Extra card was founded in 2020 and only recently became available to users. The premise of the card has some similarities to Fizz. With Extra, you can get the card and build your credit without a credit check - same as Fizz. Extra also links to your existing bank account to keep you from spending more than you have - same as Fizz. And Extra is paid off through your connected bank account so that you it's harder to build up a balance and be charged interest - just like when you enable daily Autopay and SafeFreeze with Fizz.
Probably the biggest difference between Extra and Fizz is the fact that Extra charges all of its users a monthly usage fee that is on the more expensive side. Fizz, on the other hand, has an annual membership that costs just $119.99 per year ($49.99 for students). We think that while you're in college, your money should stay where it belongs: in your pocket so that you can spend it on what you want instead of having to pay just to build credit.
Extra charges up to $25 a month for all users, even those in college, making Fizz the far superior option (in our opinion 😉) – whether you're in college or a recent graduate.
Extra is certainly helping people build credit who previously wouldn’t have been able to, so credit where credit is due. But with expensive monthly fees and lackluster rewards, Extra doesn’t quite stand out above it’s competition of secured cards or starter credit cards from Discover, Bank of America - and it certainly doesn't do as well as Fizz. Let’s take a closer look at how Extra stacks up against Fizz, and why Fizz is a clear winner.
Fees and Interest
Extra is expensive to use. In fact, you have to pay just to build credit and then you have to pay for an even more expensive membership if you'd like to earn rewards as well. Fizz, on the other hand, is just $119.99 per year ($49.99 for students). Fizz doesn't charge hidden fees like fees for late or missed payments either. Instead, we make money through memberships and through small fees charged to merchants whenever you make a purchase.
As for interest, both Fizz and Extra don’t charge any interest. Both cards link to your bank account to keep you from overspending. Daily payments are mandatory with Extra, and Fizz includes features such as daily Autopay and SafeFreeze to help you stay on top of payments so that you don't build up a big balance.
Rewards
If you pay up for the cheaper version of Extra, you’ll have access to their credit building package. You’ll still build credit, but you won’t earn any kind of rewards. Extra’s rewards + credit building option comes at a higher cost. The rewards rate is pretty unremarkable at essentially 1% cash back on purchases. Pricing varies, but to break even, you'd need to spend several thousands of dollars on your Extra card every year.
Fizz gives everyone access to a fantastic rewards program, whether you're a student or a recent graduate. With Fizz, you won’t earn a low flat cashback rate. Instead, you can earn cash back at places you love on campus and online, with cash back rates ranging as high as 25% (100% on Fizz Fridays). Fizz’s rewards are tailored to college students and cities specifically. Plus, Fizz reward rates tend to be in the double digits, helping you earn even more.
Credit and credit building
Both Fizz and Extra are options for those who don’t have credit and want to build credit. Neither company checks your credit, which can be a major barrier to getting a student credit card. Both Extra and Fizz build your credit, so this part is more of a toss up.
The bottom line
When it comes to how the card itself functions, Fizz and Extra are quite similar. Both link to your existing bank account, keep you from spending more than you have, and operate on a regular payment schedule to keep you from building up a big balance.
But the similarities stop there, and Fizz is a clear winner. Extra is expensive, whereas Fizz is cheaper. Plus, the Fizz rewards program is tailored to the wants and needs of college students, while Extra's rewards program only offers 1% cash back and only does so if you pay the more expensive fee.
At Fizz, we think your money should stay in your pocket where it belongs. That way you can spend it on the things you love and care about, all while earning some sweet cash back. So apply for a Fizz card today!
*This communication is for informational purposes only and should not be considered financial advice.*
