There's a new credit card called TOMORROW where there is no credit check and it's unsecured. Based off what I've read it's connected to your checking account and can't carry a balance. So you'd basically be getting a advance every month for what you need and paid in full each month. I daughter up and there's even a wait list to get the application.
Referral links are not allowed.
Isn't it basically a bank account?
EDIT: nevermind, I was thinking of a different card. This one is a debit charge card.
Hi, @trog87 what is the name of the bank that is issuing the TOMORROW Card ? I tried to google and could not find it.
BTW, referral links are a no-no here.
I don't see the beginning of your post. It just starts from BTW, assuming there was more beforehand. I'm on my cell so can be a glitch or something. What else did you say, not sure it was deleted. And I just posted the link I was sent to share it. I'm not even signed up yet. There's a wait list.
From the Terms of Service:
"Synapse Financial, or Synapse, is our backend software provider and partner of Evolve Bank & Trust (Evolve), member FDIC."
It's a 1% cash back charge card that requires continual direct access (login credentials, not ACH) to at least one of your bank accounts. The marketed 20% cash back is from the core 1% and referral bonuses of 1% for each of 19 successful referrals (each for 3 months). Nothing prevents Tomo from making your credit limit $500 for the duration of your 20% cash back time.
"How does Tomo make money?
Tomo doesn’t charge you any interest or fees. Instead we receive a small fee from the merchant for every purchase made with your Tomo card."
Nobody is investing in a fintech company to earn credit card merchant fees. Many fintech companies are either trying to loan you money at a high interest rate or sell/rent you something at a high price. Tomo's actual business model is not yet clear (to me). Direct access to customer's bank accounts might play a role.
"Why does my card say “debit” on it?
Since we are a new type of card and the current system hasn’t got with the program yet, we are required by law to have this text on our card. This is temporary and in the near future hope to have this text removed. In the meantime, please continue to charge your card as credit."
Does this mean that the legal protections associated with credit cards don't apply?
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Until they can legally call them selves a credit card, they are clear which if the three they report to, they are clear exactly what is going on when you use it for a transaction, i am going to just wait. It seems they are experimenting with some new obscure model of "credit card" so cautious optimism is in order.