Learn how to apply for the Petal® 2 Visa® Credit Card

An Overview of the Petal® 2 Visa® Credit Card

If you have fair credit and are looking to establish a credit history, the Petal 2 credit card may be a good option for you. Not only does it have no annual fee, but it also offers up to 1.5% cash back, making it a unique choice among unsecured credit cards designed to help build credit.

The rewards program for the Petal 2 card encourages responsible financial behavior. After making 12 timely monthly payments, you can earn up to 1.5% cash back on qualified purchases. Additionally, you’ll receive 1% cash back on qualifying purchases right away, and can earn between 2% and 10% cash back at select stores.

However, it’s worth noting that if you have filed for bankruptcy within the past 48 months, you will not be eligible for a Petal card. Additionally, if you were denied a Petal card and were unaware of this rule, you must wait at least 30 days before reapplying.

If your credit history is either damaged or nonexistent, you may be required to grant Petal access to your primary bank account. This allows them to assess your payment history, a common practice among issuers offering credit to those who are new to building credit.

Eligibility for the Petal® 2 Visa® Credit Card

In order to be eligible for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card, you must be a resident of the United States and have a valid Social Security number or individual taxpayer identification number. Petal’s issuing bank may also take other factors into consideration in addition to your credit scores. This includes your income, savings, and spending, which can be assessed using an algorithm. To provide this data, you’ll need to link your bank account. However, rest assured that Petal’s website confirms your login information will not be saved and the access will be read-only.

How to Apply for the Petal® 2 Visa® Credit Card

Petal aims to simplify and streamline the approval process. If you don’t have a credit history, you can link your bank accounts during the application process after providing some basic information and setting up an online account on the Petal website. Petal uses information from your banking transactions to determine your approval likelihood. You can even use Petal’s pre-approval service to gauge your chances without impacting your credit score.

Is the Petal® 2 Visa® Credit Card Worth It?

When compared to other options for individuals with fair credit, the Petal 2 card stands out for its lack of annual and account fees, potential for a generous rewards structure, and the opportunity to qualify for a lower APR than many credit cards aimed at those working on improving their credit.

Petal® 2 Visa® Credit Card vs Petal® 1 Visa® Credit Card

If you’re concerned about your eligibility for the Petal 2 Card, you may want to consider the Petal 1 Card offered by WebBank. While it also has no annual fee, it is designed for individuals with poor to fair credit. Unlike the Petal 2 Card, the Petal 1 Card does come with late or returned payment fees. However, it does not offer ongoing benefits. You can still take advantage of Petal Offers, which provide cash back ranging from 2% to 10% at select stores.

Benefits of the Petal® 2 Visa® Credit Card

• No fees, including annual fees, foreign transaction fees, late fees, and over-limit charges
• No security deposit required
• No credit history necessary

Benefits of the Petal® 1 Visa® Credit Card

• No annual fee
• Available to individuals with poor or limited credit
• No foreign transaction fees
• Payment information reported to the three main credit bureaus

How to Apply for the Petal® 1 Visa® Credit Card

If you believe the Petal 1 Card is the right choice for you, follow these steps to apply for the Petal® 1 Visa® Credit Card.

Written by

Claire Harrison