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- No credit history required
- No annual fees or security deposit
- No APRs
- Earn 1% cash back on all purchases
- Customizable credit limit
- Regular Purchase APR: 0%
At a Glance
The Tomo Credit Card is a credit builder card that features no fees of any kind, basic cash back rewards, and no credit check to apply. The card is tied to a user’s bank accounts, allowing for dynamic credit limits and no credit check.
Ideal for Those Who:
- Have no credit history
- Want a credit card with an automatic payment tied to their bank account
- Don’t want to pay fees of any type
- Want to build credit and earn basic rewards at the same time
Tomo Credit Card Review
TomoCredi is a U.S. fintech startup seeking to change the way people build credit. The Tomo Credit Card is the realization of this goal.
Tomo is a different type of credit card as it removes many of the hurdles people dread when applying for a credit card. There are no hard credit pulls, for instance, and pre-approval takes a matter of minutes. This streamlined process makes credit more accessible for more Americans.
How to Apply for Tomo
Applying for Tomo is straightforward. You simply visit the Tomo Credit site (on desktop or mobile) and enter your email address to see if you are pre-approved. This process involves providing select personal information, including:
- Social Security Number
- Student status (don’t worry if you aren’t in school)
- Monthly income
- Bank account balances
Once TomoCredit has this information, they’ll provide a pre-approval of up to $10,000 and ask for your phone number. The phone number requirement allows Tomo to contact you once your application is ready.
The secondary application process will require you to provide identification information and bank account access. While Tomo does not conduct a credit check, it uses the SSN info for ID purposes. On the other hand, the bank account information helps the company determine how much your credit limit will be. In many cases, the actual credit line offered is lower than the pre-approval amount, but this varies with individual circumstances.
No Credit Check – and No Fees
The Tomo Card offers more than just no credit check to apply. The card also features no hidden fees of any kind.
There are no late fees, no return payment fees, no Penalty APR, annual fees, or any other type of charges with Tomo. How then does Tomo work?
The Tomo Credit Card synchs with your chosen bank account. Once synched, the card operates on a 7-day automatic payment schedule. This payment schedule (run through Plaid) helps keep your account current and helps you avoid those pesky fees.
In this regard, Tomo is somewhat akin to a secured credit card, but not entirely. Still, the card offers regular reporting to the three major credit bureaus (Equifax, Experian, and TransUnion) every month, helping you build your credit score.
Earn 1% Cash Back on All Purchases
Earning rewards is a great perk – and one that pairs well with the credit-building aspect of the card. Not only does the Tomo Card help build credit and avoid pesky credit checks, it also earns an unlimited 1% cash back on all eligible purchases made with the card. This combination makes Tomo a solid option in wallets versus a traditional debit card.
Rewards with the card are applicable for cash back only. Rewards are redeemable through Tomo’s account dashboard and appear on the user’s account 28 days after the previous month’s statement has been paid in full.
Other Tomo Card Features
Since the Tomo Card is a Mastercard product, you can expect the basic features and protections that Mastercard provides. These features include:
- Zero Fraud Liability: You’ll pay nothing if the card is subject to unauthorized use or theft.
- Mastercard Global Service: Emergency assistance nearly anywhere in the world, 24/7. Services include lost card reporting and replacement, emergency cash disbursement, and more.
- ID Theft Protection: Complimentary credit report monitoring that alerts you to any changes or fraud concerns.
Things to Consider Before Getting Tomo Card
Before jumping into the application process with Tomo, there are some things to consider first. Chief among these concerns is the lack of compatibility with all banks. While Tomo supports many major banks, some smaller or regional banks won’t work – this is especially apparent with credit unions.
While not all banks synching with the platform might not impact every user, for some, it may severely limit their credit limit. This limit, in turn, can make even small purchases raise your credit utilization dramatically.
Should You Apply for the Tomo Credit Card?
Overall, the Tomo Credit Card is an attractive credit card for many individuals. The lack of a credit check and the linking of bank account provides exceptional access to credit for many – including those who would typically rely on debit cards and avoid building credit at all.
The lack of fees of any kind is another point in favor of the Tomo Mastercard. There are no interest payments (or APR of any kind), along with no annual fee.
Ultimately, the Tomo Card is a great credit card for those new to credit or looking to rebuild their damaged credit, thanks to a unique algorithm to determine your creditworthiness. It might not offer the rewards of a premium travel card, but for those looking to get their foot in the door, it’s a great product.