Petal 1 Visa Credit Card is part of the second group: a card with a few benefits that might help you start building better credit.
This is ideal when you wouldn’t like to compromise your savings for a secured card and are looking for better limits and deals.
Find out everything you must know for this card specific for poor scores, benefits, APR, fees and application process below.
Petal 1 Visa Credit Card
$0 annual fees No foreign feesHow does Petal 1 Visa Credit Card work?
As long as you are responsible there is a real chance of getting better credit scores by using Petal 1 Visa Credit Card. This option has the objetive of being as a credit builder card. Which the name of cards for anyone who is trying to get a better financial health and score.
If you don’t have an upfront security deposit to try and get better interest rates, give Petal 1 a visit since it might be the choice for you. There are also no annual fees for you to worry about when using this card.
However, not everyone is pre-approved for this credit card. There is an application process when the financial firm looks at factors beyond your score. We’ll describe more prerequisites further into this article.
Petal 1 Visa Credit Card general details
As we mentioned before, this is a great card for those with bad credit scores. Check out the general details and benefits below:
- No security deposit necessary;
- $0 annual fees;
- $300 to $5.000 credit limit available (according to each users profile);
- APRs ranging from 20.24% to 29.74%;
- Cashback programs with 2% to 10% cashback;
- No foreign transaction fees;
- Reports to all three major credit card bureaus;
- Credit limit reviewed as soon as six months;
- Money managing through Petal’s app;
- Soft credit score check during application (doesn’t affect your score negatively);
- No bonus offer;
- No intro APR offer.
Are there hidden fees you should worry about?
Despite not having an annual fee, Petal 1 Visa Credit Card does have a few other fees users should watch out for. If you miss a monthly payment you’ll have to pay up to $40 late fee. On returned payments there is a $29 dollar fee as well.
Other than that, this is a completely fee-free credit card. Even someone who travels a lot can benefit from this, since it is a card without a foreign transaction fee. Just be mindful of your payment dates and make sure not to miss any of them.
Credit limits and APR rates
Anyone starting their financial life won’t be able to higher limits at the moment, which holds true for Petal 1 that offers a starting $300 limit. As you pay on time, spend wisely and your credit score gets better you can get your limit reviewed and, over time, reach the maximum $5000 limit. You can ask for a limit review in just six months after getting started with the card.
But don’t get too wide eyed with the possibility of high credit limits. If you fail to make a full payment and decide to hold a balance the interest rates are almost a punishment. There is a starting 20.24% APR rate for anyone with bad or poor credit.
The card issuer does, however, offer some benefits to clients with fair credit. If that’s your case, then you can get a 0% APR rate for the first 6 months holding the card. But if you’re in this group the Petal 2 card might be a better choice, since it has more rewards options.
Cons for Petal 1 Visa Credit Card
High late payment fees and APR rates aside, the main problem with using this card is that it doesn’t offer a starting bonus option. While on Petal 2 you can get some advantages with lower interest and fees for the first few months, Petal 1 has none of that.
If you’re someone with bad credit just getting started, you’ll have to keep your balance low (or non-existent) and make monthly payments at the right time to get ahead. Hopefully, this will allow you to build better credit and upgrade to more advantageous options through Petal or other credit card issuers.
Are there any rewards for the Petal 1 card?
This is a rare case of a credit card for poor credit score that offers rewards and cashback programs. Once you apply for Petal 1 you are automatically eligible for 2% to 10% cashback on select stores.
Depending on how much you spend at these stores (which you can find through the Petal app), you can get rewards as statement credit, check or ACH transfer. In the first option the amount you earned goes back to your balance as a type of “discount” on the final value.
An ACH transfer can happen between Petal and another bank. This way you can save up the money from cashbacks for other purchases.
Other benefits you might be interested in
Remember that this is mainly a credit building card. Because of that, the main benefit it can have for consumers is reporting to all three major credit bureaus in the USA. The mobile app also allows you to keep better control over your financial life.
Petal 1’s application gives detailed reports about your spending. It can even allow users to plan better, since it shows how much you’ll owe in interest rates if you decide to hold a balance instead of paying in full for a couple of months. Use everything that the app offers to your advantage to get better results.
How does the application work?
You can find out if you’re approved for this card in under 60 seconds through Petal’s own website. All a potential client must do is offer some personal information, for those without a good credit score the company will use further financial information to determine if it’s possible to get a card.
How to apply for Petal 1 Visa
To start you must visit Petal’s website and start your registration. This financial company has a unique system where it analyzes your personal information without giving you an option to choose your preferred credit card at first. After making a soft credit sco
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