TomoCredit Offers 1% Cashback Card with No Fees or Credit Checks

TomoCredit review

TomoCredit Offers 1% Cashback Card with No Fees or Credit Checks

TomoCredit is a new player in the fintech industry. It offers a credit card designed to build credit history for first-time borrowers. The startup company doesn’t pull your credit reports from credit bureaus, but it looks at more than 30,000 data points to determine eligibility and provide a credit card with a limit that matches the individual’s financial situation. That’s similar to the Petal cards, Petal1 and Petal2, which I have covered in the past, or the X1 Card that bases the credit limit on your income.

According to the Consumer Financial Protection Bureau, more than 30 million young adults are considered “cash rich”. But, with limited credit histories, using debit cards is their only option. TomoCredit offers the chance for these individuals to obtain credit cards based not on their FICO ratings, but on their cash flow, so they can begin building their credit history.

“We set out to build something that wasn’t just more inclusive, but fundamentally different from existing consumer credit card offerings,” said TomoCredit’s Founder and CEO, Kristy Kim. Check out  the TomoCredit website for pre-approval and credit limit.

TomoCredit review

TomoCredit Review

Tomo is a credit card that operates with a debit card model. You can make payments on a 7-day automatic payment schedule, and no fees or APR are applied. Applications are screened based on real-time cash flow, not FICO or credit scores. Credit limits on average are $3,000, but can vary between $100 and $10,000.

The key to the application process is connecting your bank accounts so that Tomo can run an analysis of your personal finances. Borrowers can link to their investment accounts to increase their credit limits. Tomo will usually check two years of bank data. So even if you are a student, and don’t have an income, you can show that you also don’t have any significant spending patterns.

The company’s model helps consumers build credit faster by having a more robust repayment history. Tomo reports to the major credit bureaus. Its limits are set higher so consumers can keep utilization levels low at all times. Community Federal Savings Bank, member FDIC, issues all Tomo cards.

Tomo’s CEO says the company makes money through merchant fees and not through the consumers who use its card. So it charges no fees, no APR, and you also earn 1% back on all purchases. Tomo has 10,000 active users right now. The company plans to issue cards to the remaining pre-approved applicants by this summer.

You can check for yourself here by entering your age, monthly income and your total of bank balances. The quick pre-approval tool with tell you what credit limit you would receive. Additionally, it gets you in line to apply when Tomo issues more cards.


  • No credit history required.
  • No fees & 0% APR.
  • You will get 1% cashback on all your purchases.
  • Expedited and automated payment options to improve your credit quickly.
  • Get in Line

Guru’s Wrap-up

Tomo looks like a product that can definitely find its space among customers. If you have no credit, or bad credit, but your finances have improved, this can be an option to get you on the road to credit recovery. On the other side, there’s the privacy issue, so if you have to connect your bank accounts, they will have access to your transaction history from what I understand. That could be a deal breaker for many.

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