No credit history needed – Forbes Advisor


Tomo Credit Card* compared to the Visa® Petal® 2 “Cash Back, No Fee” credit card

The Visa® Petal® 2 “Cash Back, No Fees” credit card, which operates on the Visa network, is one of the best in the group when it comes to cards for people with less than stellar credit. With the Petal 2 card, you will not have to pay an annual fee or pay a deposit and you will win Immediate 1% rebate on qualifying purchases. Up to 1.5% cash back on qualifying purchases after making 12 monthly payments on time. 2% – 10% cash back at some merchants. If your credit history is just starting to bud, the Petal 2 is worth a look.

Unlike the Tomo Card, Petal 2 also allows you to carry a balance, but like most credit cards, you will pay interest if you carry that balance from month to month. When you apply, Petal will review your credit score if you have one. Otherwise, they’ll use what they call a Cash Score, which is a process similar to Tomo’s in that they’ll assess your overall financial profile to help you determine if you are able to be approved.

Tomo Credit Card* compared to the OpenSky® Secured Visa® credit card

Capital Bank’s OpenSky® Secured Visa® credit card can be a good option to help establish credit. No credit application is required, so your credit score doesn’t matter like with traditional credit cards. It is even possible to get approved for this card if you have no credit score at all.

There are, however, two potential drawbacks compared to the Tomo Card. First of all, as a secured card, you will need to make a security deposit from a minimum of $ 200 up to a potential maximum of $ 3,000, which will be your credit limit. And, the card also comes with an annual fee of $ 35. You have the option of carrying a balance from month to month.

Tomo Credit Card* vs. Deserve® EDU Mastercard for Students

The No Annual Fee Deserve EDU Card is tailor-made for enrolled students who are just starting to build a credit history. International students may also be eligible, without the need for a social security number. The card earns 1% cash back and, as a Mastercard, it also comes with a year of discount on the monthly Amazon Student Prime membership fee after spending the first $ 500 on the card and the cell phone insurance for qualifying damage or theft up to $ 600, less $ 50 deductible.

But the most significant difference between the Tomo card and the Deserve EDU is that the latter allows you to spin a balance (interest charges will apply if not paid in full at the end of the billing cycle. ) while the Tomo card must be paid weekly.


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