Tomo Credit Card Review
Tomo Credit Card Review
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Generally, in order to qualify for a good rate on a credit card — or numerous other types of loans — a credit card issuer would predicate their decision primarily on an aspirant’s credit score rather than other factors that make up a person’s overall fiscal profile. This system meant that a member of the population like recent graduates, emigrants or others who had little to no credit but had an income, were unfit to qualify for a card that fit their requirements.

Tomo was created to circumvent that issue by not looking at an aspirant’s credit score at all. Rather, implicit aspirants give Tomo with their checking account, savings regard and/ or asset regard information, which is used to determine eligibility and, if approved, their credit limit. Like any good credit card aimed at erecting a stronger credit profile, Tomo reports to all three credit divisions.

The primary difference between Tomo and other cards in this space is that it does n’t charge any interest freights, but you ’ll have to let Tomo link to your bank account so it can automatically pay any charges every week. This may work for those who were only planning on making charges that they could pay in full at the end of every billing cycle. But it also means there’s no capability to carry a balance over a period of time. You ’ll have to decide if this charge card-suchlike structure is a fit for your spending requirements or if another option might suit you better.

At a Regard

  • No periodic figure
  • No APR charges
  • Earn 1 cash back on every purchase, with advanced rates possible for referrals
  • Have to be preapproved to admit an factual occasion to apply
  • Must bus- pay your bill every week
  • Must allow Tomo to link to your applicable fiscal information

Prices

Earning Prices

The Tomo Card earns 1 cash back on every purchase. You can relate a friend to the card, and if they ’re approved, you ’ll earn an fresh 1 for three months. You can relate up to 20 musketeers and earn an fresh 1 for three months for each referral.

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Redeeming Prices

Cash reverse can be redeemed to the qualifying fiscal account of your choice, which includes cryptocurrency. You can redeem your earnings 28 days after the former month’s statement has been paid in full.

Prices Implicit

Eragoncred uses data from colorful government agencies in order to determine both birth income and spending pars across colorful orders. The 70th percentile of paycheck- earning homes brings in$ annually and has$ in standard charges. Assuming 50 of similar charges are charged to this card, total periodic card spending would be$.

At an earnings rate of 1, a Tomo cardholder would earn$320.72. For every person appertained and approved for a Tomo card, an fresh 1 cash reverse will be earned for three months.

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Other Card Benefits

As a Mastercard, the Tomo Card comes with the following benefits

  • Zero Liability Protection As a Mastercard cardholder, you ’re not responsible in the event that someone makes unauthorized purchases with your card.
  • Mastercard Global Service Get exigency backing and in any language. Also helps with reporting a lost or stolen card, carrying an exigency card relief or cash advance, chancing an ATM and answering questions on your account.
  • Mastercard ID Theft Protection Spark your card by registering your card number and admit cautions when suspicious exertion is detected and judgments services if demanded.

Fine Print

Interest Rates

  • Regular APR No interest charges
  • Purchase Intro APR N/ A
  • Balance Transfer Intro APR N/ A

Phí

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  • Annual Fee$ 0
  • Balance Transfer Figure N/ A
  • Cash Advance N/ A
  • Foreign Purchase Sale Figure None

How The Card Stacks Up

Tomo Credit Card *vs. Petal ® 2 “ Cash Back, No Freights” Visa ® Credit Card

The Petal ® 2 “ Cash Back, No Freights” Visa ® Credit Card, which runs on the Visa network, is one of the stylish of the bunch when it comes to cards aimed at those with lower-than-astral credit. With the Petal 2 card, you wo n’t be needed to pay an periodic figure or put down a security deposit and you ’ll earn 1 cash back on eligible purchases right down and over to1.5 cash back on eligible purchases after making 12 on- time yearly payments. Plus, earn 2-10 cash reverse at selectmerchants.However, the Petal 2 graces a look, If your credit history is just starting to die.

Unlike the Tomo Card, Petal 2 also allows you to carry a balance, but like utmost credit cards you ’ll pay interest for doing so if you carry that balance from month to month. When you apply, Petal will look at your credit score if you haveone.However, they ’ll use what they call a Cash Score, which is a process analogous to Tomo’s in that they will estimate your overall fiscal profile to help determine if you’re suitable to get approved, If not.

Tomo Credit Card *vs. OpenSky ® Secured Visa ® Credit Card

The OpenSky ® Secured Visa ® Credit Card from Capital Bank can be a good option to help establish credit. There’s no credit pull needed to apply, so your credit score does n’t count like it’ll with traditional credit cards. It’s indeed possible to get approved for this card if you do n’t have a credit score at all.

There are two implicit downsides still when compared with the Tomo Card. First, as a secured card, you ’ll have to pony up a security deposit starting at a minimum of$ 200 to a implicit outside of$ — this will end up being your credit limit. And, the card also comes with an periodic figure of$ 35. You do have the option to carry a balance from month-to-month.

Tomo Credit Card *vs. Earn ® EDU Mastercard for Scholars

The no-periodic- figure Deserve ® EDU Mastercard for Scholars card is knitter- made for enrolled council scholars just starting to make a credit history. Transnational scholars may be eligible too, without taking a Social Security number. The card earns 1 cash reverse prices and as a Mastercard also comes with a time of Amazon Student Prime class yearly figure rebates after you spend the first$ 500 on the card and cell phone insurance for eligible damage or theft up to$ 600, minus a$ 50 deductible.

But the most meaningful difference between the Tomo card and the Deserve EDU is that the ultimate lets you revolve a balance ( interest charges will apply if not paid in full at the end of the billing cycle) while the Tomo card must be paid weekly.

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