Petal 1 Visa Credit Card Review: Qualify Without Credit History

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The Petal® 1 “No Annual Price” Visa® Credit score Card issued by WebBank, is an possibility for these seeking to construct their credit score historical past. It is intently paired with the Petal app to assist people set month-to-month budgets, discover accessible cash-back offers, and make on-time funds. Nonetheless, if you happen to’ve already established good credit score, this might not be the cardboard for you. 

Evaluation: Is the Petal 1 Visa bank card the perfect card for you?

The Petal 1 Visa Credit score Card, is designed for these with honest, restricted, and even no credit score historical past. Like most bank cards for honest credit score, it does not present a welcome bonus supply or introductory APR. 

The cardboard earns 2% to 10% money again, however solely at choose retailers, so cardholders might want to preserve observe of eligible retailers by the Petal app as a way to earn rewards after they spend. You will not earn any rewards on different purchases. Plus, rewards charges differ primarily based on the service provider, which is a draw back if you happen to’re on the lookout for a constant return in your spending. 

The common APR price is 25.24% – 34.74% Variable, so it is not a sensible choice if you happen to’re planning to hold a steadiness or on the lookout for a low-interest bank card.

That mentioned, what makes this card interesting is that these with honest or no credit score might qualify. If you do not have a credit score rating, you might be able to join your banking historical past throughout your utility, for a “Money Rating” to find out your creditworthiness. Equally, in contrast to secured playing cards that are additionally geared towards these with honest credit score, you do not have to place down a safety deposit. As a substitute, it can save you your cash and deal with constructing your credit score. It’s also possible to see which Petal card is finest for you with out impacting your credit score rating. 

If accepted for the Petal 1 Visa Credit score Card, cardmembers could be eligible for the Petal’s Leap program, designed to show members how one can be financially conscious and accountable. You may obtain a beginning credit score restrict of $300 to $5,000 (primarily based on creditworthiness), which is considerably larger than most different starter bank cards just like the Uncover it® Secured Credit score Card, which has a max credit score restrict of $2,500. 

You may additionally qualify for a credit score restrict enhance in as little as six months by Leap, however solely after finishing two objectives:

• You will need to pay at the least your minimal fee or 15% of your month-to-month assertion steadiness (whichever is larger) on time for six consecutive billing cycles (Petal calls this a “fee streak”)
• You will need to not let your VantageScore drop 50 or extra factors beneath your Leap credit score rating objective (additionally for six consecutive billing cycles). If you do not have a VantageScore, you may nonetheless be capable to progress towards finishing the second objective. Your VantageScore will sometimes be added to your Leap dashboard inside three months of normal funds.

That mentioned, the present Petal coverage solely offers a credit score restrict enhance as soon as beneath the Leap program.  

The Petal 1 Visa Credit score Card has respectable redemption choices, however restricted advantages. If you need a starter bank card with extra advantages, the Uncover it® Secured Credit score Card has extra perks like money again on all purchases (not simply choose retailers). The Uncover Cashback Match program can even match all of the money again you’ve got earned after your first yr.

One other nice starter card is the Capital One QuicksilverOne Money Rewards Credit score Card which earns cardholders 5% money again on accommodations and rental vehicles booked by Capital One Journey, and 1.5% money again on all different purchases. The cardboard does not cost international transaction charges, however there is a $39 annual payment. 

Tips on how to earn rewards with Petal 1 Visa bank card

The Petal 1 Visa Credit score Card earns between 2% – 10% money again (referred to as Petal Card Presents or Service provider Presents) with no cap, however solely at qualifying retailers — not all purchases are eligible for rewards. Service provider Presents will mechanically be loaded to your account, and earned rewards must be added to your Money Again Pockets throughout your subsequent billing cycle. 

Sadly, discovering which retailers are eligible for rewards is usually a trouble as the one solution to entry the collaborating service provider checklist is thru the Petal app, which means that until you have already got a Petal card you will not know what you are signing up for. Should you do have a Petal card, yow will discover the present checklist of collaborating retailers on the Perks web page of your Petal account both on-line or within the app. 

The Petal 1 bank card is partnered with Dosh, a third-party supplier, for reductions, credit, and different companies associated to Petal Card Presents. Dosh at the moment companions with over 10,000 manufacturers (like Walmart, Instacart, Pizza Hut, and Disney+), however which of those companions applies to the Petal 1 Visa Credit score Card is just not clear. This, mixed with the very fact the Petal website is difficult to navigate, makes it considerably troublesome for people to evaluate whether or not or not the cardboard is value it primarily based on their spending habits.

Tips on how to use Petal 1 bank card rewards

Your rewards are redeemable as soon as they pop up in your Money Again Pockets. You possibly can redeem rewards as a press release credit score as much as your present steadiness with no minimal redemption requirement. 

On the Perks web page you possibly can entry your Money Again Pockets, Lifetime Money Again, Pending Money Again, and Lively Money Again rewards. To redeem as a press release credit score, go to the Perks web page beneath your Petal account and click on “redeem” to enter your required quantity.   

You possibly can redeem your money again as an ACH switch or test, however you possibly can solely request to redeem quantities equal to $20 or extra.

Have in mind, that in case your account is ever demoted from Good Standing, whatever the motive, you may be unable to redeem rewards. Additionally, rewards are non-transferable and may solely be redeemed by the account holder.

Petal 1 Visa card advantages and options

The Petal cellular app

One of the substantial options of the Petal 1 Visa Credit score Card is the Petal App which supplies you entry to your Petal account info multi function place. You possibly can view your account steadiness, assertion steadiness, and accessible credit score proper within the app. It’s also possible to pay your month-to-month steadiness, preserve observe of your credit score rating, and set budgets to assist develop smarter spending habits. As well as, the app can observe any subscription companies charged to your card. 

No international transaction charges

You will not get charged any international transaction charges if you use the Petal 1 Visa Credit score Card exterior of the US, which makes it a stable possibility for touring. 

AutoPay

You possibly can activate the AutoPay characteristic within the app to mechanically schedule your minimal quantity due each month. This characteristic is very useful when you have rather a lot in your plate or need assistance remembering your month-to-month due date. 

Misplaced or stolen card legal responsibility

You will not be held answerable for any unauthorized use of misplaced or stolen playing cards if you happen to name 855-697-3825 to inform Petal. You should still be answerable for unauthorized use occurring earlier than Petal is notified. 

Petal 1 bank card charges and prices

The Petal 1 Visa Credit score Card has no annual payment or international transaction charges. It does have a late fee payment of as much as $40 and returned fee payment. 

There are not any charges for money advances or steadiness transfers as a result of the cardboard does not supply these options.

Comparability: Petal 1 Visa vs different starter bank cards

Petal 1 Visa vs different cash-back bank cards

Petal 1 Visa continuously requested questions (FAQ)