Lyft: Get a $5 credit for every three rides taken in a calendar month (capped at one per month).Cardholders will also get a $5 discount on their first order each month (valid until Septemor while supplies last)-this $5 discount requires having a DashPass membership. DoorDash: Cardholders that are new to DashPass will receive a three-month membership.Mastercard ID Theft Protection: Activate your card by registering your card number and receive alerts when suspicious activity is detected and resolutions services if needed.Also helps with reporting a lost or stolen card, obtaining an emergency card replacement or cash advance, finding an ATM and answering questions on your account. Mastercard Global Service: Get emergency assistance and in any language.Zero Liability Protection: As a Mastercard cardholder, you’re not responsible in the event that someone makes unauthorized purchases with your card.Cell Phone Protection: Pay your cell phone bill with your Tomo Card and you’re protected for up to $1,000 against damage or theft.However, the rewards program came to an end for new applicants in July 2022.Īs a World Elite Mastercard, the Tomo Card comes with the following benefits: Previously, the Tomo Credit Card * offered a flat 1% cash-back rate on every purchase. You’ll have to decide if this charge card-like structure is a fit for your spending needs or if another option might suit you better. This means, unlike a typical credit card, there’s no ability to carry a balance over a period of time. The primary difference between Tomo and other cards in this space is that it doesn’t assess any interest charges, but you’ll have to pay in full every billing cycle otherwise your account will be frozen. Like any good credit card aimed at building a stronger credit profile, Tomo reports to all three major credit bureaus. Instead, potential applicants provide Tomo with their checking account, savings account and/or asset account information, which is used to determine eligibility and, if approved, their credit limit. Tomo was created to circumvent that issue by not looking at an applicant’s credit score at all. This method meant that segments of the population like recent graduates, immigrants and others who had little-to-no credit history, but had an income, were unable to qualify for a card that fit their needs. Typically, in order to qualify for a good rate on a credit card-or many other types of loans-a credit card issuer would base its decision primarily on an applicant’s credit score rather than other factors that make up a person’s overall financial profile.
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