December 3, 2022
  • December 3, 2022

No credit history is needed – Forbes Advisor

By on September 17, 2021 0


Tomo credit card* vs. Petal® 2 “Cashback, no fee” Visa® credit card

The Visa® Petal® 2 “Cash Back, No Fees” credit card, which operates on the Visa network, is one of the best in this group for cards aimed at people with less than a star credit. With the Petal 2 card, you won’t have to pay an annual fee or deposit, and you’ll earn 1% cashback on qualifying purchases right away. Up to 1.5% cashback on eligible purchases after making 12 timely monthly payments. 2% – 10% cashback with selected sellers. If your credit history is just starting to bloom, the Petal 2 deserves a look.

Unlike the Tomo Card, the Petal 2 also allows you to carry the balance, but like most credit cards, you’ll pay interest for it if you carry that balance from month to month. When you apply, Petal will check your creditworthiness, if you have one. If not, they will use what they call the Cash Score, which is a Tomo-like process as they will evaluate your overall financial profile to determine if you can be approved.

Tomo credit card* compared to a secured Visa® OpenSky® credit card

The OpenSky® Secured Visa® credit card from Capital Bank can be a good option to help you get a loan. No credit pull is required, so your credit score doesn’t matter as it does with traditional credit cards. It is even possible to approve this card if you have no credit rating at all.

However, there are two potential disadvantages compared to the Tomo card. First, as a safe card, you will need to collect a security deposit starting with a minimum of $ 200 up to a potential maximum of $ 3,000 – this will be your credit limit after all. The card also has an annual fee of $ 35. You have the option to carry over your balance from month to month.

Tomo credit card* versus Deserve® EDU Mastercard for students

Deserve EDU’s free one-year card is tailored for enrolled students who are just starting to build their credit history. International students can also qualify without the need for a Social Security number. The card provides a 1% cashback reward, and as a Mastercard, it also includes an annual discount on the monthly Amazon Student Prime membership fee after spending the first $ 500 on the card and cell phone insurance for qualifying damage or theft up to $ 600, minus $ 50 subject to deduction.

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