Tomo was founded by immigrants who struggled to get credit when they moved to the United States. They then created this company so that other people wouldn’t have to face the same problems they had.
Therefore, Tomo offers a credit card for people with bad or non-existence credit history issued on the Mastercard network. In addition to not charging an annual fee, it uses metrics that goes beyond the credit score to determine approval and credit limit, and also offers cash back rewards.
Other card details
Unlike most credit cards in this category, Tomo does not charge interest fees. However, it requires you to link one or more bank accounts so that it can set automatic payments of all charges weekly.
In addition, the Tomo Card offers 1% cash back on every purchase made. And you can choose a qualifying financial account to redeem your money back, or even redeem as cryptocurrency.
In addition, you can earn an additional 1% for three months when you refer the card to a friend and they are approved. You can earn an additional 1% by referring up to 20 friends.
Learn more about Tomo Credit Card
With most credit cards, the approval of a good limit or many other types of loans depends primarily on the applicant’s credit score, leaving aside other factors that make up a person’s overall financial profile.
As a result, part of the population, such as recent graduates, immigrants or others who had little or no credit, are harmed by this method. As these people do not have significant income or financial transactions, they cannot qualify for a quality card that would meet their needs.
Tomo gets around this problem by basing its approval criteria on factors that go beyond credit scores, such as checking account, savings account and/or asset account information, helping people in this category to easily build credit.
Also, like any credit builder card, in order to help improve credit, Tomo reports to the three major credit bureaus.
Other Benefits of the Card
- Zero Liability Protection: You will not be held responsible for unauthorized purchases made with your card.
- Mastercard Global Service: Get emergency assistance in any language. It also helps you report a lost or stolen card, get an emergency card replacement or cash advance, find an ATM, and answer questions about your account.
- Mastercard Identity Theft Protection: Activate your card by registering your card number and receive alerts when suspicious activity is detected and remediate services if necessary.
- Priceless Cities Access: rewards in over 40 cities around the globe.
- Priceless Golf Exclusive PGA: Tour experiences and access to over 1000 private clubs.
- World Elite Concierge: A 24/7 concierge service.
Is this card for you?
The Tomo Card is designed to help people with bad or non-existent credit start dealing with credit, providing tools that will help these people build or strengthen their credit score safely and easily.
This card will also be a great choice for foreigners and people with bad or non-existent credit who want to build credit while earning rewards for doing so. Ultimately, it can be a good option for people who have a stable income and/or solid financial life and are willing to pay their bill in full on a weekly basis.
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