Tomo Credit Card Review: How Is It Better Than Others and What Are Its Benefits? Key Points: Tomo Cards are legit as the company reports to major finance bureaus and are issued by Community Federal Savings Bank. It gives a limit between $100 to $10,000 and does not require any credit check or security deposit. It gives 1% cash back on every purchase and helps to build a good CIBIL score with its regular payment features.
We know that credit cards and loans are issued on the basis of a person’s CIBIL score, and it is hard to show good CIBIL scores for immigrants, students, and many others. So to sort this out, the company launched Tomo cards.
You no longer have to
calculate hefty credit card payments and records to apply for Tomo. How is this one different from the others? We’ll explain this in this Tomo Credit review. Please read this blog till the end as we answer all your queries. What is Tomo Credit Card?
Tomocredit is a fintech company headquartered in San Francisco, California, United States. It aims to help young adults and others to build and establish good CIBIL scores. The company reports to three finance bureaus and does not have any APR as the company does not have the balance carry forward feature that helps the customers not to accumulate any pending charges.
Also, this one does not ask for any security deposit, but it is important to pay the bill in full every cycle otherwise the company freezes the account.
Is Tomo Credit Card safe? Well, they are safe as they are issued by Community Federal Savings Bank. Please note that you can’t access it only because you are a Community bank account holder. You need to apply for it through their official website.
Instead of checking the applicant’s scores, the company scans the account activities and money habits. So anyone with a poor score can apply for it.
This is the introduction to the unsecured card. Let’s talk about its benefits and application processes in the coming sections of this Tomo credit review.
What are the Benefits of Tomo Credit Cards?
The card by Community Federal Savings Bank is loaded with extraordinary benefits that support the customers to lead a financially sound life. So here are some of the benefits it offers:
This unsecured card is very transparent with its customers and charges absolutely $0. But they have a strict policy to pay the bills on time, otherwise, the company can freeze the account to stop the activities. No Annual Charges: Every time you make a payment with Tomo, you earn 1% of cashback and other special rewards. Cashback: This was designed for people with bad or average scores to allow them to improve their credit health. No Credit Score Required: Easy Application and Approval : It has an easy application process and simple approval criteria that make almost everyone qualified. It does not charge any APR as you can not carry forward the balance of one month to another. This feature makes the credit payments debt-free as you do not rack up any previous balance. No APR: The whole documentation process is online, and you only need a bank account, your Social Security number, and a government-approved ID. Minimal Documentation: Note: You can also apply for Tomo even if you are not a US citizen and do not have an SSN. Just make sure you have a valid identity proof and a bank account. It does not ask for any deposit, when you link your account it scans your CIBIL score, account transaction activities, and money habits to determine the limit. No Security Deposits:
So these are the key benefits of using this credit which are quite similar to others such as
Bilt Credit card and CreditFresh. Going ahead, let’s discuss who can and who can’t apply for this extraordinary card. Drawbacks of Tomo Card
As we already know, all the key benefits of using this card. Perhaps, it is also essential to know the downsides of it as well to make a wise choice. So here are the things we disliked about it:
: The credit company has a strict policy of verifying the applicant’s identity through their bank account. These are issued only when you have a bank account. Mandatory to Link Bank Accounts Low Credit Limit: The credit has lower credit limits than others. The daily limit is $5000, or up to 20 transactions per month. If you want to increase your credit limit, you need to link multiple bank accounts. Weekly Payments : The company has a weekly payment collection policy that can disturb the monthly budgets of the customers. Fast Fact: Being a Mastercard network, Tomo gives cell phone protection, zero liability protection, MasterCard global service, and ID theft protection. Who Can Apply for the Tomo Credit Card?
The Tomo credit application process has a strict rule that needs to be obeyed. The applicant must be 18 years and above and should have a social security number (SSN) and Individual Taxpayer Identification Number (ITIN).
The applications are also open for non-US citizens who have any government-approved ID and passport to qualify for it. This card does not check your banking record, however, it is necessary to link your bank account for identity verification. These are the requirements for the application process. Moving on, let’s see the steps involved to apply for a new one in the coming section.
Card Application Process
What we loved about this one is that it has a pretty straightforward application process that can be followed by everyone.
Here are the steps to apply:
Go to their official website. First, you need to create your account with an email address. Now enter your personal info in the given fields to check your eligibility. Connect any of your bank accounts (or you can add multiple accounts) to calculate your limit. Review your application and submit it.
These are the steps that you need to go through to apply for the new one. Easy right? Unlike other ones, it does not do any hard credit checks. If an applicant qualifies, the company only needs a soft financial background scan for identity verification, which does not impact your financial health.
Once the procedure is complete, the applicant will get the new one within 7-10 business days with a limit between $100-$10,000.
Tomo Credit Card Review – Card Basics
Here are the basics that you must know:
Annual Charges: $0 Maintenance charges: $0 Foreign Transaction charges: $0 APR Charges: $0 Application charges: $0 Daily Limit: $5000, up to 20 transactions Four Days Spending Limits: $40,000, up to 40 transactions Monthly Spending Limit: $20,000 Annual Spending Limit: $240,000
Please note that the card does not charge any fees. Hence, you need to pay your bills on time and keep a check on the spending limit to avoid overuse.
Considering all these points, it still makes for a great choice if you want something simple, straightforward, and beneficial. However, there’s nothing wrong with keeping your options open. Let’s look at how this one measures up compared to its competitors. But before that, look at what users have to say about this
credit card that accepts Costco. Credit Card Review By Customers
As per the statistics, more than 5 million people use this credit card because of its exceptional features. One of our office mates who is an immigrant applied for Tomo, and to his surprise, he got qualified with no credit score, and he’s been using and taking advantage of it since then.
These are ideal for people with nonexistent or limited CIBIL scores who face challenges qualifying for traditional cards. Not just our office friend, you can find many people praising the company because of its path-breaking approach to credit.
Don’t just take our words, see what the card users have to say:
This unsecured card lives up to everyone’s expectations with its exceptional credit-building features, but you can always keep your options open and explore others. Let’s go ahead and check out other options in the next section.
Tomo Vs. Its Competitors
These are the other issuing companies that we’ll talk about here:
The online banking institution offers a Chime Visa that is FDIC insured. It does not charge any annual maintenance fees and gives the usage limit equivalent to the security deposit. This one is ideal for people who do not have many expenses and want to use it just to build a good financial record.
It helps account holders to
practice healthy habits to manage personal finances. The eligibility criteria for Chime is that the applicant must be a US citizen, above the age of 18, and must receive a minimum of $200 every month in their direct deposit. Deserve EDU
It is specifically a student card that lets you save money, track expenses,
minimize personal finances mistakes, and also gives cell phone insurance. It does not have annual maintenance fees and even gives 1% cash back on every purchase.
It does not ask for any security deposit and reports to three finance bureaus. The best part is that international students can apply for it without a Social Security number. So you can choose to get an EDU if you are a student.
Destiny Credit Card
Destiny is another unsecured card that helps people to improve their financial records. It reports to three finance bureaus, Equifax, Experian, and TransUnion. It is a Mastercard network issued by First Electronic Bank, Member FDIC.
It charges $55-99 annual fees and does not have any special rewards programs for account holders. It has an easy application and pre-qualification criteria along with a simple
Destiny login and bill payment process.
It is 100% safe and secured and even provides protection against stolen or lost ones. You can choose it if no other credit company approves your application.
Milestone Credit Card
Issued by the Bank of Missouri, this one also helps to build a good score. Apart from that, it gives cash back, discount vouchers, and rewards to account holders. You can schedule your payment date and time with Milestone autopay to pay the bills on time. It is very simple to
register and activate a Milestone through its portal.
It does not have any expiration date and does not charge any annual maintenance fees. The best part about Milestone is its account dashboard through which customers can pay their bills, register for the account, contact the customer service department, track spending and check balances.
Indigo Credit Card
This Mastercard network card is issued by Utah-based Celtic Bank. It does not take any security deposit or annual charges. Moreover, it offers flexible payment methods to choose from. It gives a 25 days grace period for late payment, after that the company charges $40 fees.
There is no charge to
apply for and activate an Indigo Platinum. So you can go through its official website to know more details and see if this suits your needs. Or, you can also contact their customer service department to get answers to all your queries. Customer Service Department Email: email@example.com .
This was the Tomo card review. We hope it would be helpful for you to decide whether this one can support your financial needs or not. However, if you ask us, we are in favor of this card.
Frequently Asked Questions Ans: These are issued by Community Federal Savings Bank. Ans: Yes, you can use the mobile application to manage payments and view transactions. Ans: Your application is still under the manual review process, you need to wait for the company to clear up your application. Ans: No, it is an unsecured card with no finance background check, interest, or fees. Ans: Yes, these cards are issued by Community Federal Savings Bank and the company reports to three major finance bureaus. Sources: