The TomoCredit Mastercard® card gives consumers access to credit with a high limit offer at no cost and at an annual rate of 0%
SAN FRANCISCO – (BUSINESS WIRE) – TomoCredit, Inc., a new startup providing access to credit for millions with no credit history, today announced the launch of the TomoCredit Mastercard, a high limit offering that does not require a FICO application or direct or strict requests. Rather than traditional credit scoring services, TomoCredit takes advantage of open banking through Finicity, a Mastercard company, to offer quick and exclusive assessment to people with no credit history.
Free of charge and with an APR of 0%, the TomoCredit credit card, for which Mastercard is the exclusive card network, offers consumers access to credit and the possibility of effectively developing healthy financial habits. Kristy Kim, CEO of TomoCredit, built the business on her personal frustrations as a young immigrant with no credit score. In her twenties, she was turned down five times for a car loan, leaving her with no choice but to buy her first car entirely with cash. “I quickly realized that without good credit everything is much more difficult in the United States”
TomoCredit helps people build and improve credit scores by offering high limit credit cards using a proprietary underwriting system that analyzes over 50,000 dynamic data attributes including monthly income, savings, portfolio actions and spending habits. A customer can be approved for a credit limit of $ 100 to $ 10,000 after completing a simple application process that takes less than two minutes through TomoCredit’s online or mobile app.
The TomoCredit card and its corresponding mobile app and website offer an automatic payment feature to motivate customers to spend responsibly and encourage on-time payments via electronic ACH from their associated bank accounts. These timely payments help customers avoid accidental overspending.
“Young consumers have been reluctant to open new credit cards because of fears of missing payments and overspending. TomoCredit is different, we help them avoid common credit card mistakes and develop healthy financial habits, ”Kim said.
“TomoCredit addresses a critical need that so many people in the United States face with this next generation credit offering,” said Sherri Haymond, Executive Vice President, Digital Partnerships at Mastercard. “By leveraging the Mastercard network and adopting Finicity’s powerful platform, TomoCredit is reinventing the way consumers build and manage their financial habits.”
To date, TomoCredit has pre-approved more than 300,000 customers nationwide and plans to issue approximately 500,000 additional cards by the end of the year. TomoCredit’s mission is to create an “open credit” environment and help millions of underserved individuals and families. By working closely with Mastercard and Finicity, TomoCredit is able to offer inclusive credit products for the next generation of customers.
The TomoCredit mobile app is currently available on Apple iOS devices. Learn more about TomoCredit at www.tomocredit.com.