The bank card trade is stuffed with premium and reward playing cards, with few choices current for folks with poor or no credit score. Typically, in case you don’t have a wholesome credit score historical past, you may neglect getting a bank card and the chance to unfold out funds on purchases. The Tomo Credit score Card goals to assist change that.
In contrast to most bank cards, the Tomo card doesn’t carry out a credit score test as a part of its approval course of. There’s additionally no APR—although different charges might apply. On this evaluate, we are going to analyze the Tomo Credit score Card and search to find out whether or not its options, charges, and perks make it a worthy addition to your pockets.
Time’s Take
The Tomo Credit score Card is a good alternative for folks struggling to realize mainstream bank card approval. As a substitute of counting on credit score scores, it makes use of an algorithmic strategy to find out whether or not somebody must be accredited.
Furthermore, as a result of you may’t carry a stability on the cardboard from one month to the following, no curiosity is charged. This makes it a helpful resolution for novices getting used to having a bank card and managing and constructing credit score.
TOMO Credit score Card Overview Abstract: Execs & Cons
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Doesn’t use credit score scores to approve functions |
Membership charge is required |
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Purchases don’t earn money again |
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Consists of a number of reductions, credit, and different perks |
Some rivals might have higher perks |
Who’s the cardboard for?
The Tomo Credit score Card is finest for folks seeking to construct credit score or set up new credit score. It’s pretty straightforward to qualify. You may not even want a Social Safety quantity (SSN) or Particular person Taxpayer Identification Quantity (ITIN).
Folks with little, poor, or no credit score have a shot at being accredited for this card as a result of TomoCredit, the corporate that points it, doesn’t carry out a credit score test. As a substitute, it makes use of various information within the approval course of, corresponding to info out of your checking account. This implies you have to hyperlink your checking account to use. Nevertheless, as a result of there is no such thing as a credit score test, there will likely be no affect in your credit score rating.
Individuals who can present constructive tendencies with their financial institution accounts may have a greater likelihood of approval. As an illustration, a wholesome, secure earnings will enhance your approval odds.
Rewards Construction
The Tomo card supplied 1% money again prior to now, however that’s not true. At the moment, the additional advantages cardholders obtain are by means of World Elite Mastercard, which we are going to talk about within the subsequent part.
Extra Hidden Perks
Being a part of the Mastercard community means the Tomo Credit score Card has some further perks. Advantages supplied by Mastercard embrace:
- DoorDash reductions. Get three months of free DashPass membership, which incorporates free DoorDash supply, and $5 off your first order each month.
- Lyft credit. Take three Lyft rides and also you’ll qualify for a $5 credit score that you need to use to pay in your subsequent journey.
- ShopRunner membership. Free ShopRunner membership, which presents free two-day delivery and free returns at numerous completely different shops, together with Underneath Armour, Cole Haan, and Bloomingdale’s.
- Fandango reductions. Get $5 off your subsequent buy whenever you spend $20 on film tickets or streaming.
- World Elite concierge. Entry to a 24/7 concierge service that helps you with duties like discovering tickets to a sold-out present.
- Cellphone insurance coverage. Safety for cellphones which are misplaced or stolen.
- Zero legal responsibility. You gained’t be held accountable if somebody makes an unauthorized buy together with your card.
- International baggage help. Help with baggage from wherever on this planet.
What may very well be improved
The removing of 1% money again is unlucky, and it might be good to see it return. In fact, no APR is charged on this card as a result of you may’t carry a stability. However those that pay their card off each month wouldn’t sometimes incur curiosity fees anyway. And with many bank cards paying money again lately, it might be good if the Tomo Credit score Card did the identical.
The opposite main space of enchancment is the membership charge. Cardmembers should pay $2.99 monthly—or $35.88 per 12 months—simply to make use of the cardboard. That’s a tricky capsule to swallow, particularly for the reason that Tomo Credit score Card is marketed to these with no credit score or who wish to construct their credit score. Some options don’t cost month-to-month or annual charges, and it might be good to see Tomo Credit score observe swimsuit.
Options to the Tomo Credit score Card
The underside line
The Tomo Credit score Card goals to be completely different in a crowded area of premium, money again, and journey rewards playing cards. As a substitute of specializing in rewards, its aim is to assist the underserved construct credit score. The Tomo card not consists of money again, although it nonetheless comes with a number of reductions and perks through World Elite Mastercard. Total, it’s a strong possibility for many who have struggled to realize approval for bank cards prior to now.
Ceaselessly requested questions (FAQs)
Cost card vs commonplace bank card?
The Tomo card works extra like a cost card than a regular bank card. It is because, whereas it doesn’t cost curiosity, you have to pay the cardboard in full each billing cycle. If you happen to don’t, your account will likely be frozen till the cardboard is paid off. To assist preserve your utilization low, you may arrange weekly computerized funds.
Does the Tomo Credit score Card do a tough credit score pull?
The Tomo Credit score Card doesn’t test your credit score, so no laborious credit score pull is concerned. As a substitute, you have to hyperlink your checking account, which is a think about Tomo’s approval choice.
Is the Tomo Credit score Card protected?
The Tomo Credit score Card retains you protected with its World Elite Mastercard advantages. As an illustration, it consists of zero legal responsibility, that means you gained’t be accountable if somebody makes an unauthorized buy with the cardboard. There are additionally identification safety specialists obtainable 24/7/365, and you may be alerted of any suspicious exercise associated to your card.
Is Tomo Credit score a respectable firm?
Sure. Tomo Credit score is predicated in San Francisco and was constructed by immigrant founders who struggled to get bank cards as international nationals. The corporate is devoted to constructing the neatest card that doesn’t require a credit score rating for approval.
Is the Tomo Credit score Card thought of secured or unsecured?
The Tomo Credit score Card is an unsecured bank card. Nevertheless, in contrast to conventional bank cards, it doesn’t require a credit score test or a credit score pull. As a substitute, Tomo Credit score makes use of a proprietary mannequin to evaluate your creditworthiness. A part of this course of entails evaluating your banking habits.
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