is Extra FDIC insured?

Is Extra FDIC insured?

Is there a hard inquiry when I apply for Extra?

Is there a hard inquiry when I apply for Extra?

Where can I use Extra?

Where can I use Extra?

Can I use Extra Card outside the United States?

Can I use Extra Card outside the United States?

Does Extra store any of my banking information?

Does Extra store any of my banking information?

Contact Information

You can contact Extra customer from their app. You have to tap "Member Concierge" tab on your app.

Other contact information.

Email: hey@extra.app

Press Inquiries: press@extra.app

Partnerships: partnerships@extra.app