Are you looking for a credit card that can help you build your credit and stay out of debt? You can apply for a Tomo credit card today. And if you are not sure if the card is the one for you, read through this review. Â Nevertheless, it is made by San Francisco-based Tomocredit. Meanwhile, it is a product suitable for people with poor credit or no credit. Also, it is for people who want to create a credit history without carrying a monthly balance. Unlike other credit cards like Tomo, there is no security deposit, annual fee, or even APR. It is one of those few credit cards that do not require a credit check. Also, Tomo’s credit card is a MasterCard, giving you additional perks and benefits.
Although the approval process can take some time, potential applicants are considered, giving everyone a chance to own a card. This credit card was created to circumvent any issue by not looking at an applicant’s credit score at all. Instead, applicants provide the Tomo Company with their saving account, checking account, or asset account information.
The main difference between Tomo’s credit card and other cards is that it does not charge any interest fees, however, you will have to let Tomo link to your bank account so it can pay any charges every week automatically. Â If you do not want an interest rate or pay an annual fee, the Tomo credit card is a very good option. Also, it does not require a social security number to apply and qualify.
Benefits of Tomo Credit Card
Aside from the fact that the Tomo credit card helps to build your credit and stay out of credit, other benefits come with applying for this credit card. Below are some of these benefits, check them out;
No Credit Check Is Required But A Linked Bank Account Is Needed
Because there is no pull on your credit report when you apply. It won’t have an impact on your credit cards the way a traditional card application does. Instead, it looks at the number of data points to determine eligibility. One of them is how much money you own, and how you manage and spend it. It makes use of different data points such as your email address, phone number, the balance in your account, the channel used to sign up for the card, the amount and stability of your income, and red flags according to the CEO or Tomo credit.
To have access to this information, Tomo credit requires you to link at least one account through Plaid, a service provider. You can link a savings account, investment account, checking account, or another eligible account. Your bank account information is not visible to TomoCredit employees according to the company website.
The Tomo Credit Card Is Potentially Generous, And It Also Earns Rewards
Depending on the factors that Tomo weighs in underwriting, it is very possible to get a credit limit of up to Ten thousand dollars. After making your first payment on time, you may also see the limit increase. Tomo credit card holders will also get a 1% cash back rewards, which is competitive among other cards in this card but below average for traditional cards.
You Can Qualify With a No Social Security Number (SSN)
Newcomers to the United States who want to build credit can also qualify for a Tomo credit card. If you do not have an individual Taxpayer Identification Number or Social Security number, it is possible to apply with your passport information.
Other Tomo Credit Card Benefits
- MasterCard Global Service
- Zero Liability Protection
- MasterCard ID Theft Protection.
- Reports to all the 3 major credit bureaus
- Redeeming Rewards
Tomo Credit card has lots of amazing features. And to enjoy all of it, you need to apply. The application process is very easy. Nonetheless, users can apply for it on the company’s website www.tomocredit.com
How to Apply for Tomo Credit Card
To apply for a Tomo credit card, you have to get preapproved by submitting your income, age, and bank account balance on the website. The preapproval means that the issuer is giving you a soft yes based on the information you gave.
If you are preapproved, you will be able to move on to the next process. The company will send you an email invitation to officially apply for the card. Once you submit the official application information and Tomo Credit can review the other data point, you will get a rejection or approval.
