5 Things to Know About the Tomo Card

Santa Monica-based Grow Credit offers a virtual debit card that can be used to pay for services like Netflix and Spotify, and the startup claims it can improve credit scores by up to 44 points. Consumers can cancel their Grow Credit subscriptions (one of its plans is free, while the other two cost $6.99 and $12.99) through its app or website, even if they have an outstanding loan balance, according to the company. I saw online advertising of Tomo Credit Card. The webpage was not clear; it had credit card images all over and after paying over $130 I realized I signed up for credit score booster service.After hour of research I found a page that says Tomo Credit Card service is not available at the moment. But they keep advertising it.I tried to request a refund, but only receive automated email reply.

DO NOT USE THEM…This is a scam; never reported anything

You typically get the money back once you close or upgrade the card, assuming you’ve maintained a good payment history. Because there’s no hard pull on your credit report when you officially apply, it won’t impact your credit scores the way a traditional credit card application does. Instead, TomoCredit says it looks at a number of data points to determine eligibility. One of them is how much money you have and how you manage it.

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Last November, Brigit, a New York fintech that offers cash advances of up to $250 for $8.99 a month, was forced by the Federal Trade Commission (FTC) to refund $18 million to its customers. The FTC alleged that Brigit used deceptive practices in offering cash advances and made it too hard to cancel subscriptions. The Tomo Credit Card, created by San Francisco-based startup TomoCredit, was launched as a card the rise of the cryptoexchange giants for those with no credit or poor credit (FICO scores of 629 or below) who want to establish a credit history without carrying a monthly balance. Unlike a lot of cards that target a similar audience, there’s no security deposit or even an APR. You can’t carry a balance, so it’s almost impossible to get into debt trouble. The fate of the Tomo Credit Card is unclear.

I believe we need to start a class action lawsuit and I’ll be in touch with a lawyer because it’s not reporting to credit bureaus, they don’t respond, they’ve kept my money and are still trying to bill me. So I got a tomo credit card a few months ago. I had no issues it was fine then a week or two ago they started emailing me saying I owed $189. I kept trying to call and every time I called it would just go right to a voicemail saying they no longer take calls. I emailed them and sent them screenshots of my zero dollar balance just proved I don’t owe anything.

I responded to the second but received no response. It was only after charging another $49.95 that Tomoboost honored my cancellation request. Yet for all of Tomo’s purported financial success, the 30-person startup has a tiny customer service team of just five people, only three of them in the U.S. Until just last week in its app and on its website, there was no online option to cancel, even though customers have been complaining about the issue for at least a year. Kim says she was focused on the development of what she considers Tomo’s most valuable intellectual property–a proprietary credit score it has developed, which she hopes will compete with the ubiquitous FICO score.

Taking peoples money and will not respond to anyone. So thankful I came to Trustpilot first before joining Tomoboost!!!!!! Thank you everyone for all your honest reviews. Now I cannot get them to quit emailing me and will not remove me from their email list. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.

Inthe summer of 2023, 55-year-old Michigan resident Felisa Ware was hoping to improve her credit so she could buy a bigger house where her ailing mother could live with her. She signed up for a subscription service from TomoCredit. After six months, Ware decided Tomo’s “VIP” plan wasn’t worth the $34.99 a month she was paying for it. (Tomo typically charges an exorbitant $129.99 a month for this tier of service–Ware used a promotion to get a lower price.) Yet when she looked in Tomo’s app and on its website, she couldn’t find an option to cancel. Empower, a San Francisco-based company that offers cash advances and loans of up to $400 for $8 a month, can be canceled through three clicks in its app, according to CEO Warren Hogarth. Even if customers have outstanding loans or cash advances, they’re able to cancel their subscription, Hogarth says.

• Kim says she was focused on the development of what she considers Tomo’s most valuable intellectual property–a proprietary credit score it has developed, which she hopes will compete with the ubiquitous FICO score.
• 2 months ago I’ve got SMS with “final notice” but they keep coming til this day.F THIS COMPANY I hope they go broke.
• The bank that issues the card, New York-based Community Federal Savings Bank, uses this data to determine whether you’re a good candidate for the card.
• After reading the reviews on Trustpilot I now know why, nothing but scams going on here.
• Difficulty canceling isn’t the only issue unhappy Tomo customers have raised.
• It was only after charging another $49.95 that Tomoboost honored my cancellation request.

Re: TOMO CARD TOMO BOOST

But it’s worth noting that when the Tomo Credit Card first launched in 2021, it charged no such monthly fees. When the account was open they only reported to experian and transunion. We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. If they is one lesson I learned during this rebuild journey, is to stay clear of the Fintech companies since they can shut down without any real notice when funding dries up. Two of my early what is backend as a service baas no-AF Fintech cards are closed after about a year of use.

Accounts that are delinquent may still be reported to the credit bureaus and get sent to collections, Kim said. Also unlike traditional credit card issuers — which usually conduct a hard inquiry when reviewing your application — TomoCredit never runs a credit check. Instead, the company’s proprietary technology can weigh many data points, a key few being your income (or income potential) and your account balances. The bank that issues the card, New York-based Community Federal Savings Bank, uses this data to determine whether you’re a good candidate for the card. Nine-year-old digital bank Albert, whose website claims it has over 10 million users, has also seen a spike in customer complaints. Rhonda Hudgins, a 62-year-old Georgia resident, had been using the app in 2020 for its small-dollar loans and wanted to log in again last year to see if she had any money remaining in her account.

One of the two I hold is literally one of the worst cards on the market (Prosper). There is no phone number no direct email contact listed other than ”. They will not respond other than automated email responses. Cancelling is harder than getting a date as a freshman in high school with no game. Whether you want to pay less interest or earn more rewards, the right card’s out there. Just answer buy bitcoin in the uk for the best price with bittybot a few questions and we’ll narrow the search for you.

Nope ever contacted me back after 3 months now.I locked my card so they can’t charge me for credit score boasting subscription, and now I’m being spammed with SMS about my upcoming service termination. 2 months ago I’ve got SMS with “final notice” but they keep coming til this day.F THIS COMPANY I hope they go broke. In this way, the Tomo Credit Card is similar to other alternative credit cards that can use unique underwriting techniques that aren’t necessarily tied to credit scores.