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Tomo Credit Card Review (2024)
December 11, 2024
Are you looking for a way to start building your credit? You might want to check out the Tomo credit card.
The Tomo credit card can be a really good option for certain people with fair or poor credit. It’s a secured credit card designed to help customers repair the damage that’s been done to their credit — and it goes hand-in-hand with quite a few benefits.
But just like any other credit card, it’s worth noting there are a few key features of the Tomo card you’ll want to be aware of before you consider applying.
This guide will explain who the Tomo credit card is for, spell out the Tomo fee structure, and walk you through how to apply for the Tomo credit card.
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Is the Tomo Credit Card for me?
If you’ve been looking for ways to improve your credit, you may have come across the Tomo credit card.
The Tomo card is a secured credit card that’s designed for people with poor credit. That means you aren’t going to need a high credit score to get approved for the Tomo credit card. In fact, you don’t need any credit history at all.
You can even apply for the Tomo credit card if you’re not a US citizen (although there are a few caveats there).
One of the reasons the Tomo card is so attractive is that it has no APR and no annual fees — but we’ll talk about that more in a minute. In exchange for no fees, you need to bear in mind that the Tomo card links directly to your bank account.
From there, Tomo operates on a 7-day automatic payment schedule. That means if you don’t have regular income being deposited into your bank account, you could struggle to make payments.
What Makes This Credit Card Different?
Like other secured credit cards, the Tomo card enables you to build up your credit by reporting your credit activity to all three of the big credit bureaus: Experian, Equifax, and TransUnion.
That’s not terribly unique for these types of credit cards.
But unlike a lot of credit building cards, the Tomo card doesn’t require a security deposit. Instead, your account links directly with one of your bank accounts. That means your bank balance will then act as your credit limit — which can help you or hurt you, depending on how healthy your checking account looks.
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On the one hand, this feature makes the Tomo card stand out from other secured cards because you can have a higher credit limit, and you don’t have to worry about paying a big cash deposit upfront.
On the other hand, there are a couple of drawbacks to this method.
Because of Tomo’s 7-day autopay feature, you’re constantly going to have money coming out of your account to pay your credit card bill. If you don’t have enough money in your account to pay your bill, your card will be frozen until your balance is paid in full. That’s because you can’t carry a balance over to your next Tomo billing period.
Finally, Tomo offers 1% cash back on transactions and can be used overseas in more than 200 countries. You’re not going to find that with too many secured credit cards.
What are My Chances of Getting Approved?
Your odds of approval for the Tomo card are pretty good. This credit card is essentially a credit-building tool for people with bad credit — so Tomo doesn’t do a hard pull on your credit report when you apply. As a result, applying for the card won’t affect your credit score the way a traditional credit card application would.
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Instead of doing a hard pull, Tomo looks at a few different data points to figure out whether you’re eligible. Tomo looks at things like your phone number, email address, the medium you used to apply for the card, your bank balance, the stability of your income, and any potential red flags or known debts.
To get this data from you, Tomo will require you to link at least one account using Plaid. Plaid is a third-party service provider, and you can either link your checking account, savings account, or investment account so you can apply for the Tomo credit card.
After setting up an account with Plaid and applying, you’ll normally get pre-approved based on the information you’ve submitted.
All the Details of the Tomo Credit Card
Let’s talk about the hard details. One of the biggest considerations you should consider when applying for a credit card is the fee structure — unlike many credit cards, the Tomo card doesn’t charge any fees or interest at all.
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Instead, Tomo makes money through interchange fees. Interchange fees are a small charge the merchant has to pay whenever you use your card to make a purchase.
Because of this fee structure, the Tomo card doesn’t let you carry a balance over from one month to the next. This is supposed to be a helpful feature because it means you aren’t able to rack up any debt.
To start with, your Tomo account gets set up with a 7-day automatic payment schedule. Through this process, regular payments are automatically deducted from your bank account to cover your balance. This is also good for your credit utilization, which is a key factor in calculating your credit score.
After three months with the Tomo card, you’ll be allowed to change your payment schedule to a more traditional monthly payment.
Rates and Fees
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Perks and Rewards
The top reward you can get with the Tomo card is 1% cashback. If you refer a friend and they get approved for a Tomo credit card, you’ll then get an extra 1% cash back for three months. You can refer up to 20 friends as part of the program.
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Because Tomo is a Mastercard, it comes with a number of basic consumer protection benefits. These include zero liability protection, Mastercard ID theft protection, and the Mastercard Global Service. This service enables you to get emergency assistance in any language — including help reporting a lost or stolen card or getting a replacement card.
How to Apply
Tomo doesn’t conduct a hard pull on your credit history, but you’ll be required to link an account through Plaid before you can apply for the Tomo Mastercard.
After setting up an account with Plaid, you can apply for the Tomo credit card by visiting the Tomo website. From there, you just fill in the application form and submit it.
Tomo will then use Plaid to check your information, and you’ll normally get approved. After approval, your card should arrive in 7-10 business days.
It’s important to note you can’t re-apply for the Tomo card if you’ve had an application to Tomo rejected in the past.
Contact Info
If you need to contact Tomo Credit Card customer service, you can do so by emailing help@tomocredit.com. You can also find answers to common questions on the card’s website.
Other methods of contacting the Tomo customer service department include by mail:
TomoCredit Inc
535 Mission Street, Floor 14
San Francisco, CA 94105
Other Stuff You Should Know
We’ve covered almost everything now, but one key point we haven’t hit about the Tomo card is whether it lets you increase your credit limit.
The short answer is: yes.
You can get a credit limit increase with Tomo. You’ll just need to ensure you’ve made all your payments on time for the past three months. To request a new credit limit, log in to the Tomo credit card app, go to the “credit limits” tab, and then hit “request an increase.”
Tomo will consider your request, but it’s important to remember you’re not guaranteed a credit limit increase.
Alternative Credit Cards the Tomo Credit Card
1. Destiny Mastercard
The Destiny Mastercard at a glance:
- Unsecured credit card
- Offers a $300 credit limit
- No cash advance fee for 12 months
2. Revvi Credit Card
The Revvi credit card at a glance:
- Unsecured credit card
- No deposit needed
- Offers 1% cash back on all purchases
3. Surge Mastercard
The Surge Mastercard at a glance:
- Unsecured credit card
- Credit limit starts at $1,000
- No monthly fees in the first year ($10/mo after that)
4. Total Visa Card
The Total Visa Card at a glance:
- Unsecured credit card
- Doesn’t require a refundable security deposit
- Offers a credit limit starting at $300 (with potential to increase)
5. Self Visa Card
The Self Visa Card at a glance:
- Unsecured credit card
- Granted a loan that’s placed into an interest-bearing Certificate of Deposit (CD).
Final Recommendation
At the end of the day, the Tomo card could be a smart option if you’re looking for a way to rebuild your credit. You can prequalify, Tomo’s autopay feature is designed to boost your credit utilization, and it’s got zero fees.
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