There are two Petal® credit cards: the Petal® 1 and Petal® 2. Borth cards are fairly accessible, but the Petal® 2 is slightly harder to qualify for. Learn more about what sets these cards apart, what they have to offer, and whether or not a Petal® credit card is a good borrowing option for you.
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What is a Petal® Credit Card?
A Petal® credit card is a Visa credit card issued by WebBank. The two Petal® credit cards currently available are:
Both cards have notable perks, including:
- No fees
- Cashback rewards (though Petal® 2 offers more extensive rewards than the Petal® 1)
- Credit reporting to the major credit bureaus
- Available to borrowers without credit scores
When you apply for a Petal® credit card, you’ll be assessed for both the Petal® 1 and Petal® 2. After your pre-qualification request has been reviewed, you’ll be notified whether you qualify to apply for just the Petal® 1, or the Petal® 1 and the Petal® 2.
While the Petal® 2 has slightly higher qualification standards, neither card requires a credit score to qualify. Instead, your application will be assessed on either your cash score (which is based on your income and employment) or a combination of your cash score and credit score.
What’s the Difference Between the Petal® Credit Cards?
As mentioned, the Petal® credit cards share many of their notable features. However, the Petal® 2 is harder to get and offers more favorable terms (including no fees whatsoever and higher rewards) to borrowers who are able to qualify.
Comparing Petal® Credit Cards
| Credit card name | APR | Credit limit | Fees | Rewards | Credit needed to qualify |
|---|---|---|---|---|---|
| Petal® 1 | 19.99%–29.49% (variable) | $500–$5,000 | -Late fee: Up to $40 -Returned payment fee: $29 | 2%–10% cash back on purchases from select merchants | Poor |
| Petal® 2 | 12.99%–26.99% (variable) | $300–$10,000 | None | -1%–1.25% cash back on every purchase -2%–10% cash back on purchases from select merchants | Fair |
Petal® Credit Card Important Details
For a detailed review of each Petal® credit card, click the credit card name below.
Should I Get a Petal® Credit Card?
FinanceJar verdict
You should consider getting a Petal® credit card if you have less-than-perfect credit and want an unsecured credit card with limited to no fees. Petal® cards are widely available, even to those without a credit score, making them a great choice of card for establishing a credit history.
Furthermore, the cards report to all three major credit bureaus and offer free credit scores. These are powerful tools for rebuilding credit or building your credit up from scratch.
However, there’s no guarantee as to which Petal® credit card you’ll be offered, and the Petal® 1 has less favorable terms than the Petal® 2. For example, the Petal® 1 only offers rewards on select purchases, whereas the Petal® 2 offers a flat rate of 1%–1.25% on everyday purchases.
Additionally, both cards have potentially high APR, depending on your creditworthiness as determined by WebBank.
If you’re not set on a Petal® credit card, but are worried about qualifying for new credit with a poor or limited credit history, consider these alternatives:
Who is a Petal® credit card for?
Petal® credit cards can most benefit the following types of borrowers:
- Borrowers with no credit score: As Petal® credit cards don’t require a credit score to qualify, they make a great option for borrowers who haven’t established a credit history or have recently immigrated to the US.
- People with no Social Security number: Petal® credit cards don’t require a Social Security number to qualify. You can qualify with only an ITIN (an Individual Taxpayer Identification Number, which is a number that the tax authorities issue to non-residents of the US for tax purposes).
- Anyone who hates credit card fees: Most credit cards available to borrowers with poor to fair credit come with security deposits and high fees. The Petal® credit cards stand out as having very few (Petal® 1) to absolutely no (Petal® 2) credit card fees.
FAQs About Petal® Credit Cards
1. Is Petal® credit card activity reported to the credit bureaus?
Yes, Petal® credit card activity is reported to the three major credit bureaus: Equifax, Experian, and TransUnion.
Credit reporting is a major factor in building up your credit score, as it helps establish a credit history. Especially for those who have not yet established credit, the fact that Petal® reports to all three major bureaus could be a huge benefit.
As your borrowing activity (such as balances, late payments, penalties, etc.) will be reported monthly, make sure you meet your minimum monthly payments on time to ensure your credit score improves rather than suffers.
2. How do I apply for a Petal® credit card?
You can apply for a Petal® credit card online. First, you need to go through the pre-approval process, which only takes a few minutes and won’t affect your credit score.
Next, your pre-approval request will determine whether you can apply for only the Petal® 1 or choose between the Petal® 1 and Petal® 2. If you pre-qualify for both cards, we highly recommend formally applying for the Petal® 2.
Finally, submit a formal application, which should be a quick and easy process. Keep in mind that while the pre-approval step won’t affect your credit score, the formal application will likely result in a hard inquiry.
3. Where can I use my Petal® credit card?
You can use your Petal® credit card wherever Visa is accepted. As Visa is widely used both in and outside of the US, Petal® credit cards are great options for frequent travelers abroad (especially considering the lack of foreign transaction fees).
4. How do I pay my Petal® credit card bill?
You can pay your Petal® credit card bill in any of the following ways:
- Online: By logging into your Petal Dashboard.
- Over the phone: By calling (855) 697-3825
- By mail: By mailing a check*
*Mail checks to the following address (with the full account holder name and account number written on the back and with the statement coupon for the bill in question):
Petal
P.O. Box 1150
New York, NY 10008-1150
