Take the Extra Step to Build Up Your Credit! Erin Benson February 8, 2023 • 2 Minute Read Credit Cards Debit cards are not new to the financial space, but when most people think of a debit card, they think of money coming straight out of their bank account and often use it in place of cash. Over the years, the debit card space has grown and some banks have used debit cards as a way for consumers to build up their credit. While there are several options out there, we think you should take the Extra step to building up your credit. Why the Extra Card? Extra is the first debit card that builds your credit and earns up to 1% back in redeemable reward points with every purchase*. Just like other cards, the more you use it for purchases the more likely your Spend Power will increase. There is no deposit required and no interest. Oh, did I mention that there is no credit check required upon sign up? How great! Most credit cards use a hard credit pull to determine creditworthiness, but because Extra is not a credit account, there is no need to have a score to qualify. Instead of a credit score, Extra requires the user to connect their Plaid compatible bank account and gives spending limits based on bank account balances. Some additional requirements include the consumer to be 18 years of age or older, have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), live in the United States with an address where you can receive your physical card and have a bank account in the United States. So, how does it work? When you swipe your Extra Card, they spot you for that purchase and automatically pay themselves back the next business day. At the end of the month, they add up all of your transactions and report them to credit bureaus as credit worthy payments. With each purchase being paid off within a business day, it helps keep your credit utilization to a minimum, another added bonus to this card! Still not sold on Extra? Check out these major differences. A typical debit card does not build your credit, does not offer rewards points and has limited bank options and customer service support. Extra builds your credit by reporting to both Equifax and Experian, allows you to earn reward points on all purchases*, can connect to a bank that is Plaid compatible, and offers premium customer support. Debating between Extra and a secured credit card? A typical secured card has very limited impact on your credit, usually requires a deposit, can have extremely high interest rates and often requires a hard credit check. Extra does not require a deposit, 0% interest and no credit checks. Debate solved! Feel Confident About Extra A great credit score can change lives and Extra is making that possible. Their mission is to create a safer, more accessible credit experience with the ease and predictability of a debit card. No credit checks and zero interest. So go ahead, take that Extra step to building your credit and feel confident about it! *Reward points are earned with Extra’s Rewards + Credit Building Plan. 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. Follow Us Here! #BuildCredit#CreditBuilding#DebitCard#Rewards Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.