How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
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American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Tomo Credit Card Review

Tomo Credit Card
No credit check or security deposit required
Eligibility and credit limit based on financial history and other alternative metrics
Builds credit
Reports to all three major credit bureaus, helping you build credit with responsible usage
World Elite Mastercard benefits
Offers several World Elite Mastercard benefits, including cellphone protection and membership discounts
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Our take: One of only a few unsecured cards available to consumers with no credit history, the Tomo Credit Card can be a great tool for building credit. However, there are comparable cards with better benefits, rewards programs and lighter fees.

Pros and cons

  • No credit check or security deposit required
  • Reports to major credit bureaus
  • No APR
  • World Elite Mastercard benefits
  • Requires a linked bank account for approval
  • Monthly membership and other fees
  • Must pay balance in full each billing cycle
  • No rewards program
  • History of complaints and negative reviews

Is the Tomo Credit Card worth it?

If you’re new to credit cards or struggling to get approved for a more conventional card — or even a secured card — the Tomo Credit Card could be your best option. This charge card doesn’t require a credit check or security deposit and can help you establish a positive credit history. And since it’s a World Elite Mastercard, you’ll also get access to several useful benefits and discounts.

However, it doesn’t come with a rewards program or the opportunity to upgrade to a more traditional credit card. And depending on where you bank, it might not even be an option for you.

How much does it cost to own?
You’ll pay $35.88 in maintenance fees versus $0 for the average credit-building card.

Quick facts

    • No credit check or security deposit required for approval
    • No APR
    • Up to $10,000 credit limit
    • Reports to all three major credit bureaus
    • Offers several World Elite Mastercard benefits, including cellphone protection and membership discounts
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • N/A
  • No credit check or history required for approval
  • Reports to major credit bureaus
  • Foreign transaction fees: None
  • World Elite Mastercard benefits

Intro Purchase APR

N/A

Regular Purchase APR

N/A

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$0

Cash Advance Fee

N/A

Foreign Transaction Fee

None

Balance Transfer Fee

N/A

What we like about the Tomo Credit Card

  • No credit check or security deposit required

    If you have limited or no credit history, the Tomo Credit Card may be ideal, since it doesn’t require a credit check for approval. Instead, Tomo uses your banking information and other alternative metrics to determine your creditworthiness. This is especially helpful for recent grads, immigrants and others who are just getting started on their credit journey.

    Tomo uses this same information when deciding your credit limit. This means that, unlike secured credit cards, you won’t have to provide a security deposit to serve as your line of credit. Depending on your cash flow and financial history, you’ll receive a line of credit ranging from $100 to $10,000.

  • Reports to major credit bureaus

    Like any good credit card for building credit, the Tomo Credit Card reports to all three major credit bureaus (Experian, Equifax and TransUnion). This gives you a chance to showcase responsible card usage and build a positive credit history. If you’re starting from scratch, it usually takes about six months to establish a credit score. After that, you should see your score updated monthly. Just make sure that you don’t miss a payment, as this will have a negative impact on your score.

    If you want to build credit faster, you can subscribe to Tomo’s TomoBoost feature. For an additional tiered fee, Tomo will include your monthly bill payments in their report to the credit bureaus. This way, you’ll be rewarded for making timely payments on things like rent, utilities, entertainment subscriptions, etc.
  • No APR

    Since the Tomo Credit Card is a charge card, you won’t have to worry about racking up interest charges. However, this also means that you’ll need to pay your balance in full each billing cycle. To make it easy for you, Tomo offers a weekly auto-pay feature. Paying your balance each week can help you stay on top of your finances. Even better, it can boost your credit score by helping you keep your credit utilization ratio low.

  • World Elite Mastercard benefits and discounts

    As a World Elite Mastercard, the Tomo Credit Card offers the following benefits and perks:

    • Cellphone protection
    • Zero liability protection
    • World Elite Concierge
    • DoorDash discounts: Receive three free months of DashPass and $5 off your first DoorDash order each month
    • Lyft credits: Receive a $5 monthly Lyft credit for each month you take three Lyft rides
    • Fandango rewards: Receive a $5 reward for every $20 you spend on Fandango or Vudu
    • ShopRunner membership: Receive a complimentary ShopRunner membership

What to watch out for with the Tomo Credit Card

  • Requires a linked bank account for approval

    Since Tomo uses banking information to determine approval and credit limit, you’ll have to link your bank account with Tomo via a third-party service provider such as Plaid or Finicity. Plus, not all financial institutions are supported. This means your approval odds might be lower if you bank with a smaller organization.

  • Monthly membership and other fees

    The Tomo Credit Card bills itself as a no-annual-fee card. However, this is a bit misleading, as Tomo charges a monthly “participation” fee of $2.99. That might not sound like much, but it adds up to $35.88 per year — which is more than the annual fee charged by comparable cards. You’ll also have to fork over up to $40 for a returned payment and $20 for a replacement card if yours is lost or stolen.

    How do the fees and rewards compare?

    In the table below, you’ll see that the Tomo Credit Card’s overall value comes up short when compared to similar credit-building cards:

    Yearly feesEstimated first-year rewards*
    Tomo Credit Card$35.88$0
    Petal® 2 Cash Back, No Fees Visa® Credit Card$0$54
    Secured Chime Credit Builder Visa® Credit Card$0$0
    Discover it® Secured Credit Card$0$91
  • Must pay balance in full each billing cycle

    Since the Tomo Credit Card is a charge card, you’ll need to pay your balance in full each billing cycle. If you miss a payment, Tomo will freeze your account until the balance has been paid.

  • No rewards program

    If you like earning rewards on purchases, you’ll want to skip the Tomo Credit Card. Since it’s designed for building credit, the lack of a rewards program isn’t too surprising. However, there are plenty of other no-credit-check and credit-building card that do offer rewards. For example, the Petal® 2 Cash Back, No Fees Visa® Credit Card lets you earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants.

  • History of complaints and negative reviews

    Another drawback of the Tomo Credit Card is a documented history of complaints and negative reviews. You can view many of these on Tomo’s Better Business Bureau profile, where they currently have an “F” rating. Consumers routinely mention poor customer service, as well as issues when trying to cancel TomoBoost.

Alternative cards to the Tomo Credit Card

Tomo Credit Card vs. Petal® 2 Cash Back, No Fees Visa® Credit Card

Petal® 2 Cash Back, No Fees Visa® Credit Card*
Petal® 2 Cash Back, No Fees Visa® Credit Card
Learn More
on Petal's secure site
N/A
18.24 - 32.24% Variable
$0
Earn 1% cash back on eligible purchases right away, and 2% to
  • No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
  • Variable APRs range from 18.24% - 32.24%
  • Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
  • 1% cash back on eligible purchases right away
  • 2% - 10% cash back at select merchants
  • $300 - $10,000 credit limits
  • No credit score? No problem. If eligible, we'll create your Cash Score instead.
  • See if you're pre-approved within minutes without impacting your credit score.
  • Build credit alongside hundreds of thousands of Petal card members.
  • Petal reports to all 3 major credit bureaus.
  • No deposits required
  • Card issued by WebBank
N/A
*The information related to the Petal® 2 Cash Back, No Fees Visa® Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

If you don’t have many negative marks on your credit history, the Petal® 2 Cash Back, No Fees Visa® Credit Card might be a better choice. It doesn’t charge an annual fee — or any other kind of fee — and offers rewards on every purchase: Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants.

The Petal® 2 Cash Back, No Fees Visa® Credit Card uses a “Cash Score” rather than a credit check to determine eligibility. Like Tomo, Petal will ask you to link a bank account so they can analyze factors such as cash flow, transaction history and monthly payments. Plus, you won’t need to put down a security deposit, as your credit limit will also be determined by your Cash Score.

Tomo Credit Card vs. Secured Chime Credit Builder Visa® Credit Card*

Secured Chime Credit Builder Visa® Credit Card
Secured Chime Credit Builder Visa® Credit Card
apply-now-icon Apply Now
on The Bancorp Bank's secure site
N/A
N/A
$0
Non-rewards card
  • No annual fees or interest,* no credit check to apply, and no minimum security deposit required3
  • Help increase credit score by an average of 30 points1
  • View and track your FICO® Score right in the Chime app. FICO Scores are used by 90% of top lenders
  • Use everywhere VISA is accepted on everyday purchases, such as gas and groceries, and have these purchases count towards building credit via on-time payments
  • Build credit history with your own money - your direct deposit sets how much you could spend, spend up to that amount, and have your monthly balance automatically paid with your direct deposit.
  • Instant disable card in-app and real-time transaction alerts to prevent fraudulent activities, 24/7 support to assist you around the clock.
  • Interest and fee-free˜ cash withdrawals at 60K+ ATMs at retailers like Walgreens, CVS, and more. 
  • Apply for a Secured Chime Credit Builder Visa® Credit Card once you sign up for a Chime Checking Account and receive a qualifying direct deposit of $200 or more2. See www.chime.com to learn more.
  • Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
  • *No interest: Out of network ATM withdrawal fees may apply. See here for details.
    1 Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
    2 To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
    3 Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
    ATM Disclosure: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

300 600 660
Limited/Poor/Fair

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

If you already have a Chime checking or savings account, the Secured Chime Credit Builder Visa® Credit Card is a great alternative to the Tomo Credit Card. You won’t have to pay a fee to carry the card, and there’s no APR or credit check required for approval. It also reports to all three credit bureaus, giving you an opportunity to establish a solid credit profile with responsible usage.

Unlike traditional secured cards, the Secured Chime Credit Builder Visa® Credit Card doesn’t require a minimum security deposit**. Instead, you’ll set your own credit limit by depositing a chosen amount into your Credit Builder account. If you want to increase your spending power, you can make additional deposits into your account.

Tomo Credit Card vs. Discover it® Secured Credit Card

Discover it® Secured Credit Card
Discover it® Secured Credit Card
apply-now-icon Apply Now
on Discover's secure site
Rates & Fees
N/A
28.24% Variable APR
$0
Earn 2% cash back at Gas Stations and Restaurants on up to
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit history.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
300 600
Limited/Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

If you don’t mind putting down a refundable security deposit, the $0-annual-fee Discover it® Secured Credit Card should be at the top of your list. You don’t need a credit score to apply, and your security deposit will serve as your line of credit. The minimum deposit is $200, but you can increase that up to $2,500 if you want more spending power.

Like the Tomo Credit Card, the Discover it® Secured Credit Card reports to the three major credit bureaus, allowing you to build credit with a positive payment history. But it also offers a rewards program, which is rare for a secured credit card. You’ll earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. At seven months, Discover will start conducting automatic reviews to see if you can transition to an unsecured card and get your deposit back.

Is the Tomo Credit Card right for you?

The Tomo Credit Card could be right for you if you’re new to credit cards, have been denied traditional cards or don’t want to put up a security deposit for a secured card. It can help you build credit and offers some nice World Elite Mastercard benefits. But if your financial institution isn’t able to link with Tomo, you won’t be approved. Plus, paying a “participation fee” to carry a card that doesn’t earn any type of rewards might be a tough pill to swallow.

There are other no-credit-check cards out there with lighter fees, the ability to earn rewards and opportunities to graduate to an unsecured card. For example, the Petal® 2 Cash Back, No Fees Visa® Credit Card has a similar approval process but comes with a $0 annual fee and lets you earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants. Meanwhile, the Discover it® Secured Credit Card offers an even better rewards rate and starts considering you for an upgrade in as little as seven months.

Learn More
on Community Federal Savings Bank's secure site
*The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
*To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
**Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

The information related to the Tomo Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.