5 Things to Know About the Tomo Card – Review & Features
The Tomo Credit Card has been designed for people with no credit or poor credit. The card works like any other credit card, but there are a few things you should know before you take the plunge and get one.
Why Choose a Tomo Credit Card?
Tomo is perfect for anybody who wants to build good credit habits. One of its perks is that it doesn’t require a credit check and your limit can increase over time. It also offers cash back on your daily purchases and doesn’t charge an annual fee. However, it does have some cons such as high interest rates and a limited spending limit. If you’re looking to improve your financial standing this card could work great for you.
Tomo Credit Card – No FICO score required:
Unlike other prepaid debit cards, Tomo doesn’t require applicants to have a FICO score or any previous credit history. Instead of offering traditional credit, it provides customers with what they call “smart financing,” or access to $1,000 in funds that can be used only on eligible purchases through the platform’s network of retailers.
In addition to not requiring a minimum FICO score, Tomo also didn’t pull Chua’s credit when he applied for an account. This helps users build their FICO scores rather than damage them by applying for multiple lines of new credit.
5 Things to Know About the Tomo Card
Tomo aims at helping users build their credit while still offering many features that other cards do not: A lower APR (although still high), rewards on all transactions and no fees including late payment fee or foreign transaction fee. In addition to these benefits they also offer a mobile app which will allow users to keep track of their expenses and monitor their FICO scores.
Is the Tomo Card Worth It?
It may be hard to say since it isn’t available yet but it definitely has its pros: 0% APR for the first year, no annual fee, and a $100 sign-up bonus. It also has a rewards program with competitive rates, paying 1% cash back on all purchases, 2% cash back on travel and dining out, and 3% cash back on Tomo merchandise. Although not much is known about it yet, it seems like it’s going to be a good card.
The Tomo Credit Card has a lot to offer. With 0% APR, no annual fee, $100 sign-up bonus and quick cashback on all purchases, as well as more if you spend it on travel or dining, or even more if you spend it on merchandise at Tomo. There’s really no reason not to consider getting one.
Rewards:
Tomo also offers a rewards program where you can earn points for every purchase you make. You won’t have any issues overseas with this card either. You can use your Tomo card anywhere Mastercard is accepted and they have 24/7 customer support.
But there are cons to using the credit card like other cards too.
What’s the catch?
There is no sign-up bonus with this card either. The APR can be higher than some of the best credit cards out there so it’s best to pay off your balance in full each month to avoid paying interest fees. But overall it’s a great choice for those looking for a simple credit card with no annual fee and bosses an APR balance transfer of 0%.
Quick facts:
How Does tomo credit card work?
All you need to do is download their app and apply for an account in order to get started with using one of these cards. After completing application process and getting approved they will then send you a physical credit card in the mail that you can use anywhere Visa is accepted in order to start earning cash back with each purchase.
How Do I Apply For A Tomo Credit Card?
To apply for one of these cards simply visit the website by searching “tomo” online through your browser search bar once ready. When you find the site complete application process online where they will review your information before providing users with their decision within roughly ten business days time frame which seems reasonable considering how popular these new cards currently are proving themselves in today’s market space. As long as everything checks out okay there should be no problem getting approved for this Visa card even if you have a low credit score.
No Credit Check and a Chance to Build Your Credit History!
That’s right, with Tomo there is no credit check required. With Tomo’s card, new users will finally have the chance to build their credit history in an innovative way that hasn’t been done before. This company is able to report payments made on your account every month directly to the three major credit bureaus which means by using this service responsibly it has the potential to improve your score over time.
In addition, the new cards doesn’t charge an annual fee so there really isn’t much of a reason not to try one out at this point.
The company Tomo Credit Card is a financial technology company that offers a cash back card with no charge. Located in San Francisco, California, they were founded by their CEO, Tomo Kihara and COO Matt Briggs in 2016. The company has raised $17 million so far from investors like; Sequoia Capital, Greylock Partners, and Index Ventures.
Tomo Credit Card offers a cash back credit card. They offer 1% on all purchases, 2% on travel and dining expenses, and lastly 3% on Tomo Points. You can exchange these points for gift cards or merchandise. Tomo Credit Card has no annual fee along with foreign transaction fees being nonexistent as well as balance transfer fees. When using the card to travel there are no additional charges but you do get to earn rewards on your expenses during your trip!
Although they aren’t limited to this group, those with good-excellent credit (700+) will have more benefits from the card than others would. If you fall under these categories then maybe this is what you need:
– Simple cash back reward program
– Spend heavily on categories that earn bonus rewards
– Frequent traveler who wants to earn rewards while traveling
– Doesn’t mind using an app to manage their account
