6 Tips for First Time Credit Card Holders in 2023

It’s 2023 and you’ve finally decided to open a credit card. Congrats and welcome to the credit building family! We’re so proud of you for taking action towards your personal financial journey :)

TomoCredit wants to share with you 6 tips that will help you maximize your Tomo card:

1. Pay your bills on time. Luckily, the TomoCard has a weekly autopay feature that allows you to build credit with ease. No need to remember to pay your bills and risk late fees, we got you!

2. Check your credit score. The Tomo app dashboard displays your credit score as soon as you log into your account. We want to make it easy and convenient for you to understand your credit building journey.

3. Pay the full balance/keep balances low. Try not to keep a balance on your credit card and try to maintain a low or 0 balance. This will help build your credit fast and document healthy spending habits. With Tomo, you will never hold a balance, since our card triggers weekly autopay on the full balance.

4. Monitor fraud charges! Always make sure to keep an eye on your account and check frequently for any errors of fraudulent charges. The New Year typically brings in good deals for savings, requiring personal information and payment methods. Make sure that you are diligent and pay attention to where you shop and give your money to.

5. Be strategic with your credit card. For first time credit card holders, a good tip would be to use the card for one bucket, so you know exactly where your money is going and how much to expect when you spend. For example, delegating the card to use for groceries and gas only, or subscriptions like Netflix/Hulu only. This makes it easier for you to keep track of your spending while easily boosting your credit score.

6. Use your perks! Many people forget to take advantage of all the benefits and services that their credit cards offer. TomoCredit card is among many that offer great benefits for its members. Because Tomo is partnered with MasterCard, we offer World Elite Benefits, which include:

• 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.
• Zero Liability Protection: As a Mastercard cardholder, you’re not responsible in the event that someone makes unauthorized purchases with your card.
• Mastercard Global Service: Get emergency assistance and in any language. 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 ID Theft Protection: Activate your card by registering your card number and receive alerts when suspicious activity is detected and resolutions services if needed.
• DoorDash: Cardholders that are new to DashPass will receive a three-month membership. Cardholders will also get a $5 discount on their first order each month (valid until September 30, 2023 or while supplies last) — this $5 discount requires having a DashPass membership.
• Lyft: Get a $5 credit for every three rides taken in a calendar month (capped at one per month).
• HelloFresh: Get 5% back on each HelloFresh purchase that can be used towards a future HelloFresh order.
• ShopRunner Membership: Get free two-day shipping and free return shipping at over a hundred online retailers.
• Fandango Credit: Get $5 off your next purchase when you spend at least $20 on movie tickets or streaming with Fandango.
• World Elite Concierge: 24/7 access to a concierge service that can help you with tasks such as obtaining hard-to-find event tickets.

Hope these tips were helpful! To apply to the TomoCard, check out our website: www.tomocredit.com.