Petal Credit Card Review of the Petal Cash Back Visa Card
Building your credit can be difficult, especially if you want to get a credit card to help. Denials can drop your credit score, but the Petal card is different. The application process is straightforward, and it comes designed to build credit. We’re going to outline the pros and cons of the Petal credit card below. This way, you can see if the Petal Visa card is a good fit for your situation or not.
Petal Credit Card – Petal Card Pros
1. Apply With No Credit History – Petal Card Application
One of the biggest benefits of the Petal card application is that it doesn’t require a credit history. You do have to be a citizen of the United States with a social security number. However, they weigh more than your credit scores with the Petal card application. The Petal credit application uses an algorithm that analyzes your savings, income, and spending to give you the best approval odds possible.
Learn How to Apply Using the Petal Card Application: CreditSoup Limited/No Credit
2. No Fees
Another huge bonus that puts the Petal credit card in a league of its own is the fact that it has no fees. This means on whatsoever. You’ll never pay an annual fee with this card. Since it’s a rewards card, this is very rare. There’s no foreign transaction fee so that you can travel with it. There is also no late payment fee associated with the Petal credit card. It’s a great way to build credit and save the most money possible.
3. Money Management Tool
A big part of building your credit is learning how to manage your money properly. With the Petal Visa card, you get all of the tools you need. Their exclusive money management tool is a free service to all Petal cardholders. So you can track and analyze where your money goes each month. In turn, this can help you manage your spending and save money.
4. Earn Cashback Rewards Using the Petal Cash Back Visa Card
Unlike some cards, the Petal cash back Visa card offers a unique system. You’ll get cash rewards for every purchase you make using the card. From your first purchase with the Petal cash back Visa card, you’ll earn 1%. However, if you make 12 on-time payments, your rate goes up. Petal will bump your cashback rewards to 1.5% on each purchase you make. If you use the card a decent amount, you can earn quite a few cashback rewards.
5. Variety of Credit Limits
The algorithm will choose your creditworthiness. However, there are several different credit limits it can assign you. What’s even better, the lowest one is $500, and the credit limits go up to $10,000. Additionally, you have chances to get a higher credit limit with responsible card use. Once you make between 6 to 12 payments on time, Petal will automatically review your account for an upgrade.
6. Excellent Travel Card
Since there is no foreign transaction fee associated with this card, its’ great for travel. The Petal credit card can save you between 1% and 3% per transaction when you travel. This is huge news for people who routinely use non-United States banks. You’re able to use your card around the world without worrying about excess fees.
7. Broad Acceptance With the Petal Visa Card
This card is a Visa, and this means that you get a broad acceptance rate. Since Visa is one of the largest credit card brands in the world, you shouldn’t have problems finding a vendor. Additionally, this wide acceptance removes the need to carry multiple cards. You can carry one or two cards with knowing that you’ll be able to have vendors accept them.
8. Roadside Assistance
If you lock yourself out of your car, break down, or need a tow, the Petal card can help. You’ll get comprehensive roadside assistance right when you need it. You do pay for every use of it. However, it’s nice to know that you’ll be able to quickly and easily source the help you need. This is especially useful for travel when you may not know the best locksmith or tow companies available.
9. Waiver for Auto Rental Collision Damage
Part of the cost of renting a vehicle comes from opting in for rental insurance. You have to have coverage in the event of an accident. If you don’t, you’ll have to pay out of pocket. So you can keep your costs down by using the Petal credit card waiver. This waiver covers vehicle damage and theft when you rent one.
10. Petal Visa Card Mobile App
The Petal mobile app allows you to keep a close eye on your account while building your credit. You can connect all of your bank accounts in the encrypted app. This allows you to monitor your spending from a dedicated account. You’ll be able to watch exactly where your money goes each month. You’ll also be able to catch any fraud or issues early.
Petal Credit Card – Petal Card Cons
1. Higher APR
At the end of the day, this is still a rewards card. On top of that, this is for rebuilding credit with lower credit scores. When you add these things together, the higher APR makes sense. You’ll get a variable APR that ranges between 15.24% and 26.24%. If you routinely carry a balance, this can add up quickly.
2. Very Basic Rewards With the Petal Cash Back Visa Card
Yes, the Petal credit card does come with some rewards. But the rewards you get are really very basic. There aren’t extra incentives with the rewards categories. You don’t get rotating categories. Additionally, it takes you a year to get to 1.5% for cashback. This means that if you spent $1,000, you’d only earn $15. That’s a lot of work for very little reward.
3. Can’t Change the Due Date Withe the Petal Credit Card
Petal’s due date is firm. You can’t change when you have to make your minimum payment by once you get the card. So this means you have to shuffle some of your finances around to make your payment. If your payment falls on a holiday or weekend, give it extra days to process. This makes it easy to make mistakes and end up with late payments.
4. No Cash Advances With the Petal Visa Card
A cash advance is a short-term loan you can get from an ATM with some credit cards. However, the Petal credit card doesn’t allow them. This means you’ll have to go through alternative routes to get the money you need. While this isn’t necessarily a deal-breaker, it is something to consider. If you have a fair credit score you can compare the Blaze MasterCard to the Petal Visa.
Petal Cash Back Visa Card Bottom Line
The Petal Visa card is a solid choice for rebuilding your credit. Since the Petal card application offers a pre-approval screening, you can see if you qualify without hurting your credit. As long as you use it responsibly, you can build your credit. If you’re in the market for a simple card with flat-rate rewards, we encourage you to check out the Petal Visa.
Interested in learning more about the Petal Card Application?: CreditSoup Limited/No Credit
Credit Fast has reviewed the best card offers for no credit or limited credit history on the market. Some of the credit card offers are from our advertising partners. So Credit Fast has objectively reviewed the features and benefits of each business credit card application. Finally, we have ranked the offers below in the order of our editor’s recommendations.