No Credit History? No Problem. Tomo credit card might just be for you.

Did you know that you can get a credit card even if you have limited to zero credit history? TOMO Credit Card gives that privilege to everyone! So should you immediately get one? Maybe. Like any other credit card, you have to do due diligence to fully understand if this card is for you. The Tomo credit card is not just a simple credit card. It has specific niche. There will be pros and cons with it. Today, we’re going to dissect Tomo CC to help you decide if it’s a credit card for your needs.

TOMO Quick Summary:

Pros:

• No annual Fee
• Unlimited 1% cashback (higher rates possible for referrals)
• No interest charges (because you’re supposed to always pay on time)
• No credit checks

Cons:

• Auto-pay weekly for the first 3 months (it becomes monthly after)
• You need to be pre-approved to apply
• You’ll need to link your financial information
• No cash advance

First things first, you’re going to have to provide your personal bank details namely your age, income, and bank account balance. A pre-approval will grant you an invitation to apply for the card. There aren’t any credit checks because you’re going to have to link your bank account via a third-party service provider called Plaid. It will check your savings and how you utilize it just to check if there are any red flags they might find in your bank account.

And since this might be the very first credit card someone receives, it’s pretty nifty that there isn’t any annual fee. You get a straight cashback of 1% on any purchase. There aren’t any interest charges too!

But how can TOMO profit without any interest charges?

Tomo CC gets interchange fees from merchants every time we make purchases. Sweet! Win-win!

Of course, Tomo also safeguards itself by not being like a regular credit card. You’re going to have to make weekly automatic payments in the first three months. That’s why there isn’t any APR with this credit card.

What happens if you miss a payment on my tomo credit card?

Your account might get suspended.

Your credit limit will get higher every time you may payments on time. The highest is $10,000 for people with really good credit standing.

What are the drawbacks of the TOMO Credit Card?

Since it’s a niche product, you can’t go over the $10,000 limit. The bank account check is also limiting. You’re still going to have to prove that you have a stable income. The 1% cashback is okay but traditional credit cards will give more. You can’t skip payments otherwise your card will be suspended. If you don’t like auto-payments or if you suddenly find yourself in a tight bind, you won’t be able to use your card anymore.

The Tomo credit card is best for a person who has little to no credit rating yet but has a stable income. If you can do automated weekly payments and have no qualms about your bank account being checked, then the Tomo CC is for you. This card is a good start card to build up credit. There are other credit cards out there with better cashback but until you can get approved for those, the 1% Tomo cashback is a welcome treat. The Tomo card is also available to non-US citizens residing in the United States.

If you’re one of these then this card is for you. It’s not for everyone so please check if you can make do with all of these. If you’re sold with the use of the Tomo credit card, then please use this affiliate link and sign up for a precheck here.

If you want to check out another card, check out the American Express Busines Plum Card. It might just be the right one for you. Read our review here.