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