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If you have a low credit score — or even no credit at all — you know how detrimental it can be to your finances and life goals.

It can stop you from opening a credit card or buying a house. And if you can get approved for a loan, the interest rate will likely be through the roof — costing you thousands of dollars more than you should be paying.

For example, two people leasing the same car, on the same terms, but with different credit scores could see a difference of $6,000 in their total payments. It’s wild!

Yet the traditional ways of raising your credit score can take time, money and effort. But a debit card — yes, a debit card — called Extra can help raise your credit without any of the traditional hassles. And it could give you rewards like a credit card, too.

Get the Benefits of a Credit Card (Without the Risks)

Extra’s debit card lets you earn positive credit impacts without the risks or barriers associated with secured credit cards. There’s no credit check, no interest rates and no deposit required. Plus, you get to keep your money in the bank account you’ve always used.

But how can a debit card improve your credit and earn you rewards like a credit card? Extra figured it out.

You sign up by securely connecting your bank account and getting a credit limit based on your cash balance (without a credit check!). The process is simple, and Extra has a 99% approval rate. Then, every time you make a purchase with your Extra card, they’ll spot you the cash now and pay themselves back the next day.

At the end of the month, all of your purchases are reported to the credit bureaus as credit-worthy payments — just like a credit card company would. And you’ll earn rewards on those successful payments.

But since you’re only spending money you already have, there are no sky-high interest fees that a credit card could tag onto a balance at the end of the month. Those alone could be more than 20% and potentially thousands of dollars surrendered to The Man.

Start Building Your Credit With The Extra Debit Card

Having good credit can have such a big impact on our lives — but we never realize just how much until our score dips into the “fair” or “poor” category. That’s why Extra is making it so easy and stress-free for people to build or improve their credit.

It takes just a few minutes to sign up for an Extra debit card, and you can get all the perks of a credit card without the risks of one. You can save thousands of dollars in interest, build your credit score and stress less over the barriers your lack of good credit puts in front of you.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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