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Tomo Credit Card Review 2022: No credit history

Often, in order to get a good interest rate on a credit card or many other types of loans, the credit card issuer will base their decision primarily on the applicant’s credit score, rather than on other factors that make up an individual’s overall financial situation. This approach means that a segment of the population, such as recent graduates, immigrants, or others with poor credit but income, cannot get a credit card that meets their needs.


Tomo is designed to get around this problem by not analyzing applicants’ credit scores. Instead, potential applicants provide Tomo with their checking, savings and/or equity account information, which is used to determine eligibility and, if approved, their credit limit. Like any good credit card designed to build a stronger credit profile, Tomo reports to all three credit bureaus.

The main difference between the Tomo and other cards in this space is that it does not charge interest, but you need to have the Tomo linked to your bank account so that it can automatically pay all charges each week. This may apply to those who plan to only pay in full at the end of each billing cycle. But it also means not being able to maintain the balance over time. You must decide whether this charge card-like structure is appropriate for your spending needs or whether other options are more suitable for you.

At first glance

  • No annual fee
  • No APR fee
  • Earn 1% cash back on every purchase, and referrals get higher rates
  • They must be pre-approved for an actual opportunity to apply
  • Need to pay weekly bills automatically
  • Tomo must be allowed to link to your relevant financial information


Earn rewards

Tomo Card earns 1% cash back on every purchase. You can recommend the card to friends and if they agree, you’ll earn an extra 1% for three months. You can refer up to 20 friends and earn an extra 1% per referral for three months.

Redeem rewards

Cashback can be redeemed to a qualifying financial account of your choice that contains cryptocurrency. You can redeem your earnings 28 days after paying your previous month’s statement in full.

Reward Potential

Forbes Advisor uses data from various government agencies to determine basic income and average spending for each category. 70% of working families have an annual income of $100,172 and a standard expenditure of $52,820. Assuming 50% of spending is charged to this card, the total annual spend on the card is $26,410.

With a 1% win rate, Tomo cardholders will earn $264.10. Everyone who refers and approves a Tomo card will receive an additional 1% cash back for three months.

More card benefits

As a MasterCard, the Tomo Card offers the following benefits:

ZERO LIABILITY PROTECTION: As a Mastercard cardholder, you are not responsible for unauthorized purchases made using your card.

Mastercard Global Services: Get emergency help in any language. Also useful for reporting lost or stolen cards, emergency replacements or cash advances, locating ATMs, and answering questions about your account.

MasterCard Identity Theft Protection: Activate your card by registering your card number and receive notifications when suspicious activity is detected and contact the Resolution Service if necessary.

Beautifully printed

Interest expense

  • Regular APR: No interest charged
  • Purchase introductory APR: Not applicable
  • Introduction to Balance Transfer APR: N/A


  • Annual fee: $0
  • Balance transfer fee: Not applicable
  • Cash Advances: Not Applicable
  • Foreign purchase transaction fee: none.


How the cards are stacked

Tomo Credit Card* with Petal® 2 Cash Back, Free Visa® Credit Card

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card running on the Visa network is one of the best credit cards for those with bad credit. With the Petal 2 Card, you don’t have to pay an annual fee or deposit, and after 12 on-time monthly payments, you get 1% cash back on eligible purchases immediately and up to 1.5% cash back on eligible purchases. Plus, earn 2% – 10% cash back at select retailers. If your credit history is just starting to take off, Petal 2 is worth a look.

Unlike the Tomo card, the Petal 2 also allows you to make a balance, but like most credit cards, you pay interest on your monthly balance. When you apply, Petal will check your credit history (if you have one). If not, they use what’s called a cash score, a Tomo-like process where they assess your overall financial situation to determine if you can be admitted.

Tomo Credit Card* and OpenSky® Secured Visa® Credit Card

Capital Bank’s OpenSky® Secured Visa® Credit Card is a great option to help with borrowing. No credit limit is deducted to apply, so your credit score is independent of using a traditional credit card. It’s even possible to get approved for this card if you don’t have credit at all.

However, there are two potential disadvantages compared to Tomo cards. As a secured card, you must first put down a minimum deposit of $200, up to a maximum of $3,000—this will eventually become your line of credit. Additionally, the card costs $35 per year. You can choose a monthly balance.

Tomo Credit Card* and Deserve® EDU MasterCard for Students

The no-annual-fee Deserve EDU card is tailored for college students who are just starting to build their credit history. International students may also be eligible without a social security number. The card earns a 1% cash back bonus, and as a Mastercard, it also gets a 1% bonus on your monthly Amazon Student Prime membership after you pay the first $500 on the card and mobile phone insurance against legal damage or theft The annual discount is $600 less than the $50 deductible.

However, the most notable difference between the Tomo card and the Deserve EDU is that the latter allows you to revolve your balance (interest is charged if not paid in full at the end of the billing period), whereas the Tomo card is paid weekly.

Is this card right for you?

A Tomo card might be a good choice for a specific profile: someone with a steady Tomo income and/or a solid financial situation and is willing to pay their bills in full each week.

However, if you build a balance in the US, you may be eligible for a card with a better rewards rate than the Tomo card.


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