This New No-Fee Credit Card Doesn’t Require a Credit Check

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Getting a credit card can be challenging, especially when you have a limited credit history or poor credit. Usually, how a credit card works is you have to have good-to-excellent credit or have a minimum credit score. This can sometimes make it even harder to get approved for a card when you need one.

The good news is that some flexible card issuers have developed products geared toward people with little credit. In fact, there’s a new no-fee credit card that doesn’t require a credit check. Keep reading to learn more about it.

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No credit, no problem

When you apply for a credit card, most issuers have set credit scores that you must meet in order to be accepted. The company Tomo saw that this was an issue, especially for people without any credit. So they made a card for people with a limited credit history or no credit at all.

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With the Tomo Card, it’s not a problem if you have no credit or a low credit score. Instead of doing a credit check and examining your credit history and credit score, Tomo takes a look at your individual situation to determine your creditworthiness, including looking at your bank accounts. If your application for the card is accepted, your credit limit will range from $100 to $10,000, depending on your creditworthiness.

There are no fees to use this card

Another advantage to the Tomo Card is that there are no fees to use this card. That means no annual fee and no interest charges.

While there are no fees to use this card, you won’t be able to carry a balance. If you miss a payment, Tomo will freeze your card until the balance is paid in full. The payments for this card are also set up as auto-payments so that payments will be deducted from your bank automatically on set payment dates. That means no more worrying about missing your payment date.

Everyone starts with weekly payments, but you can switch your payments later on to bi-weekly or monthly after showing that you’re a responsible card user.

You can build credit with the Tomo Card

You’ll be able to build your credit fast and work on improving your credit score once you have the Tomo Card in your wallet. Tomo reports to all three credit bureaus. Tomo also offers weekly, bi-weekly, and monthly autopay options. That means you can build your credit faster than other cards that only offer monthly payment schedules. As you continue to pay on time, your score and your credit history will grow. Plus, Tomo may increase your credit limit.

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Get rewarded for your purchases

When you use the Tomo Card, you’ll also be able to earn rewards. This card earns 1% cash back on all purchases. While some other cash back cards earn at a higher rate like 2% or 3%, those cards have strict credit requirements in place. Earning 1% cash back on a card that doesn’t require good credit or a credit check is an excellent opportunity.

If you’re sick of being judged by your credit score and you’re someone who has a limited credit history, the Tomo Card may work best for you. While the rewards aren’t as good as the top credit cards on the market, the no-fee approach and no-credit-check requirement make this an exceptional card to consider.

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View more information: https://www.fool.com/the-ascent/credit-cards/articles/this-new-no-fee-credit-card-doesnt-require-a-credit-check/

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