Extra Introduces A Debit Card That Raises Your Credit Score From Harlem To Hawaii

February 28, 2023

Using a credit card and making timely payments usually increases your credit score.

However, making purchases with a debit card does not. That’s because you aren’t “borrowing” the money when you make a purchase, it comes straight out of your bank account.

But leave it to the new wave of fintech financial services companies to find a workaround. Extra card has introduced the Extra debit card and company executives say using it responsibly will raise your credit score.

Here’s how:


A regular debit card is issued by your bank. It’s the same as writing a check, but more efficient.

The Extra debit card has some features of a credit card. For example, it pays rewards. But it is linked to your bank account, just like a regular debit card issued by your bank.

When you make a purchase with the Extra debit card, Extra pays for the purchase immediately, then withdraws the amount of the purchase from your bank account. When you make an on-time payment, Extra reports the payment to Equifax and Experian – two of the three credit reporting agencies.

The company has released research that found that over the course of one year, Extra card members who practiced good credit habits while successfully using the product as recommended, experienced an average overall credit score increase of 48 points and were twice as likely to get approved for an auto loan or a credit card.

Road to higher credit score?

Company officials say the card could be a way for a consumer with marginal credit, who might not qualify for a credit card, to raise their score so they can access credit on better terms.

“We seem to be in an era now where tech-bro negligence is at an all-time high, which was one of the main reasons why conducting a study like this and providing proof points for Extra’s first-of-its-kind product is more important than ever,” said Cyrus Summerlin, co-founder & chief brand officer of Extra. “As an uncertain economy continues to affect customers, I would love to see a reset in fintech startup culture that celebrates impact made, more than just money raised.”

Using an Extra debit card carries a monthly or annual fee. The Extra Credit Building program costs $8 a month. The Extra Credit Building and Rewards program costs $12 a month or $108 for the entire year. 


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