In exchange for the higher rewards rate, though, you’ll either need to pay a $39 with the Capital One QuicksilverOne Cash Rewards Credit Card or put down a security deposit with the secured version. Paying an annual fee or a security deposit can be a hassle, but depending on how much you spend with your card, the higher rewards rate could easily offset the cost of these cards. If you’re looking to build credit or avoid interest or fees, explore our article on other alternative credit cards that are accepting applications.
This is .the worst company ever
I had no issues it was fine then a week or two ago they started emailing me saying I owed $189. I kept trying to call and every time I called it would just go right to a voicemail saying they no longer take calls. I emailed them and sent them screenshots of my zero dollar balance just proved I don’t owe anything. Because there’s no hard pull on your credit report when you officially apply, it won’t impact your credit scores the way a traditional credit card application does. Instead, TomoCredit says it looks at a number of data points to determine eligibility. One of them is how much money you have and how you manage it.
Even without the risk of fees or interest, you should still make payments on time to prevent the card from being frozen and your credit from taking a hit. Accounts that are delinquent may still be reported to the credit bureaus and get sent to collections, Kim says. Unlike a lot of cards that target a similar audience, there’s no security deposit or even an APR. You can’t carry a balance, so it’s almost impossible to get into debt trouble. Tomo Card is a kind of charge card featuring a seven-day automated payment function to assist in minimizing your credit utilization.
That’s because, unlike traditional credit cards, the Tomo Credit Card doesn’t allow you to carry a balance from one month to another, making it impossible to rack up debt. You can also enroll in a seven-day automatic payment schedule. A payment is automatically deducted from your bank account to cover the balance every week. If you prefer not to link a bank account, a secured credit card could be an option. These cards can be ideal if you have poor credit or no credit, but unlike with the Tomo Credit Card, you’ll have to come up with a security deposit upfront — usually a few hundred dollars, depending on the card. You typically get the money back once you close or upgrade the card, assuming you’ve maintained a good payment history.
How To Replace Your Tomo Credit Card?
See how the Tomo Credit Card compares with alternatives by visiting NerdWallet’s list of the best credit cards. Scam company they take your money and don’t report anything and false report saying it reports to all 3 bureaus when it doesn’t it’s sad america even lets these kind of company’s exist. They only report to Transunion and half of the time it shows messed up no limit is shown at all.
- With this, you can cancel or close your Tomo Boost Credit Card.
- In early 2024, Tomo confirmed that spending has been temporarily disabled for certain existing cardholders.
- I responded to the second but received no response.
- Newcomers to the U.S. who want to build credit may also qualify for the Tomo Credit Card.
- The company says those accounts are still being reported to credit bureaus and have not been terminated.
- Technically, the Tomo Credit Card doesn’t charge an “annual fee” — but it does charge a monthly one.
Contacted this company several times…
Newcomers to the U.S. who want to build credit may also qualify for the Tomo Credit Card. If you don’t have a Social Security number or Individual Taxpayer Identification Number, it’s possible to apply with other information on a case-by-case basis, Kim says. Cardholders will have access to perks with companies like Lyft and DoorDash, but those come largely from Mastercard, the payment network that the Tomo Credit Card runs on. Technically, the Tomo Credit Card doesn’t charge an “annual fee” — but it does charge a monthly one. Your bank account login details aren’t stored and aren’t visible to TomoCredit employees, according to the company’s website. We believe everyone should be able to make financial decisions with confidence.
2 months ago I’ve got SMS with “final notice” but they keep coming til this day.F THIS COMPANY I hope they go broke. You’ll pay $2.99 per month ($35.88 annually) to hold the card. Among cards for poor credit, that’s not an outrageous cost, especially given TomoCredit’s unique underwriting formula and the card’s potentially generous credit limit. Depending on the factors that TomoCredit weighs in its underwriting, it’s possible to get a credit limit of up to $10,000. After making the first payment on time, you may also see your credit limit increase, Kim says. I’m only giving this a 2-star rating because Tomoboost does exist.
Whether you want to pay less interest or earn more rewards, the right card’s out there. Just answer a few questions and we’ll narrow the search for you. To get this information, TomoCredit requires you to link at least one account through Plaid, a third-party service provider. You can link a checking account, savings account, investment account or another eligible account. Are you satisfied with the services and benefits of the Tomo Card? If not, then you can cancel your Tomo Card with the methods mentioned in this article.
The email responses appear to be AI generated, and may be operated by 1 to a few criminals using the probably expired credentials of the TOMO card company that went belly up. These losers NEVER INTENDED to deliver the service offered, they’ll just drag you claiming “we’re working on it” while giving many how to build the cheapest mining rig possible apologies only whilst extracting the monthly fee from your bank account. If they do report, it’s only one month and it will eventually fall off your reports, so it’s an absolutely worthless waste of money. I joined in Sep 2023 until this month April 2024 and in all that time they never got it right. Hopefully a class action lawsuit is in their future.
Even, if you don’t have credit scores, you can still apply for the Tomo Card. Now, I filed a complaint with the Attorney General because I do not know what to do at this point because I’m just going in circles. Trying to email them, ping them, and call them and they WILL NOT ANSWER anything. I even called the home office in San Francisco and they said they can’t help…. There’s no way for me to disconnect my bank account online because the only way you can disconnect anything is to call them and they won’t take any calls…. I really don’t know what to do but I want my bank account and SS number away from this shitty service IMMEDIATELY.
We use dedicated people and clever technology to safeguard our platform. Companies can ask for reviews via automatic invitations. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.
Pay attention to the Tomo Contact information and get connected with their team to close the card. Then, you’ll have to send a request for the replacement card and a fee of $20.00 for replacing the card will be paid by you. Then, within a few days, your replacement Tomo Card will be delivered to you.
It was only after charging another $49.95 that Tomoboost honored my cancellation request. When working on shoring up your credit, earning rewards isn’t really a priority. But if you’d prefer to do both at the same time, instead consider the Capital One QuicksilverOne Cash Rewards Credit Card or Capital One Quicksilver Secured Cash Rewards Credit Card.
In this way, the Tomo Credit 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. For one thing, in lieu of interest, you will owe a monthly “participation fee” that adds up to almost $36 each year. And for another, the card is now on a waitlist, and some existing customers have reported problems using their cards.
