Reviews
Extra Debit Card full review: should you get it?
The Extra Debit Card is the first debit card on the market to allow its customers to build credit. However, this is far from the only advantage of this card. Learn more!
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by José Gonçalo
Extra Debit Card: the proof that it is possible to build credit with the benefits of a debit card
A debit card that serves to build credit. In fact, this description is enough reason for you to want to know more about the Extra Debit Card.
Extra Debit Card: check out how to apply!
Learn how to apply for the Extra Debit Card, the first debit card on the market that allows your customers to build credit. As if that wasn't enough, get cashback as your credit score improves.
But that is not all. Indeed, this card offers other benefits like cash back and much more. Learn more about this great option and see if it can help you.
Credit Score | No credit check |
Annual Fee | $84 or $108 |
Regular APR | 0% |
Welcome bonus | None |
Rewards | 1% cashback on purchases (only for customers who contract the “Rewards + Credit Building” plan) |
Extra Debit Card: learn more about this financial product
Indeed, this is a debit card that offers features that most people look for in a credit card. Mainly, this card is made to build credit.
Reporting to two of the top credit bureaus in the country, it’s easy to see your credit score soaring. Curious about how a debit card can generate credit?
We’ll explain. Well, that card is connected to some account of yours. As soon as you make a purchase, the company creates a line of credit and pays for your purchase.
The next day, the purchase amount is deducted from your account. Thus, the payment is recorded in your credit history. That way, you can only spend up to the amount available in your account.
This card also offers a cashback program that refunds 1% of the value of your purchases. Also, this is a debit card. That means you have 0% APR forever.
This product does not require a secured deposit or credit check. Finally, it is a Mastercard card, accepted in practically all establishments.
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Extra Debit Card features
Indeed, this card is one of the pioneers in the market to offer debit and credit building services in the same product. However, there are some “weak spots” on this card that you need to know about.
Take a look at the lists below to understand what we are talking about:
What are the benefits?
- Credit building: reporting your payments to Equifax and Experian credit bureaus;
- It does not require a secured deposit or check your credit history or score;
- Rewards program: 1% cash back on your purchases;
- This is a Mastercard card, accepted anywhere in the country.
And what are the drawbacks?
- High Annual Fee: The minimum you will pay to use this card is $84 per year;
- To gain access to the rewards program, pay an additional $24 annual fee;
- The rewards generated can only be used for purchases in the Extra Store virtual store;
- This card does not report your payments to Transunion, one of the most important credit bureaus in the country.
What credit score do you need to get the Extra Debit Card?
Indeed, applicants for this card don’t have to worry about their credit score. After all, the issuer of this card will not check your credit history or score at any time.
How does the Extra Debit Card application process work?
So, you can apply for this card online. To increase your chances of approval, learn about the basic requirements presented in the review at the link below:
Extra Debit Card: check out how to apply!
Learn how to apply for the Extra Debit Card, the first debit card on the market that allows your customers to build credit. As if that wasn't enough, get cashback as your credit score improves.
Disclaimer: The Aligned Company d/b/a Extra (“Extra”) is a technology company, not a bank. Banking services provided by Evolve Bank & Trust or Patriot Bank, N.A. (Member FDIC), pursuant to a license from Mastercard International. This Card can be used everywhere Debit Mastercard is accepted. Extra reports on time and late payments, which may negatively impact 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®. Rewards points only available with rewards plan.
José Gonçalo
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