How can a credit bureau offer a debit card when they are not a bank!?! Obviously, you can’t pay for your groceries without money to back it up.
Experian is putting their name on a debit card that is actually issued by Community Federal Savings Bank. Makes me think of a multi-level marketing pyramid.
Why is Experian doing this? Because it gives them license to spy more on your spending.
This does not help or boost your credit score in any meaningful way. So-called Boost is to boost their own knowledge of all your financial workings, not to boost a benefit to you. Think about it: do you expect a for-profit, superrich credit bureau to care about you personally? Or are they working purely for their own benefit?
The New York Times published a lengthy article By Rob Lieber that was printed in The Seattle Times Sunday, Oct. 13 with the same opinion as mine. (You can read it here.)
Speaking of nonsense, why did Taylor Swift’s boyfriend, football player Travis Kelce, sell himself out to advertising the nonsense and deceptive Boost card? When The New York Times reached out to him, all he had to say about it was that it’s “cool.” Does he even understand it? Did he evaluate how it works? Or did he just agree to let them use him for the money he’d get paid? I haven’t interviewed him, so I can only guess.
There is no perk to the credit bureaus’s Spy Card that you can’t get elsewhere without the credit bureau snooping into all your spending. Be smart: when you see an offer from Experian’s Boost say NO.
Here’s an article I posted way back in 2020 on 3 Reasons to Say No to Boost:
https://askcarolynwarren.com/2020/11/18/three-reasons-to-say-no-to-experian-boost/
SMART MOVE ON THIER PART, THEY THEN ANYLISE IT THEN SELL THE INFORMATION TO THOSE WHO WOULD PAY, GREAT THING YOU CAUGHT THIS AND INFORMED US, THANK YOU
You make a good point, thank you.