You typically get the money back once you close or upgrade the card, assuming you’ve maintained a good payment history. 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.

Re: TOMO CARD TOMO BOOST

Just keep in mind that while any credit card can adjust its rewards, benefits and fee structure at any time, new cards from startup financial technology companies like Tomo are particularly prone to significant changes as they find their place in the market. I’m only giving this a 2-star rating because Tomoboost does exist. Now, the benefits are, at best, questionable. I never saw a credit line reflected on my credit. Additionally, I’m not sure that paying $49.95 per month increased my credit score. Finally, when I submitted a request, via email, to cancel my account, I received two offers to continue the service for free.

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No Benefit but they are taking $8.99 a 2nd month. 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 remote web developer salary 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. 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.

There’s no APR because you can’t carry a balance …

The card also once offered modest rewards — 1% cash back on purchases — but that, too, changed in 2023. Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.

But it’s worth noting that when the Tomo Credit Card first launched in 2021, it charged no such monthly fees. When the account was open they only reported to experian and transunion. We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. If they is one lesson I learned during this rebuild journey, is to stay clear of the Fintech companies since they can shut down without any real notice when funding dries up. Two of my early no-AF Fintech cards are closed after about a year of use.

Accounts that are delinquent may still be reported to the credit bureaus and get sent to collections, Kim said. Also unlike traditional credit card issuers — which usually conduct a hard inquiry when reviewing your application — TomoCredit never runs a credit check. Instead, the company’s proprietary technology can weigh many data points, a key few being your income (or income potential) and your account balances. The bank that issues the card, New York-based Community Federal Savings Bank, uses this data to the 10 most powerful cybersecurity companies determine whether you’re a good candidate for the card. Nine-year-old digital bank Albert, whose website claims it has over 10 million users, has also seen a spike in customer complaints. Rhonda Hudgins, a 62-year-old Georgia resident, had been using the app in 2020 for its small-dollar loans and wanted to log in again last year to see if she had any money remaining in her account.

Fintech App Trap: Enraged Customers Struggle To Cancel Their Subscriptions

Jeff joined Forbes in 2016 and works in New Jersey. He has written about the biggest digital bank in America, “The Inside Story Of Chime,” the ballooning cyber insurance market, struggling fintech startups and insider trading of NFTs. He has won awards from SABEW and the National Endowment for Financial Education alongside his Forbes colleagues for their reporting on Robinhood. Before Forbes, Jeff worked for ten years in marketing consulting, in roles ranging from client consulting to talent management. He’s a graduate of Middlebury College and Columbia Journalism debate continues over value of cryptocurrencies in covid School. Follow him on Forbes, X (formerly Twitter) and LinkedIn for continued fintech coverage.

• I had no issues it was fine then a week or two ago they started emailing me saying I owed $189.
• 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.
• If they is one lesson I learned during this rebuild journey, is to stay clear of the Fintech companies since they can shut down without any real notice when funding dries up.
• 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.
• And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
• She says Albert required her to sign up for its paid version, which cost her at least $9.99 a month, just to see how much money she had left.

See how the Tomo Credit Card compares with alternatives by visiting NerdWallet’s list of the best credit cards. 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 said. Browse credit cards from a variety of issuers to see if there’s a better card for you.

Santa Monica-based Grow Credit offers a virtual debit card that can be used to pay for services like Netflix and Spotify, and the startup claims it can improve credit scores by up to 44 points. Consumers can cancel their Grow Credit subscriptions (one of its plans is free, while the other two cost $6.99 and $12.99) through its app or website, even if they have an outstanding loan balance, according to the company. I saw online advertising of Tomo Credit Card. The webpage was not clear; it had credit card images all over and after paying over $130 I realized I signed up for credit score booster service.After hour of research I found a page that says Tomo Credit Card service is not available at the moment. But they keep advertising it.I tried to request a refund, but only receive automated email reply.

Our partners cannot pay us to guarantee favorable reviews of their products or services. The fintech industry’s reputation has taken a hit this year with a spike in regulatory enforcement actions and the failure of banking-as-a-service provider Synapse exposing the chinks in fintech neobanks’ FDIC insurance claims. The subscription cancellation problem at multiple startups could become yet another black eye. Tomoboost is a complete scam I wouldn’t waste my money on them for anything. Emailed support over a month ago to cancel my subscription but yet again I was charged this month and refused to give a refund. Be sure to read sub rules before posting, use the resources linked in the sidebar / about section of the sub, and use search to see if your question has already been answered.