Tomo Credit Card review
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- Fee
- $2.99 per month
- Minimum deposit to open
- $0
Our verdict
A unique credit-building credit card with no APR or security deposit.
No credit check, no APR and no security deposit — the Tomo Credit Card is a different kind of credit card. We like that you don’t have to be a US citizen or resident to sign up and that it uses alternative information, such as your bank account history, to see if you’re eligible. The Tomo Credit card helps build your credit by reporting to all three major credit bureaus. There’s also an optional seven-day automatic payment feature to help keep your credit utilization low and avoid debt, and there’s no APR because you can’t hold a balance for longer than one month. However, there’s a small monthly fee of $2.99 per month ($35.88 per year), which is less than most other credit cards but still worth considering.
Best for: Young borrowers looking to build credit history.
Pros
-
No APR, credit check or deposit
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Optional weekly autopay
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Reports to all three credit bureaus
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US citizenship not required
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Earn rewards with select merchants
Cons
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Waitlisted
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$2.99 monthly fee
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No phone support
Tomo card waitlisted
As of June 2024, signing up for the Tomo card means getting put on a waitlist. You can go to the website and select Apply Now after entering your email, but it just says your card has been “reserved.” There’s no timeline as to when you’ll be able to apply, so if you’re really interested in the card, you’ll have to check your email for updates.
How the Tomo Credit Card works
Tomo doesn’t require US citizenship to apply — a nice perk, as most credit cards do. Tomo accepts either an SSN or ITIN with a government-issued ID. There’s also no hard credit check when you apply.
If approved, Tomo will send you the card within seven to 10 business days. You then link your bank account to the Tomo account and can use the card wherever Mastercard is accepted. With the weekly autopay on, your owed balance will be paid off automatically every seven days. You can’t carry a balance month-to-month, so there are no interest charges. However, you must repay the full balance owed within each cycle or the card will freeze until you’ve paid the balance.
Tomo reports your payment history to all three credit bureaus: Experian, Equifax and TransUnion. With careful management, you could use this card to build credit history. Your credit limit can be between $300 and $30,000, based on your eligibility.
What we like about Tomo
The Tomo Credit Card was created by immigrants who struggled to get approved for a credit card. We appreciate that the mission and history of the founders were considered when creating this product — you don’t have to be a US citizen to apply.
This credit card could be a great option for traveling students looking to boost their US credit score without racking up debt or for anyone trying to rebuild a credit history or start building credit from scratch.
No interest charges
Nearly every credit card you’ll find in the wild has interest charges. But the Tomo card doesn’t allow you to carry over a balance each month, so there is no APR. With the weekly autopay on, it can keep your spending in check and help you avoid the trap of credit card debt.
If you don’t repay your full balance by the end of the month, the card freezes. With that feature in mind, it’s wise to treat the Tomo credit card more like a debit card.
Report to all three credit bureaus
Tomo reports payments to Experian, TransUnion and Equifax. Compared to rent reporting services and debit-credit cards, Tomo stands out because it’s not all that common to find a credit-building service that reports to all three.
Non-cashback perks
Tomo used to offer cashback rewards but has since switched to a different model of rewarding customers. It offers perks such as earning credits with its partners, such as taking three rides with Lyft and earning a $5 credit. Other noted partnerships include DoorDash, ShopRunner and Fandango.
You also get cellphone protection, as well as global assistance with Mastercard and 24/7 ID protection. And like other credit cards, you’re protected under a zero liability policy, which states you’re not liable for covering purchases you didn’t make.
Where it falls short
The obvious downside with the Tomo card is that there’s a waitlist. You can give Tomo your email and be notified when you can fully apply. However, the website doesn’t have a timeline on when you can apply or how long the waitlist is.
There is also a monthly fee of $2.99 per month or $35.88 per year. It’s on the lower end compared to others, but you can definitely find credit cards that don’t have a monthly or annual fee. However, most no-annual-fee credit cards will still likely charge an APR.
And like most online banking options and fintechs, Tomo lacks multiple avenues for customer support. Tomo doesn’t have a customer phone line, which can make resolving issues tricky or a pain to get ahold of someone for an urgent issue.
Not suited for emergency situations
You can’t use the Tomo credit card at ATMs. Most credit cards let you pull cash out of an ATM, known as a credit card cash advance. Often, you’re charged a higher APR on credit card cash advances, but it can be a convenient option for emergencies that require cash.
Since Tomo doesn’t allow you to carry a balance month to month, this means you can’t make a large purchase you can’t afford. The Tomo card freezes until you repay your balance. There aren’t any interest charges or late fees, but you won’t be able to use it until you’ve paid the card off.
Tomo Credit Card’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly or annual fee | $2.99 |
| Minimum deposit | $0 |
| Credit score | None |
| APR | 0% |
| Balance transfer fee | N/A |
| ATMs | N/A |
| Overdraft or nonsufficient funds | $0 |
| Foreign transaction fee | 0% |
| Overdraft or nonsufficient funds | None |
Compare Tomo Credit Card to other credit building cards
Narrow down top credit-building options by monthly fees, APR and benefits. For a better look at products, tick the Compare box on multiple providers to see their features side by side.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer experience
Tomo has an F rating with the Better Business Bureau (BBB), which is the worst rating possible due to its large volume of complaints.
The BBB noted that Tomocredit was flagged in 2020 for hundreds of complaints about difficulties reaching customer support to resolve issues. This tracks, as Tomo doesn’t have a customer phone line and this issue is easily the most-mentioned downside among reviews. Tomo responded and said it upgraded its system to handle a higher volume and is working to add more communication methods.
However, since that alert in 2020, it doesn’t seem things have improved. There are still hundreds of recent complaints about issues contacting support and how customers have to email Tomo repeatedly in attempts to cancel their subscription. Others also stated that Tomo incorrectly reported their payments and credit utilization to credit bureaus, and some said Tomo took withdrawals from their bank accounts when no balance was due.
On Trustpilot, the story is the same. Customers complained about how hard it is to contact someone and that requests for help were ignored. Others claimed they signed up for the card only to find out their bank account was incompatible and were unable to get a refund from Tomo.
Tomo has been around since 2018, so it’s not very new compared to other fintechs and online banking options. It’s had many years to iron out its customer support issues. Add on the fact that the Tomo card is currently waitlisted, and it’s not the best look.
Credit building card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Read the full methodology of how we rate credit building cards.
Your reviews
Bethany Finder
Editor, Banking
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