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Built by young immigrant founders, TomoCredit is a chance for foreign students, or simply adults with no credit history, to start building their own credit.
Tomo Mastercard credit card is basically a charge card that allows cardholders to build their credit. There is no credit check, deposit, or fee, and applicants are not required to have a credit score to apply for the card. What is required is a linked bank account (or any number of bank accounts). Tomo then uses this information to determine your eligibility and your credit limit.
The linked account is also used for credit card payments. The Tomo card comes with a 7-day automatic payment schedule. That is done to help cardholders build their credit score more quickly. However, cardholders also have the option to make payments bi-weekly or monthly.
Here are Tomo Mastercard card features at a glance:
- no interest or fees
- no credit history required
- up to $1,000 credit limit
- reports to three major credit bureaus
Now another good thing about the card. It actually has a cashback rewards program. The card gives 1% cashback right away with the potential to make it a 2% cashback. To increase cashback, cardholders simply need to invite two friends who get approved.
The Tomo card is similar to the Petal 2
Cash Back, No Fees Visa® Credit Card in the way that it also checks applicant's bank accounts, incomes, and expenses to make lending decisions. Also, some may find it similar to Apple Card, which is aimed at people who are building or rebuilding credit.