What is the Tomo credit card?
The Tomo Card, created by San Francisco-based startup TomoCredit, is a credit card 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. Unlike a lot of cards that target a similar audience, there's no annual fee, security deposit or even APR.
Do I need a credit score to apply at Tomo?
At Tomo, credit scores are a thing of the past. We welcome everyone to apply with or without credit history. Fees? Nope. You work hard for your money and simply put, credit card fees suck. That's why we got rid of them and don't plan on having them, ever.
What are the benefits of using Tomo?
Through consistent on-time payments, your credit score will grow. Tomo has set up a 7-day auto pay to maximize this cycle and increase the rate in which your credit score can improve. Earn cashback. You will get 1% cashback on all your purchases.
How much is the APR on a Tomo credit card?
There's no APR because you can’t carry a balance The Tomo Credit Card doesn’t charge any fees or interest. Instead, TomoCredit makes money from interchange fees — a surcharge assessed on the merchant when you use your card to make a purchase.
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What is a Tomo card?
Why is there no APR on Tomo credit cards?
Can you carry a balance on a Tomo card?
Does Tomo have a credit check?
Does Tomocredit run a credit check?
Does Tomo charge interest?
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About this website
What is Tomo app used for?
Touch of Modern is THE Shopping App for Men to discover the world's most interesting products and at amazing prices. With dozens of new sales added each day, TOMO will be the Shopping App you lust to check every day.
Does Tomo build credit?
Yes. Tomo reports to all three major credit bureaus — if you make your weekly payments consistently, you will build credit.
Is Tomo a Visa or Mastercard?
MastercardOne of just a handful of credit cards available to those with limited or no credit history, the no-annual-fee Tomo Credit Card*, which is issued on the Mastercard network, uses banking and other financial metrics to determine approval and credit limit, and offers 1% cash back to boot.
Does Tomo card have an app?
Using the Tomo Card app, you can manage your card, view your transactions, payments, make payments, redeem points, and much more.
What bank does Tomo use?
Community Federal Savings BankInstead, the company's proprietary technology can weigh many data points, a key few being your income (or income potential) and your account balances. The bank that issues the card, New York-based Community Federal Savings Bank, uses this data to determine whether you're a good candidate for the card.
Is Tomo credit card secured or unsecured?
unsecured creditTomo Credit Card Review & Rating Tomo offers an unsecured credit card with no credit check, interest, or fees. It provides 1% cash back on all purchases and gets reported to all three major credit bureaus.
What is a secured credit card?
Secured credit cards function a lot like traditional credit cards. The primary difference is that with a secured card, you pay a cash deposit upfront to guarantee your credit line. While credit history may be used to determine eligibility for a secured card, the line of credit it offers requires a security deposit.
What is Revvi credit card?
The Revvi Card is a pretty good unsecured credit card for people with bad credit who want to earn rewards but need to borrow for emergencies. Cardholders earn 1% cash back on all purchases, after paying the card's bill, and the card has a $300 minimum credit limit with no deposit needed.
Does X1 card report to credit bureaus?
Be aware that although X1 does a soft pull when you apply, if you're approved for the card, when you accept your terms the company will report the newly created account to the credit bureaus, a process similar to how the Apple Card and many Buy Now, Pay Later companies underwrite.
What is Kikoff credit builder?
Kikoff is a credit-building product that offers all consumers a $750 revolving line of credit without charging any interest or fees on the credit line. Users then use this line of credit to purchase an item from the Kikoff proprietary store.
Does Kikoff report to TransUnion?
Learn more. Which bureaus does Kikoff report to? Kikoff is an official data furnisher to the 3 major credit bureaus: Equifax, Experian, and TransUnion. We report all customers' monthly payments to Equifax and Experian.
What is a secured credit card?
Secured credit cards function a lot like traditional credit cards. The primary difference is that with a secured card, you pay a cash deposit upfront to guarantee your credit line. While credit history may be used to determine eligibility for a secured card, the line of credit it offers requires a security deposit.
What is Revvi credit card?
The Revvi Card is a pretty good unsecured credit card for people with bad credit who want to earn rewards but need to borrow for emergencies. Cardholders earn 1% cash back on all purchases, after paying the card's bill, and the card has a $300 minimum credit limit with no deposit needed.
Does Kikoff report to TransUnion?
Learn more. Which bureaus does Kikoff report to? Kikoff is an official data furnisher to the 3 major credit bureaus: Equifax, Experian, and TransUnion. We report all customers' monthly payments to Equifax and Experian.
Read Customer Service Reviews of tomocredit.com - Trustpilot
This company is just after your bank info… This company is just after your bank statements. I checked all the boxes to get approved. I have no credit card debt, I make over $200,000 per year household income - I've had two years of on time payments now, and I have been working on rebuilding my credit from the pandemic and establishing banking relationships.
Tomo Mastercard Credit Card Review - No Credit Checks
The Tomo credit Card is a Mastercard that is ideal for those who have little credit history but have a healthy bank account and a good income. Tomo looks at your bank accounts instead to determine whether to approve you.
Tomo Credit Card – No credit score needed
Tomo is the next generation of credit card catered to young adults, students and immigrants looking to build a better financial future in the U.S. Apply today with no credit score required!
iPhone Screenshots
An application that allows users to connect various social media platforms in on place and connect with each other on multiple platforms from one platform.
App Privacy
The developer, Triveni Mobile, has not provided details about its privacy practices and handling of data to Apple.
What is a Tomo card?
In this way, the Tomo Card is similar to other alternative credit cards that can use unique underwriting techniques that aren't necessarily tied to credit scores. But that doesn't mean the card is right for everyone. Here are five things to know about the Tomo Card. 1. There’s a waiting period.
Why is there no APR on Tomo credit cards?
3. There's no APR because you can’t carry a balance. The Tomo Card doesn’t charge any fees or interest. Instead, TomoCredit makes money from interchange fees — a surcharge assessed on the merchant when you use your card to make a purchase.
Can you carry a balance on a Tomo card?
Hence, unlike traditional credit cards, the Tomo Card doesn't allow you to carry a balance from one month to another, making it impossible to rack up debt. You initially start off with a seven-day automatic payment schedule. A payment is automatically deducted from your bank account to cover the balance every week.
Does Tomo have a credit check?
With no credit check, fees or interest, the Tomo Card can help you build credit and stay out of debt — though you'll have to link a bank account to get it.
Does Tomocredit run a credit check?
Image courtesy of TomoCredit. Also unlike traditional credit card issuers — which usually conduct a hard inquiry when reviewing your application — TomoCredit never runs a credit check. Instead, the company's proprietary technology can weigh many data points, a key few being your income (or income potential) and your account balances.
Does Tomo charge interest?
The Tomo Credit Card doesn’t charge any fees or interest. Instead, TomoCredit makes money from interchange fees — a surcharge assessed on the merchant when you use your card to make a purchase.
What is Hello Tomo?
The London-based healthtech start-up Hello Tomo uses science to deliver digital health technologies that create long-term changes to improve symptoms of depression, anxiety and stress.
What is a chatbot in Hello Tomo?
An example Hello Tomo’s CEO gave is the chatbot feature in the app, which can suggest users go to a green space where it’s calming.
Does Tomo share photos?
Based on Tomo’s suggestions, users of the app anonymously share photos with their peers who endorse the images – with no comments, no counting of likes or shares, just support for the helpful activities completed.
Does Tomo have a fee?
Tomo is one of the only cards to have no fees and offer 1% cashback. What more could you want?
Does Tomo have a credit report?
Not only does Tomo report to all 3 major credit bureaus but we are the first card to offer expedited weekly payments. Always pay on time and watch your credit score grow!
What is Tomo credit card?
Tomo was created to circumvent that issue by not looking at an applicant’s credit score at all. Instead, potential applicants provide Tomo with their checking account, savings account and/or asset account information, which is used to determine eligibility and, if approved, their credit limit. Like any good credit card aimed at building a stronger credit profile, Tomo reports to all three credit bureaus.
What is the annual fee for Tomo?
And, the card also comes with an annual fee of $35. You do have the option to carry a balance from month-to-month.
How much money does Tomo card give?
The Tomo Card earns 1% cash back on every purchase. You can refer a friend to the card, and if they’re approved, you’ll earn an additional 1% for three months. You can refer up to 20 friends and earn an additional 1% for three months for each referral.
What is the difference between a Tomo card and a Deserve EDU card?
But the most meaningful difference between the Tomo card and the Deserve EDU is that the latter lets you revolve a balance (interest charges will apply if not paid in full at the end of the billing cycle) while the Tomo card must be paid weekly.
What is the Tomo token?
The TOMO token plays the key role within the TomoChain ecosystem by acting as a requirement for participating in the network both through masternodes and staking. Additionally, the token is used for Voting about the future of the network, for example with changes to the network. These functions of the TOMO token make it extremely valuable in the network since it would be unlikely able to survive without its presence. This is a great sign for investors and traders as it lowers the risk of getting involved, however, as with any blockchain project, the asset class remains high risk by nature.
How many TPS does Tomo have?
According to their website, TomoChain claim that the TOMO network can operate at ‘ at least 2K TPS ‘. To put this in perspective – VISA completes around 2K TPS on a centralised system. So if this is true and TOMO can in fact run at 2,000 TPS, it will be one of the fastest blockchains in the world (Bitcoin runs at around 5 TPS).
How to use Tomochain testnet?
To use the TomoChain testnet, visit faucet.testnet.tomochain.com to generate some testnet tokens and then send them to a testnet TomoChain wallet.
What is Tomochain used for?
TomoChain can be used to build dApps as well as serve other popular blockchain use cases such as decentralised value transaction. The consensus mechanism of TomoChain is Proof of Stake Voting (POSV).
How much did TomoChain raise?
TomoChain raised $8.5M USD for the project through an ICO (Initial Coin Offering) on March 1 2018. During this token sale, users were able to purchase TOMO (the native TomoChain token) with Ethereum (ETH) for 0.25 USD per token.
Why do you stake TOMO?
Stakers of the network secure the network by validating transactions automatically, this ensures total decentralisation and a healthy network state. The more people that stake TOMO, the better the network, so if you own any, you should definitely look at staking not only for personal gains but also to increase the security of the network. Don’t worry if you didn’t quite get that, I’ll be going through staking a bit later in this review, so stay tuned.
Where to find the Tomo block explorer?
The official TOMO block explorer can be accessed at scan.tomochain.com. Here, you can check transactions, balances and even view the masternodes.
What is Tomo finance?
Tomo Finance is the first CDP on TomoChain. It allows user to put in TOMO as collateral to borrow the stablecoin TAI.
What does it mean when the TOMO price goes up?
It means more people will join the network in not so distance future, and bring more utilities that push the TOMO price higher.
How many TOMO tests can you claim?
Developers can claim up to 15 test TOMO each time by following 03 steps below.
Is Binance on Tomo Bridge?
At the time of this article, Binance Smart Chain and Solana are also added on Tomo Bridge.
Who makes Tomo Bridge?
Tomo Bridge is exclusively developed by the TomoChain team, which enables users to transfer assets from Ethereum to TomoChain and the other way around.
Can you use Pantograph on TomoChain?
It enables user to access TomoChain Dapps directly on desktop browsers. By using Pantograph extension, users can skip the part of setting up R PC for TomoChain mainnet and testnet.
When did TomoChain start?
TomoChain started in 2018 as one of earliest Blockchains adopt PoS protocol. It aims to solve the scalability problem of Ethereum.
No credit history required
You are worth more than just a number (a.k.a. an arbitrary credit score). We conduct individualized assessments based on financial history and other sources and use our proprietary algorithm to determine your credit worthiness.
Build your credit score
Through consistent on-time payments, your credit score will grow. Tomo has set up a 7-day auto pay to maximize this cycle and increase the rate in which your credit score can improve.
Customizable credit limit
Since we do not rely on a credit score to determine your credit limit, we have the flexibility to update your credit limit in real time! Credit limits range from $100 - $10,000.
What is a Tomo card?
In this way, the Tomo Card is similar to other alternative credit cards that can use unique underwriting techniques that aren't necessarily tied to credit scores. But that doesn't mean the card is right for everyone. Here are five things to know about the Tomo Card. 1. There’s a waiting period.
Why is there no APR on Tomo credit cards?
3. There's no APR because you can’t carry a balance. The Tomo Card doesn’t charge any fees or interest. Instead, TomoCredit makes money from interchange fees — a surcharge assessed on the merchant when you use your card to make a purchase.
Can you carry a balance on a Tomo card?
Hence, unlike traditional credit cards, the Tomo Card doesn't allow you to carry a balance from one month to another, making it impossible to rack up debt. You initially start off with a seven-day automatic payment schedule. A payment is automatically deducted from your bank account to cover the balance every week.
Does Tomo have a credit check?
With no credit check, fees or interest, the Tomo Card can help you build credit and stay out of debt — though you'll have to link a bank account to get it.
Does Tomocredit run a credit check?
Image courtesy of TomoCredit. Also unlike traditional credit card issuers — which usually conduct a hard inquiry when reviewing your application — TomoCredit never runs a credit check. Instead, the company's proprietary technology can weigh many data points, a key few being your income (or income potential) and your account balances.
Does Tomo charge interest?
The Tomo Credit Card doesn’t charge any fees or interest. Instead, TomoCredit makes money from interchange fees — a surcharge assessed on the merchant when you use your card to make a purchase.
