The TomoCredit Mastercard® Gives Consumers Access to Credit Through High Limit Offering With No Fees and 0% APR

TomoCredit Founder and CEO Kristy Kim (Photo: Business Wire)

SAN FRANCISCO--()--TomoCredit, Inc., a new startup offering access to credit for millions without credit histories, today announced the launch of the TomoCredit Mastercard, a high limit offering that does not require FICO or soft or hard inquiries to apply. Rather than traditional credit scoring services, TomoCredit is leveraging open banking through Finicity, a Mastercard company, to offer a rapid, proprietary assessment for people with no credit history.

With no fees and 0% APR, the TomoCredit credit card, for which Mastercard is the exclusive card network, offers consumers access to credit and the ability to effectively build healthy financial habits. Kristy Kim, CEO at TomoCredit, built the company out of her personal frustrations as a young immigrant without a credit score. In her 20s, she was rejected five times for an auto loan, leaving her with no alternative but to purchase her first car entirely with cash. “I quickly realized that without good credit, everything is much more difficult in the U.S.”

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, stock portfolio, and spending patterns. A customer can get approved for a $100 to $10,000 credit limit after completing a simple application process that takes under two minutes via TomoCredit’s online or mobile app.

The TomoCredit card and its corresponding mobile app and website offers an autopay feature to motivate customers to spend responsibly and encourage on-time payments via electronic ACH from their linked bank accounts. These timely payments help customers avoid accidental over-spending.

“Young consumers have been reluctant to open new credit cards due to fears of missing payments and overspending. TomoCredit is different, we help them avoid common credit card mistakes and build healthy financial habits,” said Kim.

“TomoCredit is meeting a critical need faced by so many in the United States with this next generation credit offering,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “By tapping Mastercard’s network and embracing Finicity’s powerful platform, TomoCredit is reimagining how consumers build and manage their financial habits.”

To date, TomoCredit has pre-approved over 300,000 customers nation-wide and is planning to issue approximately 500,000 additional cards by year end. TomoCredit’s mission is to build 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 application is currently available on Apple’s iOS devices. Find out more about TomoCredit at


Madison Tirrell

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Madison Tirrell