Tomo Credit Card

This is also the ideal choice for anyone getting started on their financial lives, such as students. 

The company also reports to all three major reporting bureaus. Which means you can better your score in a healthy, easy way through responsible credit card use and timely payments.

Obviously the company app also helps, through simple but useful perks such as automatic payments. 

Are you looking for a practical card for anyone, including people with poor scores? Find out more about Tomo Credit Card below.

No annual-fee for your Tomo Credit Card

The annual-fee is one of credit cards’ most misleading trap. Often a card will seem really advantageous, accompanying a lot of perks and even some rewards that make it look like the ideal choice. But anyone who reads the fine print will notice there is a problem: you must pay a set amount every year even if you don’t really use the card. 

While the cashback, discounts and rewards from premium credit cards can easily make up for a fee, those aimed at poor credit carriers rarely do. That’s why Tomo Credit Card should be on your radar: it’s fee-free, not only the usual annual one is $0, but there aren’t any hidden transaction fees for you to worry about. 

What is Tomocredit and why should you care?

The Tomocredit company is a startup created by immigrants that aims to make financial decisions easier for everyone. That’s why its main product doesn’t require a good credit score for approval, despite offering quite generous limits to users. 

The company wishes to offer the possibility of getting a credit card according to your needs even if you don’t have a good score. What matters is having the capital to do so and the dream to achieve a healthier financial life. 

The Tomocredit team also shoots at diversity with their professionals. Which has led to a lot of media attention through the years, making it quite the popular choice of credit card. 

Are there rewards for using Tomo Credit Card?

Unlike other credit building card, Tomo actually offers a reward of 1% cashback for every purchase. If you’ve already done your research on its premium competitors for people with good score, this number doesn’t mean much. It isn’t an actually advantage for this credit card class. 

However, for anyone with a poor credit score this is a rarity. Most credit builder cards don’t offer cashbacks or any type of rewards. Someone who finds this is a deal breaker will definitely want to find out more about the Tomo card and how its application works. 

Rewards potential

There are other types of rewards you can unlock by using a Tomo credit card. Firstly, if you refer the card to a friend and they close the deal, you’ll earn an additional 1% cashback for the following three months. This can be repeated for up to 20 friends, each of them earning an additional 1%.

After you’ve paid your debts in full, you can redeem your cashback rewards to any bank or financial account. This includes cryptocurrency wallets, which can be great for any tech savvy investor out there.

Remember that this is only for the Tomo Credit Card cashback program. If you read a bit further, you’ll see that there are other benefits you can earn through this card. 

Theft and fraud protection with Tomo

Considering that fraud and identity theft numbers are growing all over the US, choosing a card that can protect you is really important. That won’t be a worry with Tomo, since its credit card already has some security measures in place. 

Once your card gets stolen you won’t be considered responsible for any purchases. Which means you won’t have to pay them since there’s a Zero Liability Protection clause for the card. 

You can also get emergency assistance in any language if there’s a problem. The help will allow you to get a replacement card or block your current card quickly. Finding an ATM can also become easier this way, specially if you’re in a location that isn’t very familiar. 

There’s also an ID Protection service that sends you e-mail alerts when something suspicious happens. 

Interest rates for Tomo Credit Card

Tomo Credit Card often has a 0% interest rate number on its marketing pieces. However, there is a catch: you don’t ever pay interest for this card because it doesn’t allow you to carry a balance. Once someone sets up their card account, it must be connected to their main bank account to allow for automatic payments. 

Which means you must pay your purchases in full every month. Since there’s no balance, no interest rates apply for this type of credit card. We recommend anyone looking to build their score choose their limit carefully, to make sure you can pay even if it’s all used up. 

Tomo Credit Card application process

Despite being ideal for people with low scores, the Tomo Credit Card isn’t preapproved for everyone. There’s an application process that involves submitting personal information for analysis, such as your age, income and bank balances. 

Once the credit card company checks your information you’ll get a preapproval along with an invitation to apply for this card. Don’t get your hopes up, though! Even after this email there is a chance that you’ll receive a rejection since your data must be reviewed once more. 

Is Tomo the best option in the market? 

Not really, when you compare Tomo with other premium credit cards that offer high limits then it can be a bit limited. However, it’s a great choice for people with poor credit or that want to start their credit history.

The only major disadvantage is that there’s no possibility of holding a balance. Which means that if you ever spend more than you can pay there isn’t a chance to pay it back later with  interest. 

How to apply to Tomo Credit Card

Despite being a credit card that doesn’t require a credit score at all, one of the very few that don’t, there is still an application process to go through. First, you must visite Tomo’s website and submit some personal info, including your name, age and bank data. This way, the company can analyze your income and desired limit before the first approval. 

Afterwards, you’ll receive an application e-mail to apply for the actual credit card. At this point, everything will be reviewed again by Tomo’s team before replying if you’re accepted or not. However, this is a quite easy card to get if you have a balanced financial life. 

Reminding you that the company doesn’t analyze your credit score at all. So even someone that doesn’t have a credit history to speak of can submit an application without worries. 

Conclusion

The Tomo Credit Card is a strong option for individuals looking to build their credit without the burden of annual fees or interest rates. With its straightforward rewards program, robust security features, and user-friendly application process, it provides a valuable tool for managing and improving financial health responsibly.