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Home Credit Cards Reviews Tomo Credit Card

Tomo Credit Card 2022 Review: A Unique Card for Building Credit

Tomo Credit Card Review

At a glance

The Tomo Credit Card is an unusual credit card that doesn’t allow you to carry a balance. However, it still has a number of selling points at a low cost.

Written by Jessica Norris

Reviewed by Kari Dearie

Aug 4, 2022

Fresh advice you can trust

We promise to always deliver the best financial advice that we can. That's our first priority, and we take it seriously. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. Learn more about how we make money.

Table of Contents

  1. Quick Review
  2. Tomo Credit Card Important Details
  3. Tomo Credit Card Feature Breakdown
  4. Should You Get the Tomo Credit Card?
  5. Comparable Cards

Because the Tomo Credit Card doesn’t allow you to carry a balance, it doesn’t offer the greatest flexibility among credit cards.

Despite this limitation, it has a lot going for it, including cashback rewards, premium benefits, no fees, and credit-building capabilities.

Tomo Credit Card Apply Now

on Tomo's secure site
or call (866) 432 7695

Tomo Credit Card

4.3

Authority

Rates & Fees

Annual Fee
$0
Regular APR
N/A
Rewards Rate
1%–20%
Recommended Credit Score
300–850
Poor Fair Good Excellent
300 850

Quick Review

The Tomo Credit Card is a credit card with a couple of very unusual features. First, it doesn’t let you carry a balance from one month to the next, because your card is frozen if you don’t pay off everything at the end of each billing cycle.

Second, the Tomo Credit Card billing cycle is 7 days long, rather than a month, with automatic payments from your bank account at the end of each 7-day period (you can’t get a Tomo Credit Card unless you link it to at least one bank account).

This system has advantages and disadvantages. Although you’ll lose the luxury of being able to chip away at your balance more slowly, you won’t have to pay any interest or late payment fees, and can easily monitor your credit spending.

Other notable points in this card’s favor are the generous rewards program (with a cashback rewards rate of 1%–20%), fee-less foreign transactions, and premium Mastercard® benefits. It’s unusual to get benefits like cell phone insurance with cards for bad credit or no credit, so these additions are impressive.

Considering all these advantages—plus the comprehensive credit reporting you get and the fact that you don’t have to pay anything upfront (as there’s no security deposit or annual fee)—we highly recommend the Tomo Credit Card for credit builders and anyone having trouble getting approved for other cards.

Pros:

  • No fees
  • Cashback rewards
  • No security deposit requirement
  • No Social Security number requirement
  • No credit check requirement (so no credit score required)
  • Reporting to all three major credit bureaus
  • Benefits including cell phone insurance

Cons:

  • You can’t carry a balance
  • A bank account must be linked
  • Inflexible payment schedule
  • No balance transfers
  • No cash advances

Tomo Credit Card Important Details

Basic Card Details

  • Credit card issuer: Community Federal Savings Bank
  • Regular APR: N/A
  • Annual fee: $0
  • Rewards rate: 1%–20%
  • Credit limit: $100–$10,000

Additional Information

  • No security deposit required
  • 1% cashback rewards rate
  • Extra cashback rewards for referrals (up to 20%)
  • 7-day automatic payment schedule (and your account is frozen if you miss a payment)
  • Monthly credit reporting to three major bureaus
  • Fast online application that takes as few as 5 minutes
  • No joint accounts or authorized users
  • Cash advances and balance transfers are not available
  • No foreign transaction fees
  • Free credit scores available
  • Cell phone insurance
  • Other World Elite Mastercard® benefits (e.g., exclusive discounts, MasterRental insurance against theft of or damage to rental cars, travel assistance, emergency assistance with card replacements)
  • Transaction and usage limits apply (e.g., caps on the number and total value of purchases allowed per day or per month, for example)

Tomo Credit Card Feature Breakdown

In this section, we’ll take a look at how the Tomo Credit Card works.

Fees

The Tomo Credit Card has none of the fees that you often get with comparable credit cards (especially no-credit-check credit cards):

  • Annual fee: $0
  • Late payment fee: $0
  • Foreign transaction fee: $0

Note that, although there are no late payment fees, you should still pay your bills on time. If you don’t pay off your balance at the end of each week, Tomo will suspend your account temporarily so that you can’t use your card until you’re caught up. Your credit may also suffer.

Repayment Terms

The Tomo Credit Card has an unusual system for repayment. When you sign up for your Tomo card, you have to link a bank account and authorize Tomo to take automatic payments from the account every week. If your payment doesn’t work (because of insufficient funds in your account), the issuer freezes your card, and you won’t be able to use it again until you’re up to date with payments.

Tomo Credit Card payments are triggered every Sunday. 

There are reports online claiming you may be able to switch from a 7-day repayment schedule to a 30-day schedule after a few months using the Tomo Credit Card. However, the Tomo customer service team told us that you cannot change your payment schedule further down the line.

Interest Rates

With most credit cards, you can carry a balance from month to month. The issuer charges interest on the balance you leave unpaid.

If you have a credit card that allows you to carry a balance from one billing cycle to another, the annual rate of interest you’ll pay is called the APR (annual percentage rate). However, the Tomo Credit Card does not allow you to carry a balance, so it doesn’t charge interest.

Rewards

The Tomo Credit Card has cashback rewards, with a regular cashback rate of 1% (which is reasonable for credit cards in this tier). However, you can boost the rate by 1% if you refer someone else for the card, and then get another 1% for each person you refer—up to a maximum of 20%.

As many credit cards for poor credit or limited credit don’t offer rewards programs, this is a good deal.

Benefits

The Tomo Credit Card has great benefits for a credit card with no credit score requirements. For one, you’ll get free credit scores. Tomo doesn’t advertise this feature, but their customer service team told us that they’ve recently started offering them. However, they didn’t specify whether these were FICO credit scores or VantageScore credit scores.

You’ll also get World Elite Mastercard® benefits including:

  • Cell phone protection: This insures your phone for up to $1,000 in case it’s stolen or damaged.
  • Concierge service: This is a complimentary service to help you with tasks like booking dinner or event reservations and locating hard-to-find items such as tickets for a sold-out show.
  • Luxury hotel and resorts portfolio: This gives you access to a selection of luxury properties where you can get extra perks like complimentary breakfasts, free wifi, or discounts on hotel spa services.
  • Lowest hotel rate guarantee: If you use the Mastercard® Travel and Lifestyle Services program (either online or through an authorized program agent) to book a hotel room, but you then find a cheaper deal, you’ll normally be eligible for a refund of the price difference.
  • Priceless cities: This is an online collection of experiences curated exclusively for Mastercard® customers in cities around the world—wellness retreats, concerts, dining, museums, art events, and much more.
  • Zero fraud liability: This means the credit card issuer won’t hold you responsible for transactions not authorized by you.
  • Mastercard® ID theft protection: This includes TransUnion credit report monitoring and dark web monitoring to check for misuse of your personal information (e.g., your Social Security number and your credit or debit card information).
  • 24-hour assistance if your card is lost or stolen: This gives you an emergency phone number to report your card lost or stolen and request emergency card replacement as well as emergency cash advances.
  • Exclusive discounts: Exclusive offers on ride-sharing, online shopping, food delivery, and more.

Foreign Transactions

The Tomo Credit Card allows you to make foreign transactions, and doesn’t charge any fees for doing so.

Many credit cards that allow foreign transactions charge fees equivalent to 1%–3% of the transaction amount, whereas others don’t charge a foreign transaction fee at all. If you travel a lot, fee-free foreign transactions are a great bonus.

Cash Advances and Balance Transfers

A cash advance is when you use your credit card to withdraw money from an ATM. A balance transfer is when you move debt from one credit card to another to consolidate debt.

Cash advances and balance transfers aren’t allowed on the Tomo Credit Card, so if you need these functions, look for another card.

Transaction and Usage Limits

There are limits to how much you can use your Tomo Credit Card. These limits are as follows:

  • Number of purchases allowed per day: 20
  • Value of purchases allowed per day: $5,000
  • Number of purchases allowed over 4 days: 40
  • Value of purchases allowed over 4 days: $10,000
  • Value of purchases allowed per month: $20,000
  • Value of purchases allowed per year: $240,000

Credit Limit

The Tomo Credit Card offers initial credit limits ranging from $100–$10,000. Credit limit increases are also available. The Tomo website says that you can achieve a credit limit of $10,000 over time based on period account reviews.

Credit Reporting

Credit reporting is an important part of credit building, as your credit report is based on the information your lenders send to the credit bureaus. Fortunately, the Tomo Credit Card reports to all three major credit bureaus—Experian, Equifax, and TransUnion—each month.

Credit Building

Because the Tomo Credit Card reports to all three credit bureaus, it’s great for credit building. However, you must avoid missing payments or underpaying; your credit scores may suffer otherwise.

Tomo claims that the 7-day payment schedule builds your credit faster. However, as they report activity monthly (like most credit cards), we’ve found no evidence to support this claim.

Credit Score Requirements

Tomo doesn’t perform a credit check when you apply for the Tomo Credit Card. This means there are no credit score requirements, so you don’t have to worry about your credit report sabotaging your application.

Application and Approval

Tomo says that it takes only five minutes to apply for a Tomo Credit Card online. You’ll have to provide some basic information, but Tomo won’t perform a hard inquiry (a credit check that’s visible to others viewing your credit report and has a small impact on your credit score).

As part of your application, the Tomo Credit Card issuer will evaluate your finances (instead of your credit history). They’ll do this by using the financial history of the bank accounts that you link to the card. They will then decide whether to approve your application and, if so, for what credit limit.

Notably, you don’t even need a Social Security number to apply for the Tomo Credit Card. You can use an ITIN (an Individual Taxpayer Identification Number, which is a number that the tax authorities issue to non-residents of the US for tax purposes).

Managing Your Account

You can manage your Tomo Credit Card account from the Tomo dashboard, or through Apple and Android apps you can download.

For payment methods, the options are limited. You’ll have to set up automatic payments from a linked bank account to make payments every week.

Tomo’s website implies that there may be alternatives to this system after you’ve had the card for a while. However, the customer service team told us that you can’t switch to monthly payments even if you’ve had the card for a while, and they didn’t mention any alternative payment methods. This seems to suggest that the weekly autopay option is the only one available, regardless of how long you’ve had the card and of your financial status.

Lost or Stolen Cards

If your Tomo Credit Card is lost or stolen, you can call 1-800-627-8372 (1-800-MASTERCARD) in the US.

Customer Service

If you need help with your Tomo Credit Card, you can email customer service at [email protected], call them at (866) 432 7695, or send them mail at:

TomoCredit Inc

535 Mission Street, Floor 14

San Francisco, CA 94105

Should You Get the Tomo Credit Card?

FinanceJar Verdict

Because of the Tomo Credit Card’s cashback rewards, nonexistent fees, and great benefits, we would recommend it to credit-builders that can reliably pay their balance each week.

You’ll need at least an ITIN to apply, but it’s otherwise an extremely accessible card—regardless of your credit status.

Who Is This Card For?

  • People with no credit history: If you’re a young adult or new immigrant, you may not yet have had time to establish your credit. If that’s the case, the Tomo Credit Card is a great way to get a foot on the credit ladder (and earn rewards while you do it).
  • Anyone with a strict budget: If you carry a balance on a credit card, minimum required payments and interest charges can be unpredictable. The Tomo Credit Card makes budgeting easier, because you have to pay off everything as you go. This means it’s more straightforward to plan and control your finances. However, this inflexibility also means that you can’t simply pay less if there’s a month where you’re short on funds.

Comparable Cards

To determine whether the Tomo Credit Card is right for you, take a look at how it measures up against similar credit cards on the market.

Tomo Credit Card vs. Petal® 2 Visa® Credit Card

Petal 2 cash back no fees visa credit card Apply Now

on Petal's secure site
or call (855) 697-3825

Petal® 2 "Cash Back, No Fees" Visa® Credit Card

4.4

Authority

Rates & Fees

Minimum Deposit
$0
Annual Fee
$0
Regular APR
15.24%–29.24% (variable)
Rewards Rate
1% - 1.5%
Recommended Credit Score
500–850
Poor Fair Good Excellent
300 850

How the Cards Compare

Although the Petal® 2 Visa® credit card is more like a traditional credit card than the Tomo Credit Card, the two still have many notable similarities:

  • No Social Security number requirement (you can just use an ITIN)
  • Instead of incurring late fees, your accounts are frozen if you pay late
  • No other fees (including annual fees, foreign transaction fees, or account-
  • opening fees)
  • Cashback rewards
  • Reporting to all three major credit bureaus
  • Cash advances and balance transfers aren’t offered

We like both of these cards, but if you want greater flexibility, the Petal® 2 Visa® is a better choice, as it lets you carry a balance. However, the Tomo Credit Card is a great alternative if you want to avoid a hard inquiry on your credit report or if you’re worried about getting rejected due to delinquencies like charge-offs or repossessions on your credit history.

Petal® 2 Visa® Credit Card Advantages & Disadvantages

Advantages

  • It allows you to carry a balance
  • Your credit limit won’t be below $300 (whereas it can be as low as $100 with the Tomo card)
  • You don’t need to use automatic payments from your bank account
  • More ways to redeem cashback rewards (e.g., as a check or an ACH bank transfer)
  • You can get a joint account

Disadvantages

  • The maximum cashback rewards rate is 10% (vs. 20% for the Tomo Credit Card)
  • It requires a credit check if you have a credit report
  • Less comprehensive benefits
  • If you carry a balance, you’ll be charged interest

Tomo Credit Card vs. Discover it® Secured Credit Card

Discover It secured credit card Apply Now

on Discover's secure site
or call (800) 347-2683

Discover it® Secured Credit Card

4.8

Authority

Rates & Fees

Minimum Deposit
$200
Annual Fee
$0
Regular APR
24.49% (variable)
Rewards Rate
1% - 2%
Recommended Credit Score
300–850
Poor Fair Good Excellent
300 850

How the Cards Compare

The Discover it® Secured credit card is another secured credit card that we rate very highly. Like the Tomo Credit Card, it has no annual fee, gives you 3-bureau credit reporting, and offers plenty of rewards. However, it has more flexibility than the Tomo Credit Card.

The main drawback of the Discover it® Secured credit card is that it requires a security deposit. If you’re unwilling to put down a deposit, go with the Tomo Credit Card. Otherwise, the Discover it® Secured offers greater flexibility than the Tomo.

Discover it® Secured Credit Card Advantages & Disadvantages

Advantages

  • You can carry a balance
  • You can transfer balances
  • You can make cash advances
  • More cashback redemption options (e.g., you can buy gift cards or make a deposit to your savings account)
  • You get an additional Cashback Bonus® in the first year that gives you a 2% cash back rate on some types of purchases (i.e., some gas station and restaurant purchases)
  • You get another bonus in the form of a cashback match, which doubles all rewards you earn in the first year.

Disadvantages

  • Security deposit required
  • The maximum credit limit is much lower at $2,500 (vs. $10,000)
  • Late payment fees
  • You’ll get a hard inquiry on your credit report when you apply

Tomo Credit Card vs. Chime Credit Builder Secured Visa®

Chime Credit Builder Secured Visa Apply Now

on Chime's secure site
or call (844) 244-6363

Chime Credit Builder Secured Visa®

3.9

Authority

Rates & Fees

Minimum Deposit
$200
Annual Fee
$0
Regular APR
0%
Rewards Rate
N/A
Recommended Credit Score
300–850
Poor Fair Good Excellent
300 850

How the Cards Compare

Like the Tomo Credit Card, the Chime Credit Builder Secured Visa® is a low-cost credit card with:

  • No fees
  • 3-bureau credit reporting.
  • No credit check

It’s also similar to the Tomo Credit Card in that you need to have a Chime checking account to get a Chime Credit Builder Secured Visa®. However, the Chime credit limit is more flexible, because you can increase your credit limit at will by adding more funds to your deposit; plus, you can make cash advances.

Nonetheless, the Chime Credit Builder Secured Visa® has some disadvantages compared with the Tomo Credit Card, so take a while to weigh up the pros and cons before you decide which of the following cards is more suitable for you.

Chime Credit Builder Secured Visa® Advantages & Disadvantages

Advantages

  • Cash advances are allowed
  • You can choose whether to make automatic bill payments, as this feature can be turned on and off
  • You can increase your credit limit anytime by simply adding the equivalent amount of money to your account

Disadvantages

  • Security deposit required
  • No rewards
  • No cell phone insurance
  • More limited benefits

How we rate our credit cards

Applying for a new credit card is a big decision. That's why FinanceJar's card experts carefully studied the following details of the Tomo Credit Card to determine whether it's a good borrowing option:

  • Fees
  • Interest Rates
  • Rewards
  • Qualification Requirements
  • Benefits
  • Borrowing Terms

These factors, among many others, are part of our 5-star credit card rating methodology for all card categories. Our star ratings are unbiased and independent of our affiliates and advertisers.

Jessica Norris

Credit Card Expert

View Author

Jessica Ginter-Norris writes for FinanceJar. She has previously worked in academic editing, web content editing, and math e-learning content writing. She continues to be involved in various writing and editing projects as well as doing editorial training with the Chartered Institute of Editing and Proofreading.

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