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 won’t have to pay an annual fee or security deposit and you’ll earn 1% cash back. With consistent on-time payment behavior, that number will turn into a healthy 1.5% cash back. 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, your credit profile will be reviewed if you have one. Alternatively, a Cash Score can be used, which is a similar process to Tomo in that your overall financial profile is assessed to determine if you will 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 Jasper Cash Back Mastercard®

The Jasper No Annual Fee Card is tailor-made for someone with a job but no credit history in the United States, such as moving professionals and recent graduates. Similar to the Tomo Card, instead of basing the approval of the card solely on a credit check, Jasper uses factors such as your income and work history to determine who is eligible.

With the Jasper Card, you will earn at least 1% cash back on almost every purchase and can increase that rate by an additional 0.5% per year up to 6% cash back for every person you refer who is. approved for the card. The difference between this card and the Tomo card is that you can carry a balance.

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