The required phone number allows Tomo to contact you once your application is ready. Citi Cards 1-877-274-8640 Mon-Fri 8:00 am - 11:00 pm ET Sat 9:00 am - 7:00 pm ET Sun 9:00 am - 7:00 pm ET Additional Phone Numbers There is another location in Las Vegas according to their website which we haven't been. One of them is how much money you have and how you manage it. we bought our home 9 years ago) and take the first character of each word to make your password: wboh9ya. To enroll in paperless for your account, start by reading the terms and conditions below. Concerns include incompatibility with all banks. Glen Luke Flanagan, Credit Cards No credit checks and no fees. We will send notifications regarding the availability of your statement online and legal notices to the email address you provided to us until you contact us to change it. Citibank, N.A. $60 Lyft Value Take 3 trips on Lyft and get a $5 credit. Secured credit cards also provide an affordable entry point into building credit for people with or without a bad credit history. Instead of checking your FICO score or VantageScore, they focus primarily on your bank and investment accounts. , created by San Francisco-based startup TomoCredit, is a product for those with no credit or poor credit (FICO scores of 629 or below) who want to establish a credit history without carrying a monthly balance. If these 3 options don't work for you, we've listed a few more alternatives below. The phone number requirement allows Tomo Credit Card to contact you once your application is ready. Paying an annual fee or a security deposit can be a hassle, but depending on how much you spend with your card, the higher rewards rate could easily offset the cost of these cards. We send cardholders various types of legal notices, including notices of increases or decreases in credit lines, privacy notices, account updates and statements. Still, Tomo Credit Card Review Reddit automatic payment schedule and inability to maintain a balance sets it apart from other card options. HelloFresh $90 off your first 5 boxes plus free shipping! Heres what you should know about whos eligible for an account, how to apply for one, and how to use it to improve your credit score. This is credit card friendly as it helps you to boost your credit score. Here are five things to know about the Tomo Credit Card. Glitches in underwriting and payment software. He has decades of experience in digital and print media, including stints as a copy desk chief, a wire editor and a metro editor for the McClatchy newspaper chain. It doesn't require a credit check for approval, has a $0 annual fee, and provides World Elite Mastercard benefits such as cell phone protection. With no annual fee and a generous earnings structure, this 17-gram hunk of stainless steel could be the . The Tomo Credit Card offers a solution to this problem by skipping the credit check when you apply. Melissa Lambarena is a lead writer on the credit cards team at NerdWallet. the way a traditional credit card application does. Pre-qualified offers are not binding. The stronger your financial position, the more likely Tomo will offer you a credit card and a higher credit limit. Verified by an expert means that this article has been thoroughly reviewed and evaluated for accuracy. This company is just after your bank statements. Remember, Tomo considers your investments in addition to your bank account activities, such as your stock portfolio or cryptocurrency holdings. Tomo reports your activities to Experian, Equifax and TransUnion once a month. Some users also had problems linking bank accounts to their apps. You can earn up to 20% back at a time, with a limit of $500 in cash-back rewards each month. That site may have a privacy policy and security that is different from this Citibank, N.A. If youre an influencer, you can request access to Tomos ambassador program, which allows you to earn 1% cash back for three months for each person you refer to the card. Here are five things to know about the card: 1. While not all banks that sync with the platform affect all users, for some it can significantly limit their credit limit. The credit limit is potentially generous. Copyright 2021-22 | Disclaimer: This website is not associated with the, Open your browser and look for www.tomocredit.com, On your registration page, enter your email address in the first field. The information is accurate as of the publish date, but always check the providers website for the most current information. He has been an auditor of international companies and a tax strategist for real estate investors. Please view our full advertiser disclosure policy. They plan to earn all their money from interchange fees (commercial fees when using credit cards). . Annual fee waived the first year. Thats why its ideal for anyone trying to build credit, as the card is reported to credit bureaus on a monthly basis. Start off on the right foot with building credit, or boost your existing score at just $2.99/month. Tomo was founded by immigrants whose families struggled to qualify for credit cards due to their status as foreign nationals once they moved to the United States. The Instant Approval Credit Card works exactly as it sounds: When you apply for an Instant Approval Credit Card, you will receive your approval decision as soon as your application is complete. Instead, TomoCredit makes money from. . Do you want to continue to {{:domainName}}? Can you carry a balance on the Tomo Card? In addition, the Tomo credit card is unsecured, which is unusual for an account open to people with bad credit. Use phrases that combine spaces and words (i.e., "An apple a day"). That means your payment history still only improves a month at a time. Tomo Credit Card announced a $7 million seed funding round that included participation from several investors, including KB Investment Inc. (KBIC), a subsidiary of South Korean consumer bank Kookmin Bank, as well as Barclays, Knollwood Investment Advisory, BAM Ventures, Passport Capital, Ulu Enterprises and Strong Companies. Not buying it. There's no APR because you cant carry a balance, doesnt charge any fees or interest. Because Extra is a debit card . Get Directions. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Here are Tomo Mastercard card features at a glance: no interest or fees. Here's why. Use more than three consecutive or sequential digits unless your User ID is an email address (i.e. But if Tomo cant pay off your balance with the funds in your bank accounts, theyll freeze your card until you pay off the balance. We send cardholders various types of legal notices, including notices of increases or decreases in credit lines, privacy notices, account updates and statements. Check out our explanation of these accounts:Credit Builder Loan: What Is It and How It Works. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. Tomos support staff is often unavailable during alleged work hours, and people wait for weeks to get responses to emails. When evaluating offers, please review the financial institutions Terms and Conditions. Click on that X to delete the Tomo Card app. You can also enroll in a seven-day automatic payment schedule. A payment is automatically deducted from your bank account to cover the balance every week. With these expenses, legacy cardholders can earn $250.87 each year, with the chance to earn even more if they refer friends to apply. Make your User ID and Password two distinct entries. The Tomo Credit Card requires no credit check when you apply and charges no interest. Whatever the reason, you should get a result within a few days and you can always call or check online to track the status of any pending requests. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. When you get your welcome email, just apply for our card like any other credit card, minus the credit check! Choose your Total Visa card username and . This card is also a good option if you are not a US citizen, have no US credit history, and want to start raising your credit score. Instead, the company's proprietary technology can weigh many data points, a key few being your income (or income potential) and your account balances. Chime is also came out with a credit card. The Tomo Credit Card requires no credit check when you apply and charges no interest. New customers who pay for their first annual McAfee Total Protection for Mastercard subscription using a U.S.-issued Mastercard credit card will receive a special introductory price on that first annual subscription term following the 30-day free trial period. corporation would be crptn). Bank account balance; Income level; A mail will come to your email ID to fill out the form, and it . The Tomo Credit Card, created by San Francisco-based startup TomoCredit, is a product for those with no credit or poor credit (FICO scores of 629 or below) who want to establish a credit history without carrying a monthly balance. Secured credit cards also provide an affordable entry point into building credit for people with or without a bad credit history. Previously, she was an editor at CreditCards.com. To get this information, TomoCredit requires you to link at least one account through. All financial products, shopping products and services are presented without warranty. We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. Tomo's own underwriting algorithm assesses any combination of these assets, as well as cash flow trendswhat's transferring in and out of a bank accountand generates a personalized credit. Instead, we receive a small fee from the merchant for every purchase made with your Tomo card.. If youre looking to build or repair your credit, Id recommend using a different account. In the event that you have bad credit or no credit at all, Tomo Credit Card Review Reddit alternative approval process can help you avoid stringent credit checks that can negatively affect your credit score. 3 Cash back merchants and offers can vary throughout the year and are personalized. Reasons Why an Account May Not Be Appearing Click "Register" and enter your account number, postal code, email address, security question, and the last 4 digits of your Social Security number to verify your credit card account. While Tomo supports many large banks, some smaller or regional banks will not work; This is particularly evident in credit unions. Sometimes the charges happen ahead of schedule, and other times they take the money out of their bank account twice for the same weeks balance. The Tomo Credit card is put forth by a start-up company called Tomo Credit, based in San Francisco. That involves filling out forms that ask you for standard identification information like your name, date of birth, SSN or ITIN, and government ID. Because there's no hard pull on your credit report when you officially apply, it wont impact your credit scores the way a traditional credit card application does. Caitlin Mims is a content management specialist at NerdWallet covering credit cards. Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions. Learn More: A similar misconception led to the popularization of the 15/3 credit card payment hack. In addition to the iOS app, TomoCredit has pre-approved over 300,000 US users and plans to issue an additional 500,000 cards by the end of the year. 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