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Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?

MaizeandBlue
Senior Contributor

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?


@Biscuits wrote:

Hello! I recently just turned 18 and am new to the whole credit card world. I don't have a credit score yet which makes it really difficult to get any card. I was told by a friend about a new credit card company called Tomo which doesn't require credit history. Anyone else have experience with them? I appreciate any insights or feedback you can share.  Also if you have any other suggestions I am open to those as well. Thank you!


For a supposed 18 year old you have a curious amount of knowledge about credit card minutiae. So much so that this thread is beginning to look like a cleverly disguised promotion for a new card.

 

@Biscuits wrote:

I use ICCU at the moment. But they only offer a secured card and I really don't want that. I've read secured cards are kind of a dieing breed in the credit card world.  


Really?  That must be news to the countless number of people currently using them to establish or rebuild credit.

Assuming ICCU is Idaho Central Credit Union or Isabella Community Credit Union, both their websites show they offer several unsecured credit cards.

 

Welcome to the forums.





Message 11 of 85
AverageJoesCredit
Mega Contributor

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?


@Biscuits wrote:

Hello! I recently just turned 18 and am new to the whole credit card world. I don't have a credit score yet which makes it really difficult to get any card. I was told by a friend about a new credit card company called Tomo which doesn't require credit history. Anyone else have experience with them? I appreciate any insights or feedback you can share.  Also if you have any other suggestions I am open to those as well. Thank you!


Do credit right with established creditors and methods, dont start off on heresay on " new" card companies. They feed off newbies like you and  if there is a mess up, you will b the the one paying for it.

Message 12 of 85
AverageJoesCredit
Mega Contributor

Re: Recently stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?


@Biscuits wrote:

I use ICCU at the moment. But they only offer a secured card and I really don't want that. I've read secured cards are kind of a dieing breed in the credit card world.  


Where and why?  Read up here and you'll understand my skepticismSmiley Wink

Message 13 of 85
Aim_High
Senior Contributor

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?


@notmyrealname23 wrote:


Well, Mint also stores your credentials for financial institutions (aka Intuit). Same with Personal Capital. Same with roboadvisors Betterment and Wealthfront when they're tracking net worth. I believe a lot of these companies are using Plaid. Lot of red flags there.

... I wouldn't blame people for not wanting to go this route at all for privacy concerns, but I pretty sure there are millions of people who've already jumped off this bridge. Smiley Happy


True, this isn't a unique business model in general and I'm aware of how data is compromised with other services.  However, just because it's becoming more commonplace and "everyone is doing it" doesn't make it a good decision. 

 

I looked into both Mint and Personal Capital many years ago and even started setting up accounts before I realized the privacy I would be giving up.   As an older consumer, I am concerned at how trustingly our younger adults are to giving Big Tech access to their private data.  It also concerns me that often, there apparently isn't even a consideration given to the privacy compromises these new tech-savvy companies ask their consumers to make.  Privacy policies aren't easy to read and even when you do (as I pointed out above), the language errs in favor of the company per their lawyers who wrote them. 

 

I just believe people need to make an informed and careful decision before they agree to the terms such as these.  There are other choices.  Buyer beware. 



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Message 14 of 85
Aim_High
Senior Contributor

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?


@MaizeandBlue wrote:

@Biscuits wrote:

Hello! I recently just turned 18 and am new to the whole credit card world. I don't have a credit score yet which makes it really difficult to get any card. I was told by a friend about a new credit card company called Tomo ...


For a supposed 18 year old you have a curious amount of knowledge about credit card minutiae. So much so that this thread is beginning to look like a cleverly disguised promotion for a new card.


+1.  Those were my thoughts exactly.  But it was worth seeing what it was all about so we are better-informed to discuss on My Fico.  Like it or not, I think we'll hear more about them.  The article I linked from American Banker sounds like Tomo is marketing heavily on university campuses.  But ... as we know, they make their money solely from interchange fees. Smiley Indifferent



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 15 of 85
Biscuits
New Member

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?

I asked them and they said they could only offer me a secured card to start. So not sure : / Someone mentioned Discover earlier which I'm investigating as we speak. Also taking a look at Petal as another person mentioned it in this thread.

As for secured cards, that was just what I read on a Reddit thread. 

I'm just trying to learn as much as possible so I can make an informed decision. The articles I've read say your first card is your most important. Is that true? 

Message 16 of 85
Biscuits
New Member

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?

Best response yet. Thank you for all the valuable feedback and explaining everything. Really did help make sense of it all. I didn't think about the data part.  

Message 17 of 85
MrCreditInternational
Frequent Contributor

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?

The reason I'm telling you to stay away from small lenders is that they usually don't have the best costumer service and not the best protection. I have deserve and my card got stolen. It's really hard with them especially their inconvenient hours.

 

Discover has double cash back for the first year which is nice.  Avoid secured cards since you're better off saving your money and getting unsecured card.

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Message 18 of 85
Biscuits
New Member

Re: Recently stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?

Thanks @SweetCreditObsession! My parents told me to start building credit asap as it is very important. I'm doing my research and trying my best to make an informed decision. 

Message 19 of 85
Citylights18
Established Contributor

Re: Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?


@Biscuits wrote:

Hello! I recently just turned 18 and am new to the whole credit card world. I don't have a credit score yet which makes it really difficult to get any card. I was told by a friend about a new credit card company called Tomo which doesn't require credit history. Anyone else have experience with them? I appreciate any insights or feedback you can share.  Also if you have any other suggestions I am open to those as well. Thank you!


What about finding a bank with a cashback debit card? That would get you into the cashback game and since your bank sounds limited you might want to consider putting your money somewhere else.

 

Another idea. Paypal is a 2% cashback card that I bet would be open to just about any applicant.

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