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Can an Extra Card Help You Build Credit Without a Credit Card?

By Joe

Extra Credit Card

Key Takeaways

  • The Extra Card links to your bank account to help build credit without a credit check.
  • The company reports your payments to Experian and Equifax, which may help improve your credit score over time.
  • The card charges a monthly fee starting at $20 for basic features or $25 for rewards.
  • It offers a spending limit based on your bank balance, referred to as “Spend Power.”
  • The card includes real-time credit tracking and 1% rewards with the upgraded plan.
  • The Extra Card does not support cash withdrawals and focuses solely on purchases.

Are you wondering about the Extra card and if it might be able to help you build credit without applying for loans and lines of credit? Here, I’m going to break down exactly what the extra card is (including the company itself), how it may help you establish credit and boost your FICO score, and the features and benefits of an account. 

This is what’s in store: 

  • What is the Extra Card?
    • Extra Card Requirements
    • Extra Card Membership Cost
    • Company Overview
  • Extra Card Features & Benefits
    • 1. Build Credit Without a Traditional Credit Card
    • 2. “Spend Power” Based on Your Bank Balance
    • 3. Earn Reward Points for Everyday Purchases
    • 4. No Interest or Hidden Fees
    • 5. Real-Time Credit Tracking
  • Extra Card VS Chime: Side-by-Side Comparison
  • Frequently Asked Questions
  • Conclusion: Does Extra Work to Build Credit?

Now, let’s roll! 

What is the Extra Card? 

What is extra credit card?

The Extra Card is a debit card designed to help you build credit without needing a traditional credit card. Unlike credit cards that charge high interest or require credit checks, the Extra Card connects directly to your bank account. 

It offers a unique feature called “Spend Power,” which sets a spending limit based on your bank balance. When you make purchases, Extra fronts the cost and automatically pays itself back. 

These transactions are then reported to credit bureaus as credit-worthy payments to potentially help you improve your credit score over time.

Many users have seen significant credit score improvements by using Extra responsibly and practicing good financial habits. With no interest, hidden fees, or deposits required, the Extra Card offers a simple and effective way to build credit while sticking to your budget.

You might also like: Meet the Ava Card: An Uncut Credit Builder Review 

Extra Card Requirements

The requirements for Extra are based on income, not credit score. So, it’s a fairly simple application process, as long as your bank account is in good standing and compatible with the system. 

To apply for an Extra Card, you need:

  • A U.S.-based checking account that is compatible with Plaid.
  • A stable bank balance to calculate your “Spend Power.”

To get started, complete the sign-up process, and link your bank account—No credit check is required. 

You might also like: Ally Financial Review: No PG, No Credit Check Auto Loans +More 

Extra Card Membership Cost

Extra card prepaid

So, how much is an extra card membership? It can’t be free…right? While the pricing isn’t super easy to find on the main website (you have to scroll down the home page a bit), the Extra Card is not free. 

It requires a membership plan, with options starting at $20 per month for the Credit Building plan. The Rewards + Credit Building plan, which includes earning points on purchases, costs $25 per month. 

These plans cover all features without hidden fees or interest charges.

You might also like: A Credit Stacking Breakdown: What it is & How it Works 

Company Overview

The Aligned Company Inc.

The Aligned Company, Inc., doing business as “Extra”, is a US-based for-profit corporation that was founded in 2018. Depending on which source you look to, they’re either based in “the greater New York area” (Crunchbase) or 3,000 miles away in Los Angeles, California (LinkedIn). It’s actually registered in Delaware, which is common for entities to do since the state’s laws are some of the most corporate-friendly. 

Extra’s co-founders are Biren Shah, Cyrus Summerlin, Maximillian Hellerstein. Shah held executive roles at Extra for a few years and is now with Scanit Technologies. Summerlin is the current Head of Product and Brand. Hellerstein is a serial entrepreneur and Extra’s CEO at present. 

Prior to Extra’s launch, Hellerstein founded and co-founded a handful of other businesses in the new tech and marketing arena. 

Extra debit card

With the Better Business Bureau, Extra maintains an A- rating and 4.8 stars from user reviews. The most common complaint seems to be that Extra will report unpaid membership fees to credit bureaus. So, that’s something to note—If you sign up for a monthly recurring plan and don’t pay, it could impact your credit. 

Extra Card customer service

On Trustpilot, the reviews are pretty much raving. Extra’s TrustScore™ is 4.5, which is great for any financial offer. Most of the poor reviews are from a couple years ago, and it seems like the company may have worked out whatever tech issues were causing users stress. 

Extra credit card reviews

Finally, Redditors have mixed sentiments, which is expected. While some people claim that the card is helping them build credit, others point out that this is not, technically, a debit card. I would agree with them. 

Extra debit card reddit

Overall, the company seems legit to me. I see no glaring red flags that would lead me to advise you to run away from this offer. However, I would still tell you to keep reading so you can understand the offer and make the best choice for you. 

Extra Card Features & Benefits

Extra credit card credit limit

Discover the standout features of the Extra Card that could make it a game-changer to build credit and manage your finances. From earning rewards to partnering opportunities, here’s what sets Extra apart.

1. Build Credit Without a Traditional Credit Card

The Extra Card helps you improve your credit score without relying on a credit card. Transactions are reported to credit bureaus as credit-worthy payments, allowing you to build credit while avoiding interest rates and credit checks.

2. “Spend Power” Based on Your Bank Balance

Your spending limit, known as “Spend Power,” is determined by your bank balance and other factors. Extra fronts the cost of your purchases and automatically pays itself back, making it a budget-friendly way to manage credit.

3. Earn Reward Points for Everyday Purchases

With an upgraded plan, you can earn up to 1% in points on everyday purchases like gas, groceries, or coffee. Redeem these points for products or gift cards in the Extra Rewards Store, adding value to your spending.

4. No Interest or Hidden Fees

Extra operates on a simple membership model with no interest charges or hidden fees. You get clear and predictable costs, making it an accessible and straightforward tool for credit building.

5. Real-Time Credit Tracking

The Extra App allows you to monitor your spending and track your credit-building progress. It also provides access to your credit score, helping you stay on top of your financial goals.

Extra Card VS Chime: Side-by-Side Comparison

When researching Extra, the most-compared card I saw was Chime. Chime has been around a bit longer, and is set up more like a traditional secured card. Plus, Chime offers fee-free checking accounts. 

Here are the main features of both Extra and Chime cards. 

Credit CheckRewardsReports toCard TypeMonthly Cost
NoUp to 1%Equifax
Experian
“Debit”$20 – $25
NoChime “Deals”Transunion
Equifax
Experian
Secured$0

Neither an Extra nor a Chime card require a credit check—both are issued based on income. And, Chime doesn’t offer 1% rewards points, but they do have Chime Deals, which are essentially discounts on partner offers. And, extra calls their card a “Debit card with superpowers,” rather than a secured card, but some people think this is debatable. 

Where Chime stands out is with their three-bureau reporting and $0 monthly membership vs $20+. However, to be fair, if data is reported to Equifax and Experian, it is likely to be picked up by Transunion as well. 

On this front, you will have to decide what’s best for you. 

You might also like: Is Credit Strong Legit? A Complete Credit Builder Review 

Frequently Asked Questions 

Is Extra a real credit card? 

No, an Extra card is not a credit card, as it does not have a revolving credit limit. Instead, the funds you spend on an Extra card are immediately paid back out of your checking account. In this way, it’s more like a debit card. 

Can you withdraw money from an extra card?

No, the Extra Card does not support cash withdrawals. It is designed for purchases only and helps build credit by reporting those transactions to credit bureaus.

How does an Extra card work?  

The Extra Card links to your bank, fronts purchases based on your balance, and reports them to credit bureaus (Experian and Equifax) to help build your credit.

Does Extra help your credit? 

Extra can help your credit by reporting your purchases as payments to Experian and Equifax. Many users see credit score improvements when they use the card responsibly and maintain good financial habits.

Conclusion: Does Extra Work to Build Credit? 

The Extra Card offers a different way to build credit without relying on traditional credit cards. By linking directly to your bank account and reporting your transactions to credit bureaus, it may help you improve your credit score with responsible use. 

While the card comes with a monthly membership fee, its no-interest model and rewards options might provide some value if you want to build credit while sticking to a budget. Whether the Extra Card is the right choice depends on your financial goals and priorities, but it stands out as a flexible option for credit-building.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Meet the Ava Card: An Uncut Credit Builder Review

By Joe

Ava card review

Key Takeaways

  • Ava credit builder helps improve your credit by reporting payments to all three major credit bureaus.
  • They offer a “high-limit” virtual card, capped at $2,500.
  • Payments and credit usage are tracked to help boost your credit score.
  • No credit check is required, and approval happens after linking your bank account.
  • There’s a monthly subscription fee of $6 (annual plan) or $9 (month-to-month).
  • Ava allows you to pay subscriptions with a virtual card and automate payments.
  • Account includes a Save & Build account to save money while building credit.

The Ava card is a contemporary offer that promises to help consumers build credit. The promise is that you can use the fee-free card to pay your subscriptions, save money each month, and cash out with a lump sum at the end of the year with a higher credit score. But, is it really all it’s cracked up to be? 

Here, we’ll take a look at the full offer from Ava – the card, subscription autopay, credit builder savings account, and the potential implications of taking advantage of it. We’ll even peek behind the curtain at the company behind the product.  

This is what’s in store: 

  • What is the Ava Card & Ava Credit Builder?
    • How Does Ava Work?
    • How Much Does Ava Credit Cost?
    • Company Overview
  • Ava Card Benefits & Features
    • 1. Secure Bank Account Connection
    • 2. The “High-Limit” Ava Card
    • 3. Autopay Subscriptions
    • 4. Save & Build Credit Builder
    • 5. The Ava App
  • Frequently Asked Questions
  • Conclusion: Does Ava Help Build Credit?

Now, let’s roll. 

What is the Ava Card & Ava Credit Builder? 

Ava card reviews

The Ava card is a spending card that can be used with Ava credit builder—a financial tool designed to help people improve their credit scores. It functions as a credit-building program that offers an alternative to traditional credit cards. With Ava, there’s no need for a credit check, and there are supposedly no interest charges or fees associated with the card. 

What can I use Ava credit card for?

Once you sign up and link the bank account where your paycheck is deposited, you can apparently receive instant approval. You’ll then receive a “high-limit” Ava credit builder card that you can pay your monthly subscriptions with. 

How Does Ava Work?

Payments through the Ava card and monthly payments into a Save & Build savings account are reported to credit bureaus to potentially boost your credit score over time. Plus, after 12 months of making payments into the Save & Build account, you’ll get all your money back. 

You might also like: Cred AI Review: Are You Really Better Than Your Bank? 

How Much Does Ava Credit Cost? 

Is Ava app free?

While Ava advertises that there are “no fees” for using the card, it’s not exactly free. Ava charges a $6 per month subscription fee for those who sign up for an annual plan. If you prefer a month-to-month subscription, the fee is $9 per month. 

Ava notes that achieving a credit score of 700 or higher can potentially save you over $3,000 annually—Having a high credit score can help you get lower insurance rates and help you qualify for better terms on financing, but the amount you can actually save is relative to your situation and any financial products you’re interested in. 

Still, $9 bucks a month is less expensive than a lot of comparable offers on the market. 

You might also like: Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review 

Company Overview

Ava Finance Inc

Ava Finance Inc. is a San Francisco-based, privately-held, for-profit company that was founded in 2020 by Abed Lawand, Omar Sinno, and Reza Rahman. The company is legally registered, active, and in good standing in the state of California.  

Prior to launching Ava credit builder – the current CEO – Sinno was the senior product director at Credit Karma® for nearly 5 years, the senior product manager at LinkedIn® for three years, and co-founder of other various businesses. 

Ava CEO Omar Sinno

Next to his career history, Sinno’s education in software engineering and business make him a natural choice to lead the company. 

Plus, Trustpilot reviewers rate the company as excellent with 4.8 stars across the board. Most users cite the fact that their credit scores jumped quite a bit within a short amount of time when they signed up. 

Ava card reviews Trustpilot

However, the Better Business Bureau (BBB) tells a slightly different story. Users rate the company as 3-star with more than a handful of complaints closed within the last year. They have been accredited with BBB since 2022, and have an A- rating. But, they’re only showing 3 out of 5 stars.

Ava Finance reviews BBB

This really isn’t that bad, considering lots of financial companies have hundreds of BBB complaints. And, people tend to flock to this particular platform when they have a bad experience. 

After a quick search, I found no lawsuits against Ava Finance Inc., open or otherwise.

In all, it seems to be a reputable company and a trustworthy brand to do business with…if the offer is a good fit for your situation, anyway. 

You might also like: 14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection 

Ava Card Benefits & Features

Compared to the other credit builder platforms that I’m familiar with, the Ava card is a relatively simple offer, which I like. There’s nothing that might confuse some people into signing for added products and services that they don’t need. 

And, it’s unique in that it helps people build credit by paying their bills/subscriptions – Netflix, Hulu, Verizon, Allstate… 

Overall, Ava credit builder targets key credit factors such as on-time payments, credit utilization, and credit age to help improve your credit score. Learn how it works. 

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business) 

1. Secure Bank Account Connection

Ava card login

When you first log in to your Ava account, you’ll be asked to provide your home address, then connect your bank account. Ava Financial uses Plaid to encrypt the connection and keep your finances secure. 

Plaid seems to be a trusted and safe way to share financial data with a company. However, it’s important to be cautious and review the privacy policy and terms of use to understand how your data is handled and protected by both Plaid and the service you’re connecting to.

Ava Finance, Inc. collects and shares personal information based on the product or service you have with them. 

This can include sensitive details like: 

  • Social Security numbers
  • Account information
  • Credit history
  • Transaction records
  • Payment history

They share this information for everyday business purposes like processing transactions, reporting to bureaus, and responding to legal inquiries. However, Ava Finance does not share personal information with affiliates for marketing or non-affiliates for marketing purposes.

For questions or concerns about how Ava Finance handles personal information, you can contact them at legal@meetava.com.

2. The “High-Limit” Ava Card 

Ava $2500 credit card

Ava provides a no interest, so-called, ‘high-limit’ credit card. This card is supposedly designed to lower your credit usage instantly, which should positively impact your credit score.

What is the credit limit for Ava?

But, the highest available limit is $2,500. Compared to many starter credit cards that offer $250, $300, or $500, yes, the limit is greater. But, this is not what everyone considers “high,” so it’s worth clarifying.  

Ava promptly reports your payments to all three major credit bureaus:

  • Experian®
  • TransUnion®
  • Equifax®

So, your spending will help boost your credit score across all three bureaus. Ava also claims to watch your utilization to be sure you’re not spending more than what credit bureaus consider responsible. 

Ava is not a physical card—no Mastercard, no Visa, only a virtual card. 

Finally, Ava Financial will report your account within a week of being approved, and will report your payments within 24 hours – most credit cards report on certain dates each month or quarter. 

Now, the Ava card can only be used on subscription services in Ava Financial’s partner database. Let’s see who they are. 

3. Autopay Subscriptions

What can I use my Ava credit card for?

Ava Financial partners with 66+ popular subscription services (so far) that allow you to use your Ava credit to pay. And, we’re not just talking about video streaming services—Their ecosystem has a pretty wide range of services. 

Partner categories include: 

  • Gaming
  • Health & Fitness
  • Kids
  • Music & Audiobooks
  • Security & Safety
  • Shopping
  • Streaming TV
  • Utilities & Insurance

Enjoy automated payments and reminders to ensure you never miss a subscription payment. The Ava card can help make sure that you pay on-time, and build credit while doing it. 

You might also like: Is the National Debt Relief Program Legit? The Honest Answer 

4. Save & Build Credit Builder

Ava card review reddit

Ava’s Save & Build account is a pretty typical credit builder savings account: 

  1. You make payments up to $30 into an account every month.
  2. Your payments are reported to credit bureaus as a loan payment. 
  3. You collect the funds (up to $360) at the end of the 12-month term.

By reporting payments, this should contribute to boosting your credit score…But, if you miss a payment, it will be reported as a negative item. So, be sure you are consistent enough to make the payment every month as agreed before you start the program.  

Note: Monthly payments are automated through your bank account. 

5. The Ava App

What is the best credit building app?

Manage all Ava Credit and Ava Save & Build features conveniently through the Ava mobile app. It’s a centralized platform to access and monitor your credit-building progress from your Android or iPhone. 

The app maintains a 4.8-star rating on the Google Play store and 4.9 on the Apple Store. The key complaints with the app seem to relate to the user’s lack of understanding about the offer.  

Frequently Asked Questions

Is Ava a real credit card? 

Ava is a legitimate account that reports payments to credit bureaus, but it is not a traditional credit card. There is no physical card, and payments from a  can only be made within Ava Financial’s partner network.   

Does Ava report to Experian?

Yes, Ava reports your payment history and credit activity to all three major credit bureaus, including Experian® — They first report within a week of opening an account, then within 24 hours of you making your payments. 

How do I cancel my Ava credit card?

To cancel your account contact Ava Finance directly through their customer support channels—Email support@meetava.com or call (920) 287-0282.

Conclusion: Does Ava Help Build Credit? 

Whether or not an Ava card can help you boost your credit depends on why your credit score is low in the first place, and whether or not you can make the payments on-time as agreed. 

If your score is low because you don’t have any items reporting to the credit bureaus, then, yes, you can use a product like this to boost your score over time. If you need to increase your credit utilization or add a new type of tradeline to your credit mix, the Ava card’s optimized reported utilization might actually help.  And, the 12-months savings aspect of a builder loan could be very appealing in the right situation. 

However, if your credit score is low because you have negative items reporting, a new credit account isn’t going to help much, if at all. In fact, A credit builder card won’t help you clean up your credit or make debt go away. These situations require customized credit repair solutions. 

If you need to fix your personal credit, start learning the right steps from reputable sources — The FTC’s credit counseling guide is a trustworthy place to start. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

A Complete TomoCredit Card Review: Can You Trust the Offer? 

By Joe

Tomo Credit Card Review

Each month, thousands of people search for details about the credit card that touts an offer that will help you build credit with no credit check, fees, or interest, with up to a $10K spending limit. TomoCredit’s free card almost sounds too good to be true. So, is it? 

In this credit card review, I’ll answer this and other pressing questions — everything you need to know before you apply for the Tomo offer, whether you’re a consumer or a business owner.  

Here’s what you’ll learn:

  • How Does a TomoCredit Card Work?
    • 1. It’s Free
    • 2. No Credit Score is Required
    • 3. Access World Elite Mastercard Rewards
    • 4. Earn Cashback for Referrals
  • What Do Cardholders Think About the TomoCredit Card?
  • TomoCredit Company Overview
    • How Does TomoCredit Make Money?
  • Frequently Asked Questions
  • The Verdict: Is the TomoCredit Card Trustworthy?

Now, let’s get moving. 

How Does a TomoCredit Card Work? 

In a nutshell, TomoCredit’s software connects to your bank account and analyzes spending behavior to determine your eligibility and initial credit limit (if any). The offer is designed for young adults and U.S. immigrants but not restricted to any demographic — anyone (even non-citizens) with a bank account, SSN or  ITIN, and a government-issued ID can apply without impacting their credit score. 

Now, there is a small catch: you need to pay your balance in full each week to maintain your account. It’s similar to a charge card or Net terms offer. 

TomoCredit is a legitimate company, and everything above is true. Still, there’s more to look at 

First, the card comes with a range of features and benefits. 

1. It’s Free

There is no annual fee and no interest. The truth is that they can’t competitively charge interest because no balance will be carried on the card. This restriction will probably pay off for anyone who has a hard time paying their balances in full, and it limits cardholders’ ability to rack up too much debt. 

However, you do need to have at least $800 in your bank account to qualify. 

2. No Credit Score is Required

Usually, credit card issuers rely on credit scores to determine an applicant’s creditworthiness. Lower credit scores typically leave people with credit card and loan options that have higher interest rates, lower spending limits, and fewer benefits. 

Tomo was designed for people with no credit (who the founders believe are worthy of financial options) who want to build a better life. Hence, a credit score doesn’t factor into the decision at all.  

3. Access World Elite Mastercard Rewards 

TomoCredit’s card is provided by World Elite Mastercard, hence cardholders can leverage the benefits. 

  • Earn 1% cashback on all purchases in addition to other savings and rewards. 
  • $1,000 cell phone protection – pay your phone bill with your TomoCredit card and get protection for up to $1000 with a $5 deductible. 
  • Savings on partner offers from Lyft, DoorDash, Fandango, ShopRunner, and McAfee. 
  • Exclusive offers from Priceless.com – take advantage of experiences and courses only available to Mastercard cardholders with a Priceless.com membership.
Is Tomo a Visa or Mastercard? It's a Mastercard, and cardholders can leverage exclusive offers from Priceless.com

If you do receive a TomoCredit card (or any other World Elite Mastercard), be sure to explore the benefits and take advantage of what you can to make your experience more worthwhile. 

4. Earn Cashback for Referrals

Last week, I shared an X1 Card review, and found out that they’re offering up to 10X points on referrals, and inviting some cardholders to leverage unlimited rewards. And, I know that Tomo encourages users to invite others to apply, but the public offer leaves me wondering about the details of their referral rewards offered for.

TomoCredit card login

I know that cardholders can earn 1% cashback for referring your friends. But, I still don’t know how many people you can refer in a calendar year, nor how long the 1% can be earned (is it 30 days? 90?). So, I reached out to the team for more details about the offer, and I will update this page as soon as I have it. 

What Do Cardholders Think About the TomoCredit Card? 

While the offer is fairly new, it’s been around long enough to gauge what current cardholders think about the offer. So, I’ve done some digging, and here’s what I found. 

Tomo credit card review reddit

Some cardholders have been unhappy with the lack of reporting on behalf of Tomo. I’m going to say that you should err on the side of caution here, but that it can take a bit of time and a ton of active accounts for a financial offer to establish a reporting relationship with credit bureaus. With an optimistic mindset, I believe Tomo will start reporting to all three credit bureaus as agreed soon if they haven’t already. 

Tomo credit card review Trustpilot

Next, several account holders complain about Tomo’s poor customer service and communication. Cardholders should be able to contact the phone number on the back of their card for help with their accounts. I can’t verify whether this is the case or not — if it isn’t, then it would be the first card I know of that doesn’t have a contact number. 

Tomo credit card review BBB

Finally, according to at least one user, they may factor a previous bankruptcy into denial for credit. For a company that is built to help people build credit, this doesn’t make a lot of sense to me. 

Recommended Reading: Credit Secrets Book Review: Can you Erase Bad Credit? 

TomoCredit Company Overview

TomoCredit was founded in 2018 by Kristy Kim and Dmitry Kashlev. It’s both minority-owned and woman-owned.  

Prior to founding TomoCredit, Kristy Kim (Tomo’s current CEO) worked as a Finance Counsel Member at Forbes and formerly was the Vice President of Investments for Kinetic. And, before 2018, Dmitry Kashlev (CTO) was a Senior Software Engineer with Qventus and Software Architect at Eargo. Between the two of them, they have strong financial and technology backgrounds. So, it seems like a good match for a partnership like this. 

Kristy Kim is pretty active on Reddit and has even done a couple of AMAs, where she’s answered questions, and responded to positive feedback as well as that of the trolls and naysayers — this isn’t something you see every day with founders. 

Tomo credit card Reddit - Founder, Kristy Kim

Some of Kim’s answers are perceived as elusive, but I think people should cut her some slack — some of the company’s investors probably have a hand in what she’s allowed to disclose about the offer. 

And, since they’re currently looking for a Brand Marketing Specialist to bring onto the team, I think we’ll start to see more transparency and a more organized presentation of the offer. 

How Does TomoCredit Make Money? 

Tomo’s card offer comes at no charge to consumers, so people have wondered how the company makes money. There’s one conspiracy that they’re bringing the social credit system to the US (this might not be 100% false). But, TomoCredit actually earns from interchange fees — merchants pay a small percentage to Tomo each time transactions are processed.

The interchange fee revenue model can be profitable with enough active cardholders, as we’ve seen with corporate cards from Ramp,  Brex, Stripe, and Divvy. However, TomoCredit is not profitable… yet. 

The company does plan to add auto loans and mortgages to its financial offer down the road, possibly within the next ten years. Both auto loans and mortgages are highly lucrative business models. There’s no way to know if the card offer will be a gateway to more traditional loan offers or if the loan and mortgage offers will be more innovative like the card.

Frequently Asked Questions

Does Tomo pull your credit?

No. When you apply for a TomoCredit card, you will not receive any pull to your credit (not even a soft inquiry). Instead of a credit report, the system uses information from activity in your bank account to make a creditworthiness determination. 

Is TomoCredit Card secured or unsecured?

TomoCredit offers an unsecured credit card. But, some features such as weekly payments in full are like a secured account.

Where is the Tomo card accepted?

The TomoCredit card is a Mastercard and is accepted by millions of merchants (anywhere Mastercard is accepted). 

Can you carry a balance on a Tomo card?

No, since the card is designed to help users build credit, they do not allow cardholders to carry a balance. Weekly payments made in full are required to maintain a TomoCredit card account. 

How often does Tomo report to credit bureaus?

At the end of each calendar month, TomoCredit reports cardholder payments to credit bureaus. With the claim that they are the “first card to offer expedited weekly payments,” this can be confusing. To confirm, Tomo reports each month, not each week. 

Which credit bureaus does Tomo report to?

TomoCredit reports cardholder payments to Transunion, Equifax, and Experian. Though, some cardholders have complained that the company is not reporting monthly to all three bureaus yet. Tomo does not report to business credit bureaus. 

Will TomoCredit Help You Build Business Credit?

When you apply for a Tomo Credit card, Plaid will connect the automated underwriting system to most major checking accounts, including business accounts. But, Tomo does not report on-time payments to business credit bureaus. So, accepting a Tomo credit card offer will not help you build business credit. 

Can you use a Tomo card at an ATM?

No. TomoCredit offers a credit card, not a debit card. And, they do not currently allow any cash advances or ATM withdrawals. 

Does the Tomo card have an app?

Tomo Credit Card Payments

Yes, TomoCredit has Tomo Card apps for iPhone and Android to help users conveniently activate their cards, track their account activity, and pay their credit card bills. 

How do you contact Tomo?

As of today, TomoCredit doesn’t have a live chat on their forward-facing website, so you can reach out via their website contact form, email help@tomocredit.com, or call the phone number on the back of your TomoCredit card. Current cardholders can use the in-app chat when logged in to their account.  

The Verdict: Is the TomoCredit Card Trustworthy? 

To me, there are a few warning signs with Tomo’s offer: 

  1. The advertised high ($10K) spending limit could get some people into trouble 
  2. The offer is like a secured card in that you have to pay your balance each week
  3. The company’s communication and transparency could use some work

However, the benefits seem like they might outweigh the risks for those who need to build out their credit profile. And, this is a legal offer from a legitimate company. So, if you’re in need of a credit builder option, Tomo might be a good choice. 

For more information on that topic, I recommend Credit Secrets, as it’s the best credit-building program I’ve ever heard of, and it’s absolutely inexpensive for the amount of value it provides. 

And, if you’re interested in learning how you can obtain up to $100K in business credit (that won’t show up on your personal credit report) in as few as 30 days, start here. 

Business Credit Blog

· Recommended Resources
· Using 30 Day Net Vendors to Build Your Business Credit Score
· How to Create a Business Credit “Entity” – Tutorial

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