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Tomo Credit Card
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By : Mr Credit Card

Tomo Credit Card Requires No Credit Checks

The Tomo Mastercard is a no annual fee credit card that does not perform any credit checks when you apply for their card. Instead, they will look at your bank accounts and based on your savings, earnings and spending habits, they will either approve or decline your application. Your credit limit (which will range from $100 to $10,000) will also be based on that information. The Tomo credit card is also a charge card and you will have to pay off your balance in full every 7 days. With this card, you cannot and will never ever carry a balance. This card is ideal for those with no credit but have a good income and willing to pay their bills earlier than most credit cards.


Card Details and Features

Annual Fee $0
Cash Back 1% on all purchases
Credit Checks No Credit Checks, but checks your linked bank account


Tomo Is A Charge Card - No Fees

The Tomo Mastercard is a charge card which requires to pay in full every billing statement. Hence, you cannot carry a balance, or get a cash advance. Hence, there is no APR. There is also no annual fee for this card.

No Credit Check - Bank Account Linked Via PLAID

The unique feature of Tomo is that they do not perform any credit checks when they evaluate your application. Instead you are asked to link your bank account or accounts via PLAID. Tomo will be able to access your bank balance (savings), your income and your spending habits. These are used to determine whether you get approved and if so how much credit limit you are given. Because Tomo does not check your credit report, you can apply for this card even if you have no credit score or very little credit history.

Starting Credit Limit $100-$10,000

Your starting credit limit will range from $100 to $10,000. As mentioned earlier, this depends on how Tomo accesses the health of your bank account, your earnings and spending. Tomo will also give you credit increases later after you have had your card for a while. You will increase your chances of getting a higher starting credit limit or getting a credit limit increase if you pay on-time and if you link all your bank accounts (rather than just one). Tomo even advises you to link your bank account with the highest amount.

Pay In Full With Autopay

The Tomo Mastercard is like a charge card and you cannot carry a balance. You will also be automatically be enrolled in autopay once you link your bank account with them via PLAID. For the first 3 months, you have to pay my bills in full every 7 days. This autopay is triggered every Monday.

After 3 months on consecutive on-time payments, you will be able to "unlock" your other autopay options. This includes choosing bi-weekly or monthly payments. If you choose the "monthly payment autopay" option, then the card becomes like a charge card where you have to pay in full every month.

What happens when you don't pay off your balance? - If you do not pay off your balance, your card will be frozen until you pay off your balance.

Cash Back Rewards - 1% on All Purchases

Card members will earn 1% cash back on all purchases on the Tomo credit card. You will receive your Tomo points 28 days after the previous month statement has been paid in full. You can then redeem your reward points through your "dashboard" under the "Rewards" menu item. From there, you just have to select from the options and click redeem.


Comparables

Card Annual Fee Cash Back Starting Limit
Tomo Mastercard $0 1% on all purchases $100-$10,000
Petal 1 $0 2%-10% on select merchants $500-$5,000
Petal 2 $0 2%-10% on select merchants
1%-1.5% on all purchases
$500-$10,000
Jasper Mastercard $0 1% on all purchases Up to $5,000
Deserve EDU $0 1% on all purchases Varies


There is a small number of cards that specifically target those with no credit history and does not perform any credit checks or hard inquiry. These include cards like Deserve EDU, Jasper Mastercard and Petal Visa. The Deserve EDU is specifically for students who are coming to the US to study. The Jasper Mastercard is targeted at professionals who are coming to work in the US on a working Visa and rather than checking your credit score, they will look at things like your bank account and salary. But US citizens will still have their credit reported pulled.

The best comparable for the Tomo Mastercard is the Petal credit card. The main reason is that both credit cards do not look at credit scores. Tomo requires applicants to link their bank account or accounts via PLAID and Tomo can then figure out how much they earn and spend and how much they have in their bank account. This is will be the main basis of whether to approval you or not. Petal also uses your bank account to create what they call a "cash score" - which looks at your income, savings and spending history.

Both Tomo and Petal allow you to earn cash back. Tomo allows you to earn a straight 1% cash back. Petal 1 allows you to earn 2%-10% from select merchants. Petal 2 allows you to earn 1% cash back on all purchases and when you pay on time, this increases to 1.5%. The Tomo Mastercard has a starting credit limit ranging from $100 - $10,000. Petal 1 has a starting credit limit ranging from $500 to $5,000 while Petal 2 has a starting credit limit of between $500 to $10,000.

However, the biggest difference between the two cards is that Tomo requires that you pay your bills in full every 7 days (much like a charge card). Petal is like a regular credit card where you can carry a balance.


Pros and Cons

What We Like About Tomo

  • No Fees - Tomo Credit Cards charges no annual fee or any other fees

  • No Hard Credit Inquiries - Tomo does not rely on your credit score to evaluate your application. Instead, they look at your bank account (which you have to link to on PLAID) to evaluate whether to approve you and how much credit lines to give you.

  • Can Get Approved with No Credit History - Because Tomo does not rely on your credit report and score, those with no credit history but good income can get approved.

  • Non-citizens Can Apply - As long as you are a legal resident and have a social security number, you can apply for Tomo credit card.

What We do not like about Tomo

  • Have to Pay In Full Every 7 Days Initially - The Tomo Mastercard is like a charge card in that you cannot carry a balance. But they also make you pay in full every 7 days for the first 3 months. After that, you can "unlock your autopay" option and choose a pay bi-weekly or pay monthly option. Those of you who are used to using a debit card will not find this a big deal but regular credit card users who are used to a 25 day grace period might find this a little draconian. But after 3 months, you can choose a monthly payment option and Tomo becomes just like a regular charge card.

  • Have to link bank account via PLAID - While it is great that Tomo does not do any hard inquiry on your credit report, they do require that you link your bank account as part of the application process. Some of you might be a little uncomfortable with this.


Tomo Credit Card Is Great For Those With No Credit

The Tomo Mastercard credit card will appeal to those with very little credit history but has a healthy bank account and a good job and income. And the reason is because Tomo does not perform any credit checks but looks at your bank account activity instead. Those of you who have just graduated from college but have not built up your credit history will find this card appealing. Those of you who have are working in the US but have a social security (but do not have a long credit history) will also find this card appealing.

You have to be aware that with Tomo, you have to pay in full every 7 days for the first 3 months. After 3 months of consecutive on-time payments, you can unlock your other autopay options and opt for either b-weekly or monthly autopay options. You also cannot carry a balance. So the Tomo credit card is essentially a charge card. Those of you who always pay with your debit card or who always pay in full should not find this a big issue. Furthermore, there are some of you that like the way this works because it forces you not to carry balance.

However, if you want the option to carry an a balance occasionally, then the Tomo credit card is probably not for you. You are probably better off considering a card like say the Petal 1 or Petal 2, which are like regular cards where you can carry a balance while it is also similar to Tomo, which looks at your income, savings and spending habits rather than your credit score to determine whether to approve you and how much credit limit to give you).

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