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Petal Cards Review
Update (Feb. 19, 2021) – Both cards now have a small welcome bonus for new applicants.
- Applicants who apply for a Petal card and are approved for a Petal 1 card between February 12, 2021 thru February 28, 2021 will receive a $25 statement credit.
- Applicants who apply for a Petal card and are approved for a Petal 2 card between February 12, 2021 thru February 28, 2021 will receive a $50 statement credit.
Both offers are subject to the following terms:
- Only one (1) statement credit per account per approval.
- Statement credit automatically applied to your account within your first two billing cycles.
- Applicants who apply for a Petal card using a prescreened offer unique code are ineligible for this promotion.
- This offer is also subject to verification, Petal’s Terms of Service and your Petal Visa Credit Card Cardholder Agreement.
You can read the Petal Cards review below.
Original article (Oct. 11, 2020) – Fintech company Petal has added a new credit card to its product lineup. Both Petal cards, called simply 1 and 2, come with no annual fee. Petal 1 is designed for consumers building credit from scratch. It can also help those with bad or fair credit. On the other hand, Petal 2 caters to those with no credit or good credit. Petal reports your activity to all three major credit bureaus (Equifax, Experian, TransUnion). So by using your cards responsibly, you can improve your credit score over time.
The Petal 1 “No Annual Fee” Visa® Credit Card was launched on October 1, and Petal rebranded the previous Petal Visa card to the Petal 2 “Cash Back, No Fees” Visa® Credit Card. Let’s get into this Petal cards review and see what they offer and how they differ from each other.
Petal Credit cards are issued by WebBank, Member FDIC.
Petal 1 “No Annual Fee” Visa
The new Petal 1 is available to people with fair or even poor credit scores. It comes with no annual fee and doesn’t require a security deposit. Petal considers an applicant’s banking history alongside their credit score to assess creditworthiness. It then creates a “Cash Score” which it uses to evaluate the applicants credibility and decide whether to extend credit. The new Petal 1 card gives struggling consumers with limited alternatives, a more accessible credit option.
Petal 1 offers credit limits between $500-$5,000, and a variable APR of 19.99%-29.49%. Unlike secured credit cards, the Petal 1 Visa doesn’t require a deposit to back up the credit limit. Cardholders can also earn between 2% and 10% cash-back at partner merchants. Petal Offers near you pop up onto a map in the app to show you where you can save money. You can redeem your cash-back points in the billing period after you earn them, either for a statement credit, electronic transfer or check.
Card Details
- Up to 10% cash back from select merchants
- $500 – $5,000 credit limits
- Variable APRs 19.99 – 29.49% APR
- No foreign transaction fees.
- No deposits required
- Card issued by WebBank, Member FDIC
- Annual Fee: $0
- Credit needed: None/Bad
- LEARN MORE
Petal 2 “Cash Back, No Fees” Visa
You don’t have to have a credit history to get the Petal 2 card. But, if you have at least one loan or a credit card in your name, your credit score will be factored into your application. So you can apply with no credit or good credit to qualify for the Petal 2 card.
The Petal 2 card offers a tiered cash-back rewards program that motivates users to pay on time. You start with 1% and then move up to 1.5% on all eligible purchases if you keep your account in good standing.
Petal 2 cardholders are automatically enrolled in the Petal Perks program. That allows them to earn cash back on eligible transactions and limited-time discounts through Petal Offers.
Card Details
- Start with 1% cashback on all purchases
- Up to 1.5% cash back after making 12 on-time monthly payments
- Up to 10% cash back from select merchants
- $500 – $10,000 credit limits
- Variable APRs 12.99% – 26.99%
- No foreign transaction fees.
- No deposits required
- Card issued by WebBank, Member FDIC
- Annual Fee: $0
- Credit needed: None/Good
- LEARN MORE
Guru’s Wrap-up
Both the Petal card come with no fees. They are a good starting point for consumers with no credit. Petal 2 card requires good credit for anyone who already has a credit history. Petal 1 on the other hand, evaluates applicants based on a combination your credit score (if applicable) and a “Cash Score” based on your bank statements and bill payment history.
The Petal 2 card offers better value in the form of cashback. You can earn up to 1.5% after 12 months, plus 2% to 10% on select transactions, which is also available for Petal 1 cardholders.
Both cards are a better option than secured credit cards. With Petal cards you can earn rewards, don’t have to pay fees and don’t need a security deposit.
DannyDealGuru has partnered with CardRatings for our coverage of credit card products. DannyDealGuru and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
