Petal® 2 Visa® Credit Card full review
Take a look at our Petal® 2 Visa® Credit Card review if you need a card to help you continue rebuilding your credit.
Everything You Need to Know About the Petal® 2 Visa® Credit Card
If you’re looking for a credit card that can help you build your credit history without incurring fees, the Petal® 2 “Cash Back, No Costs” Visa® Credit Card is the ideal choice. Unlike many starter cards, this card does not have an annual fee or require a security deposit. Additionally, Petal’s issuing bank, WebBank, takes into account factors beyond just the traditional FICO scores when assessing creditworthiness. The bank uses an algorithm that considers factors such as spending, savings, and income. Even better, the Petal® 2 card offers a cash-back rewards program similar to those offered by cards for individuals with good to exceptional credit. This means you can develop your credit while simultaneously earning rewards for your responsible financial behavior. So keep reading to learn more about this card that could be the next addition to your wallet.
How Does the Petal® 2 Visa® Credit Card Work?
If you’re building a fair credit history, consider the Petal® 2 credit card, which has no annual fee. This card is unique among unsecured credit cards designed to help people build credit because it not only has no annual fee but also offers the potential to earn up to 1.5% cash back. The Petal® 2 card’s rewards program encourages responsible financial behavior. After making 12 on-time monthly payments, you’ll earn up to 1.5% cash back on qualifying purchases. You’ll immediately start earning 1% cash back on eligible purchases and can earn between 2% and 10% cash back at specific retailers. However, it’s important to note that you won’t be eligible for a Petal card if you’ve declared bankruptcy within the last 48 months. Additionally, Petal states that if you were unaware of this regulation and were rejected, you must wait at least 30 days before reapplying. But now that you know about it, this thorn isn’t likely to hurt you. If your credit history is nonexistent rather than damaged, you’ll need to be willing to allow Petal to link to your primary bank account to provide more information about your payment history. While there are cards that don’t require this level of access, it’s a common practice among issuers that offer credit to individuals who are just starting to build a credit score.
Petal® 2 Visa® Credit Card Benefits
Good for Building Credit
The Petal® 2 card reports your usage to all three major credit bureaus. This means that as you make on-time payments and manage your debts responsibly, you can improve your credit score and earn more cash-back rewards. Additionally, Petal’s mobile app allows you to manage your finances and provides a free credit score to help you monitor your progress.
No Fees at All
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card lives up to its name by not charging cardholders any fees whatsoever. There is no annual fee, late fee, international transaction fee, or any other fees. Even if you make a late payment, you won’t incur a penalty APR (although late payments can still affect your credit score). The company makes money through merchant transaction fees and interest on revolving balances. By paying your balance in full each month, you can avoid interest charges and maintain strong credit ratings as long as you make your payments on time.
Cashback
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card offers a maximum cash-back rate of 1.5%, which is comparable to the ongoing rates of established cards like the Capital One Quicksilver Cash Rewards Credit Card and the Chase Freedom Unlimited®. Even the base rate of 1% is better than what most starter cards offer, although it takes 12 on-time payments to reach the top rate.
How to Apply for the Petal® 2 Visa® Credit Card
If you’re interested in applying for the Petal® 2 Visa® Credit Card, here’s how you can do it:
