About Company
Tomo is revolutionizing the credit landscape in the United States with its innovative approach to credit building. Unlike traditional credit cards that rely heavily on credit scores and lengthy approval processes, Tomo offers a refreshing alternative that prioritizes inclusivity and financial empowerment. It operates like a typical credit card, however, meaning your balance will accrue interest if you choose to carry one from month to month. With Tomo, anyone and everyone can kickstart their credit journey, regardless of their credit history or lack thereof. By leveraging alternative metrics and individual circumstances, Tomo evaluates creditworthiness beyond arbitrary credit scores, ensuring fair access to credit for all.
At the core of Tomo's mission is the belief that financial well-being should be accessible to everyone. This belief is manifested in Tomo's commitment to providing tools and resources that empower individuals to take control of their finances and build a brighter financial future. Through features like expedited weekly payments and customizable spending power, Tomo empowers cardholders to manage their finances responsibly while simultaneously building their credit scores. With Tomo, users can enjoy the benefits of a world-class credit card without the barriers typically associated with traditional credit cards, making it a game-changer in the world of personal finance.
Key Features
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Expedited Weekly Payments. Differentiating itself from conventional credit cards, Tomo offers expedited weekly payments, allowing users to proactively manage their credit and enhance their credit scores through consistent, on-time payments.
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Customizable Spending Power. Tomo provides users with a flexible spending experience by decoupling spending power from traditional credit scores. The ability to update spending power in real time, ranging from $100 to $30,000, offers users unprecedented control over their financial choices.
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TomoBoost for Rapid Credit Building. Tomo introduces TomoBoost, an AI-powered feature facilitating credit building with no credit checks. This innovative tool matches bills automatically, providing users with a credit line of up to $30,000 to accelerate their credit growth.
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Mastercard Benefits. Tomo elevates the credit card experience by offering the prestigious World Elite Mastercard benefits. Cardholders can enjoy exclusive perks, including complimentary DoorDash services, ShopRunner memberships, Lyft credits, and access to a 24/7 world elite concierge service for a VIP lifestyle.
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Alternative Data Evaluation. Breaking away from the norm, Tomo uses alternative data sources, such as information from linked bank accounts, to assess applications. This ensures a holistic evaluation, allowing even those without credit scores to access this innovative financial solution.
Pros and Cons
Pros
Cons
Reliability
Assessing the reliability of Tomo involves considering its credentials and the limited availability of user reviews. While Tomo presents itself as a novel solution in the credit-building landscape, its reliability is largely supported by its partnerships with established financial institutions and networks like Mastercard. Additionally, the company's commitment to financial inclusivity and its innovative approach to credit evaluation contribute to its perceived credibility. However, the scarcity of user reviews and feedback poses a challenge in gauging the firsthand experiences of customers, making it difficult to ascertain the extent of Tomo's reliability in practice. As such, while the company's credentials offer a degree of assurance, prospective users may need to rely on other factors, such as transparency, customer service, and regulatory compliance, to evaluate Tomo's reliability effectively.
Products
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Tomo Credit Card. The cornerstone of Tomo's offerings, the Tomo Credit Card provides users with access to a credit line without the need for credit checks. With customizable spending power and expedited weekly payments, this card is ideal for individuals looking to build credit responsibly.
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TomoBoost. TomoBoost is an innovative feature designed to accelerate credit building. Powered by AI, TomoBoost matches bills automatically and offers users a credit line of up to $30,000, providing a fast-track option for those seeking to improve their credit scores.
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Other Services Tomo Offers
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Financial Education Resources. Tomo provides access to educational resources and tools designed to help users improve their financial literacy and make informed decisions about credit management and personal finance.
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Customer Support. Tomo offers dedicated customer support services to assist users with inquiries, account management, and troubleshooting. Whether through phone, email, or live chat, Tomo aims to provide responsive and helpful assistance to its customers.
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Account Management Tools. Tomo provides users with access to online account management tools, allowing them to monitor their spending, track their credit utilization, and manage their payments conveniently from any device.
Conditions and Requirements
Conditions
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No Credit Checks. Tomo does not require credit checks for approval, allowing individuals with limited or no credit history to access credit.
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Expedited Weekly Payments. Tomo offers expedited weekly payments, enabling users to proactively manage their credit and build a positive credit history through timely payments.
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Customizable Spending Power. Users have the flexibility to customize their spending power in real-time, independent of traditional credit scores, ranging from $100 to $30,000.
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TomoBoost for Rapid Credit Building. TomoBoost provides users with an AI-powered credit-building tool that matches bills automatically and offers a credit line of up to $30,000.
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World Elite Mastercard Benefits. Tomo cardholders gain access to exclusive benefits through the World Elite Mastercard program, including perks from partners like DoorDash, ShopRunner, and Lyft.
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Alternative Data Evaluation. Tomo evaluates applications using alternative data sources, such as linked bank accounts, to assess creditworthiness and promote financial inclusivity.
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Global Assistance and Protection. Tomo provides comprehensive protection features, including cellphone protection, 24/7 ID protection, and zero liability for unauthorized purchases, ensuring users' peace of mind.
Requirements
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Identification Verification. Clients must provide valid identification documentation to verify their identity and eligibility for a Tomo Credit Card.
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Linked Bank Account. Clients are required to link a checking or savings account to their Tomo account, which may involve providing information such as account numbers and routing numbers.
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Age Requirement. Clients must meet the minimum age requirement set by Tomo, 18 years or older, to apply for a Tomo Credit Card.
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Residency Status. Clients must be legal residents of the United States to be eligible for a Tomo Credit Card, but it may be used everywhere Visa credit cards are accepted.
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Financial Responsibility. Tomo looks for financially responsible individuals who demonstrate the ability to manage credit responsibly and make timely payments.
Network of ATMs
Tomo does not operate its own network of ATMs. However, as Tomo partners with major financial institutions and networks like Mastercard, users can access a vast network of ATMs worldwide where Mastercard is accepted. This includes ATMs belonging to various banks and financial institutions that accept Mastercard debit cards. Users can use the Tomo debit card at these ATMs to withdraw cash, check balances, and perform other banking transactions, subject to any applicable fees or limitations imposed by the ATM owner or issuer. It's advisable for users to check for ATM locations and any associated fees beforehand to ensure a seamless and cost-effective banking experience.
Apps Like Tomo
The Petal 2 Card stands out for its $0 annual fee and a minimum 1% cash back on all eligible purchases, making it an attractive option for individuals with limited or no credit history aiming to save money while building credit. The rewards rate increases to 1.25% and later 1.5% after six and twelve months of on-time payments, respectively. Furthermore, the Petal 2 Card reports payments to all three major credit bureaus, aiding in the improvement of credit scores. However, potential downsides include the card's potential for a high APR and the expectation of above-average rewards rates only after several months of on-time payments.
The OpenSky® Plus Secured Visa® Credit Card is notable for its lack of a credit check during the application process, making approval relatively accessible, even for individuals with a bankruptcy history. With a $0 annual fee, it offers a straightforward secured credit card option. However, a potential drawback is the requirement for a refundable security deposit, starting at least $300, which determines the spending limit.
The First Access Visa® Card offers a $700 starting credit limit without requiring a security deposit, providing an unsecured option for individuals with poor credit. The absence of a one-time application fee is a positive feature compared to other unsecured cards. However, drawbacks include a first-year annual fee of $175, decreasing to $49 afterward, and a monthly fee of $12.5 after the initial year. Additionally, the card carries a high interest rate of 35.9% on carried balances.
The Citi Double Cash® Card is praised for its initial bonus and a competitive rewards structure, offering 2% cash back on every purchase (1% when you buy and 1% as you pay). The card further provides 5% total cash back on select categories booked through the Citi Travel℠ portal. With no annual fee and monthly reporting to all three major credit bureaus, it presents an opportunity for users to build credit. However, potential drawbacks include a variable APR of 19.24% - 29.24% (V) and balance transfer fees of 3% intro fee ($5 min) for the initial four months, increasing to 5% ($5 min) thereafter.
Editorial Opinion
Important
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional Resources
- Full Tomo Account Review
- Tomo Mobile App
- Tomo Reviews
