Tomo – How to apply

By Marcos • 12/01/2024

If you are looking for an innovative solution to build or rebuild your credit in a practical and hassle-free way, the Mastercard It’s the card you need. 

Unlike many traditional cards, it does not require a credit history for approval, making it accessible to beginners or those who have faced financial challenges in the past. 

He adopts a structure that encourages responsible financial practices. With mandatory weekly payments, this helps users keep their accounts up to date, avoiding the formation of accumulated debts.

How does the credit to Tomo work?

This card credit operates differently from other conventional ones on the market. It uses an innovative model that does not depend on checking your credit history for approval. 

Instead, the analysis is based on your financial data, such as bank transactions and monthly income, which ensures accessibility for those just starting their financial journey.

An important feature is the mandatory weekly payment. Instead of racking up a monthly bill, you pay the amounts due each week. A way that reduces the risk of debt and promotes more rigorous control 

Main benefits of Card Tomo

It is a Mastercard card that offers a combination of rewards, security, and exclusive benefits that make it an attractive choice for many consumers. 

The main highlight is the 1% cashback on all purchases made with the card, allowing you to receive part of the amount spent back. Plus, the card’s referral program is an excellent way to increase your rewards. 

When you refer friends who are approved for the card, you receive an Extra 1% cashback for three months, and you can accumulate up to an additional 20% when referring up to 20 friends.

As a Mastercard, it includes robust consumer protection benefits. Among them is the zero liability protection, which ensures that you will not be held responsible for unauthorized transactions. 

Another advantage is the Mastercard identity theft protection, a feature designed to monitor potential fraud and protect your personal information. 

And an exclusive differentiator is the Mastercard Global Service, which provides emergency assistance anywhere in the world and in any language. 

Cons of Tomo

Despite its advantages, the credit card has some limitations that must be considered. One of them is the initial credit limit, which tends to be low compared to other cards. 

Another point to be noted is the mandatory weekly payments. Although this feature helps you avoid accumulating debt, it can be inconvenient for those who prefer greater flexibility in managing their finances. 

Additionally, this card does not offer premium benefits such as mileage programs, travel protection, or additional insurance. 

APR and Fees

The cash advance fee for this card is charged when you withdraw money using your credit card and can be a percentage of the amount withdrawn or a fixed amount, depending on which is greater. 

This fee can be high, and advances usually don’t have a grace period, meaning interest starts accruing immediately.

The APR (Annual Percentage Rate) is 0%, indicating that there is no interest charged on the advance, which may be a temporary promotional offer. 

The foreign transaction fee is not applied, which can be an advantage for travelers. 

There is no set maximum late fee or it does not apply. 

For the maximum rate above the limit does not apply.

I and Maximum Penalty APR is the interest rate that may apply if you violate the terms of the contract, such as failing to pay your bill on time. A 0% APR for this penalty is unusual and may indicate a customer-friendly policy. 

As for the grace period, which is the time in which you can pay your bill without incurring interest, there is also no such period or the policy has not been specified.

How to apply for the Tomo Credit Card

Request the credit card Mastercard It’s a simple and affordable process, but there are specific steps you need to follow. 

First, you must link a bank account using the Plaid system, which is responsible for verifying your financial transactions. 

After creating your account with Plaid, the next step is to access the official website. There, you will find the request form, which must be filled in with your personal and financial information. 

After completing and submitting the form, the finance company will use the data provided via Plaid to determine your approval. The process is quick, and, if approved, you will receive the card in approximately 7 to 10 business days.

It is worth remembering that, if your application has been rejected in the past, you will not be able to request the card again.