If you are looking for a credit card with no credit check, Tomo Credit Card is a great option. This card also offers the chance to build your credit history, which can be beneficial if you are trying to improve your credit score.
Read our full Tomo Credit Card review to learn everything you need to know about this card.
Table of Contents
Card Basics
Tomo is a credit card that offers an alternative to traditional credit cards. Rather than basing eligibility on an applicant’s credit score, Tomo uses checking, savings, and asset account information.
This makes it easier for those with limited or no credit history to qualify for a Tomo card. Additionally, Tomo reports to all three credit bureaus, helping users build their credit scores over time.
The primary difference between Tomo and other cards is that it doesn’t charge any interest fees.
However, users are required to let Tomo link to their bank account so it can automatically pay any charges every week. This unique structure helps Tomo offer a more affordable option for those looking to avoid interest fees.
Quick facts
Here are some of the most important things to know about Tomo Credit Card:-
- The Tomo Credit Card is a great option for those who are looking to improve their credit score.
- The card reports to all three major credit bureaus, so it can help you build up your credit history.
- There is no annual fee or interest charges, so you can use your credit card without worry.
- There is No security deposit
- Have to be preapproved to receive an actual opportunity to apply
- You can earn unlimited 1% cash back on all eligible purchases.
- There are also expedited autopay options available, so you can make sure your bill is paid on time every month.
- Non-U.S citizens are also eligible to apply, making the Tomo Credit Card a great option for anyone who wants to improve their credit score.
- You can get Up to a $10,000 credit limit
Pros & Cons
Here are some of the pros and cons to consider before applying for the Tomo Credit Card:
Pros:
- No credit check required
- Can help you build your credit history
- No annual fee or interest charges
- Earn unlimited cash back on all eligible purchases
Cons:
- You must be preapproved to apply
- Some banks are experiencing difficulties in linking your account.
- Do not have the Best rewards Program compared to other cards
Now that you know a little more about Tomo Credit Card, be sure to read our full review to learn everything you need to know about this card.
Full review of Tomo Credit Card
Should I Get A Tomo Credit Card?
You might want to consider the Tomo Credit Card: If The Benefits Outweigh the Cost. So, I have explained below some of the key features and benefits that come with this card.
Let’s explore them in more detail.
Benefits of Tomo Credit CardThe Tomo Credit Card
#1. No credit check is required
This is a big one. If you have bad credit or no credit, you can still be approved for this card. That’s because Tomo determines your eligibility based on your checking, savings, and asset account information.
This makes it easier for those with limited or no credit history to qualify for a Tomo card. Additionally, Tomo reports to all three credit bureaus, helping users build their credit scores over time.
This makes the Tomo Credit Card a great option for those who are looking to improve their credit score.
#2. 1% cash back on all purchases
Tomo Card offers 1% cash back on all purchases which is a great way to earn some extra money. With this card, you’ll earn 1% cash back on every purchase you make.
That’s less than many other cash-back credit cards, but most credit-building cards don’t have rewards at all.
The Tomo Card is a great way to build your credit while also earning some extra cash.
#3. No Annual Fees
Tomo doesn’t charge any annual fees, so you can use your credit card without worry. This is a great way to save some money and it’s one of the main reasons why Tomo is such a popular choice for those looking to build their credit.
#4. No interest charges
Tomo doesn’t charge any interest, making it an even better deal. For individuals wanting to avoid interest fees, this is a significant advantage. Tomo can also help people improve their credit score by using automated payment options and instant credit transfer to bureau reporting.
#4. Reports to all 3 major credit bureaus
The Tomo Credit Card reports to all three major credit bureaus, so it can help improve your credit. This is a great way to improve your credit score and it’s one of the main reasons why Tomo is such a popular choice for those looking to build their credit.
#5. No security deposit Required
Tomo doesn’t require a security deposit, so you can use your credit card without worry.
#6. Up to $10,000 credit limit
Tomo Credit Card offers the opportunity for users to build their credit history without having to go through a credit check. This is a great option for those who are looking to improve their credit score or for those who do not have any credit history at all.
The card also has a chance to offer up to $10000 in credit limit, which is high compared to other cards on the market. This makes Tomo Credit Card a great choice for those who are looking to build their credit history.
#7. Referral cashback
The Tomo Card gives you 1% cash back on every purchase. If you refer a friend and they get approved, you’ll get an extra 1% for three months. You can refer up to 20 friends and get an extra 1% for three months each time someone approves.
#8. Zero Liability Protection
Tomo Credit Card offers Zero Liability Protection, so you’re never responsible for unauthorized charges. This is a great way to protect yourself from fraud and it’s one of the main reasons why Tomo is such a popular choice for those looking to build their credit.
#9. Mastercard Global Service
Tomo Credit Card comes with Mastercard Global Service, so you can use your card anywhere in the world. This is a great way to build your credit while also being able to use your card for purchases anywhere.
#10. Mastercard ID Theft Protection
Tomo Credit Card also comes with Mastercard ID Theft Protection. This is a great way to protect yourself from fraud.
#11. You can be approved with no Social Security number
The Tomo Credit Card is ideal for newcomers to the United States who don’t have a Social Security number or Individual Taxpayer Identification Number.
The card doesn’t require a Social Security number upfront in certain situations, making it easier to get approved.
The Deserve® EDU Mastercard for Students is another card that doesn’t require a Social Security number upfront in certain situations.
Read More: Does tomo credit card reports to all three of the major credit-bureaus?
Why you should not get the Navy Federal Credit Union NRewards Secured Credit Card.
Even though the Tomo Credit Card has a lot of great features, there are some drawbacks that you should be aware of before you decide to apply for the card.
#1. Before a card application can proceed, you must obtain preapproval.
For one thing, the application process is a bit more complicated than with other cards. The applicant must first check whether they are preapproved by submitting their age, income and bank account balances on the website.
If preapproved, the applicant will receive an email invitation to officially apply for the card. Once the official application is submitted, Tomo Credit will review other data points and either Tomo gives you a soft approval or reject the application.
This two-step process can be frustrating for applicants who are used to getting instant approval from other issuers.
#2. No credit check is required, but a linked bank account is necessary.
You need to have a linked bank account in order to be eligible for the card. This means that Tomo Credit will have access to your financial information in order to determine whether or not you’re eligible for the card.
Additionally, TomoCredit uses different data points to determine your eligibility, which could include how much money you have and how you manage it. If you’re not comfortable with sharing this information with TomoCredit, then this card is probably not right for you.
#3. You cannot carry a balance.
The Tomo Credit Card is not your typical credit card. For starters, there are no fees or interest charges.
Instead, Tomocredit makes money from interchange fees. This means that you can’t carry a balance from one month to another. There is an initial seven-day automatic payment schedule that deducts payments from your bank account to cover the balance every week.
After three months, you are allowed to shift the payment schedule to once per month.
So why not get the Tomo Credit Card? Because you can’t carry a balance, it’s not a good choice for people who need to finance a large purchase or who sometimes carry a balance from one month to the next.
And because the payment schedule is inflexible, it’s not a good choice for people who need the flexibility to pay their credit card bills on their own schedule.
But if you’re looking for a credit card with no fees or interest charges, the Tomo Credit Card could be a good choice for you.
#4. Automatic weekly payment schedule.
Another potential drawback of the Tomo Credit Card is the automatic weekly payment schedule. This can be inflexible for some people, who may need to make monthly or bi-weekly payments instead.
Additionally, if you have a balance on your card when the payment is due, TomoCredit will automatically deduct the payment from your linked bank account. This could cause problems if you don’t have enough money in your account to cover the payment.
#5. Poor customer support.
One of the biggest complaints about TomoCredit is the lack of customer support. There have been reports of long wait times and difficulty getting in touch with a customer service representative.
If you’re considering applying for the Tomo Credit Card, be aware of these potential drawbacks. Weigh them against the card’s advantages to decide if it’s the right choice for you.
Alternative of Tomo Credit Card
If you’re looking for a credit card with no fees or interest charges, the Tomo Credit Card could be a good choice for you. But if you’re looking for a credit card that doesn’t require a linked bank account and has more flexible payment terms, there are other options available.
Here are some alternatives to the Tomo Credit Card:
#1. Deserve® EDU Mastercard for Students
The Deserve® EDU Mastercard for Students is a credit card designed specifically for enrolled college students who are just starting to build a credit history.
International students may be eligible for the card without requiring a Social Security number. The card earns 1% cash back on all purchases and has a welcome bonus:1 year of Amazon Prime Student on Deserving after spending $500 in the first three billing cycles (Lifetime Value of $59).
As a Mastercard, cardholders also have access to cell phone insurance for eligible damage or theft up to $600, minus a $50 deductible.
The Deserve® EDU Mastercard for Students is an excellent way for students to start building their credit history while also receiving some great benefits.
#2. OpenSky® Secured Visa® Credit Card
If you’re looking for a secured credit card to help establish credit, the OpenSky® Secured Visa® Credit Card from Capital Bank is worth considering.
One key advantage of this card is that no credit pull is required to apply, so it’s possible to be approved even without a credit score. Another plus is that there’s no annual fee.
However, one potential drawback is that you’ll need to make a security deposit (minimum $200, maximum $3,000) in order to open your account.
Overall, the OpenSky® Secured Visa® Credit Card from Capital Bank can be a helpful tool if you’re trying to build your credit history.
#3. Petal® 2 “Cash Back, No Fees” Visa® Credit Card
The Petal 2 “Cash Back, No Fees” Visa Credit Card is a good option for those with less-than-stellar credit. There is no annual fee or security deposit required, and you can earn 1% cash back on eligible purchases right away.
After making 12 on-time monthly payments, you can earn up to 1.5% cash back at select merchants. If your credit history is just starting to bud, the Petal 2 merits a look.
The card allows you to build credit without charging any fees, and you can start earning cashback immediately.
With responsible use, the Petal 2 can help you grow your credit while also providing some financial rewards.
How Does the Tomo Credit Card Work?
Tomo is a credit card company that offers a credit limit of up to $10,000 with the possibility of an increase after making a few months of on-time payments.
Tomo has a strict weekly payment schedule where they automatically use funds from your primary bank account to pay off your balance every Monday, regardless of when charges were incurred.
There is evidence that Tomo does not eventually let customers switch to a monthly payment schedule as they claim, despite good behaviour over time.
Additionally, contrary to what Tomo suggests, their weekly payment schedule will not improve your credit score any faster than if you made monthly payments.
As a result, customers should be aware of the potential drawbacks of using Tomo before signing up for their service.
How to Apply for a Tomo Credit Card?
Applying for the Tomo credit card starts with their preapproval process, which requires some standard identification information and linking at least one bank account.
The more accounts that are linked, the stronger an applicant’s financial position will look. This, in turn, increases the likelihood of being offered a credit card with a higher limit.
Investments, such as stocks and cryptocurrency, are also taken into consideration when determining an applicant’s strength.
All of this information is necessary in order to make the best decision for both Tomo and the applicant.
Tomo Credit Card: How to Use It
If you’re looking to build your credit, the Tomo credit card can be a helpful tool. But it’s important to start developing good credit habits now if you want to eventually graduate to a more lucrative rewards card.
One way to stay on top of your spending and keep your credit utilization low is to use Tomo. With this card, your balance is automatically deducted from your bank account each week.
You’ll also earn 1% cash back on every purchase you make.
While the cash back rewards are lower than what you’d get with other cards, they’re still more than many starter credit cards offer.
Just be mindful of approaching your credit limit – maxing out your available credit can have a negative impact on your score.
By using Tomo responsibly, you can lay the foundation for solid credit history.
Bottom Line: Is Tomo Card the Right Choice for You?
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Either way, the Tomo card can be a great option – but it’s not right for everyone.
Let’s take a look at some of the pros and cons to help you decide if the Tomo card is right for you.
One of the best things about the Tomo card is that it doesn’t require a credit history. If you’re just starting out with credit, or if you haven’t had much luck getting approved for other cards, the Tomo card can be a great option.
The approval process is also an alternative, so if you have bad or no credit, you can still get approval with no credit without having to worry about a hard credit check.
However, there are some downsides to the Tomo card as well. Because it’s new, there can sometimes be a waiting period after you’ve submitted your preapproval request. And some users have reported issues linking bank accounts to their applications.
So if you’re looking for instant gratification, or if you need a card that’s absolutely guaranteed to work with your bank, -for you.
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FAQ
What is the Tomo Credit Card?
Does everyone get approved for Tomo?
Is Tomo a good choice for people with bad credit?
How can I use Tomo to help me build my credit?
Just be mindful of approaching your credit limit – maxing out your available credit can have a negative impact on your score. By using Tomo responsibly, you can lay the foundation for solid credit history.
Does Tomo pull your credit?
Is Tomo a Visa or Mastercard?
Is Tomo credit legitimate?
Does Tomo report to credit bureaus?
