Wednesday, December 1, 2021

How Good Is Petal Credit Card

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Is The Petal 2 Credit Card Legit

Petal 1 Credit Card Review: Best for Building Credit?

Yes, the Petal® 2 Cash Back, No Fees Visa® Credit Card is legit. The card is issued by WebBank, an FDIC-insured bank in Salt Lake City, Utah. Petal’s cash flow underwriting technology may take into account other factors besides an applicant’s credit history to determine eligibility. Legal U.S. residents who are at least 18 years of age may apply.

No Fees Means No Fees

If you’ve had a credit card before, you know that they can charge lots of fees.

Petal keeps things as simple as possible where fees are concerned.

There are no fees, period.

That includes no:

Note: If you go over the card’s stated limit, Petal may simply block the transaction. Or, your credit limit is increased to accommodate the transaction.

That’s a sweet incentive to consider this card over a secured card, which can charge all those fees and more.

But, you might be asking, how does Petal make money?

Petal does charge interest, but only if you carry a balance.

Note: Petal does not allow balance transfers or cash advances.

Can I Get Approved With A 580 Credit Score

For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent. If your credit score is below 580, however, you arent necessarily excluded from FHA loan eligibility.

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Petal Visa Has No Fees Whatsoever

One of the biggest ways that providers make money is via credit card fees. And there are many fee types to go around: annual fees, foreign transaction fees, late payment fees, fees for adding an authorized user and more.

The Petal Visa credit card is a truly no-fee credit card as it has absolutely no charges. This can save you hundreds of dollars yearly compared to using any other credit card.

Don’t Take Our Word For It

Is Petal A Good Credit Card : Petal raises $34 million and ...

âPetal uses a more holistic and comprehensive underwriting model to determine the creditworthiness of credit card applicants compared to traditional banks that rely predominantly on an applicantâs FICO score.â

âWhen people sign up for the card, theyâre given access to an app that advises them on money management decisionsâthe app will tell people itâs good to aim to pay off their whole credit bill at the end of the month, but will not penalize them if they canât.â

âIts âradically simplifiedâ user interface and mobile app makes it easy to manage money, track spending and build credit without thinking about it.â

âIts âradically simplifiedâ user interface and mobile app makes it easy to manage money, track spending and build credit without thinking about it.â

âWhen people sign up for the card, theyâre given access to an app that advises them on money management decisionsâthe app will tell people itâs good to aim to pay off their whole credit bill at the end of the month, but will not penalize them if they canât.â

âPetal uses a more holistic and comprehensive underwriting model to determine the creditworthiness of credit card applicants compared to traditional banks that rely predominantly on an applicantâs FICO score.â

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Re: Petal Visa Credit Card

What ideally are they looking for? Does anybody know?

i dont want Petal digging through my main banking hub. But I have a savings account that just sits and collects interest. Do they require linking to a checking account or is that good enough? I also saw some reports that they want to link to your credit cards too? Can someone confirm this. TIA.

wrote:

“Petal – So close… You were so close to finishing your application for the Petal Credit Card.

We’ve got answers. Support – 1-855-697-3825.

The Petal credit card is issued by WebBank, Member FDIC.

Petal Card Inc, MSC 166931, P.O. Box 105168, Atlanta, GA 30348-5168″

Petal Credit Card pulled my credit report and its listed as this:

Address…………….116 W HOUSTON ST, APT 2, NEW YORK, NY 10012-2594

Phone……………….1-855-203-0399

So Being Curious? ,

about “APT 2”, I looked up “Address…………….116 W HOUSTON ST, APT 2, NEW YORK, NY 10012-2594”

This is what I came up with,

wrote:

I agree with you, I saw that APT # 2 address in the Experian’s Credit Report info of PETAL and when I saw that, I quickly changed my bank password. I plan on changing my bank account info in the morning also. If I keep them, I will pay by other credit card instead much safer.

I did a little more research, seems webbank is the issuer, but Petal probably has an agreement and is marketing the card,

you can do some Google Research about The CEO and officers of Petal, I did not find anything necersarily bad.

Is Petal 2 A Good Credit Card

We like both Petal cards. They serve the community of consumers with bad and scant credit through liberal approval methods, good rewards, and just enough benefits to compete with virtually any other standard Visa credit card.

The Petal 2 card, with cash back rewards and no fees, is a fine selection for credit novices. You get a good APR without a security deposit while avoiding just about all fees. On the minus side, the card lacks balance transfer capability, cash advances, signup bonuses, and 0% introductory APR promotions.

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Bankrate Credit Card Affiliate Network

Bankrate is a credit card affiliate network that helps publishers generate affiliate revenue by promoting credit cards and other finance-related products. It works with some of the most popular U.S financial institutions. Partners include Amex, Citi, Barclaycard, Capital One, Chase, and Discover, so you will be able to promote trusted household names to your audience.

Its completely free for bloggers to join the Bankrate credit card affiliate network. Because its an affiliate network rather than a single affiliate program, you can promote several different credit cards, with all of your commission and statistics in one place. Bankrate is well known for providing excellent customer service, and will even provide you with a dedicated affiliate manager who will help you get the most out of the program.

  • Commission: Variable, depending on the credit card
  • Cookie duration: Variable

What Credit Score Is Needed For A Petal Card

Petal Card: Best Credit Card To Build Credit?

The Petal 1 is designed for consumers with fair credit to bad credit. In other words, you should consider this card if your score is 300 to 669 on the FICO score range.

The Petal 2 card serves two audiences. The first group is composed of consumers with no credit scores. Petal creates a Cash Score for these folks based on income, spending, and savings.

The second group comprises consumers who do have a credit score, which should indicate fair credit or better .

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Approval Odds Are Still Greater On A Secured Card

An applicants credit approval would still be better on a secured credit card over the Petal 1 or Petal 2 Visa credit cards. Thats because those who have hurt their credit score through situations like declaring bankruptcy or have a track record of missing their monthly payments have lower approval odds.

Even if you have decent or fair credit, your approval odds arent assured. Since Petal uses algorithms that look at a variety of personal data, having a middle of the range credit score may not be enough to get you approved.

How Do You Apply For A Petal Credit Card

Petal offers a pre-approval process that wont affect your score. Youll provide your name, address, Social Security number, estimated income and housing payment. The full application uses the same information you entered for a pre-approval, but it does require a hard inquiry that could impact your score.

Keep in mind: Getting pre-approved doesnt guarantee that youll get a final approval. If you have limited credit history, Petal may ask for your bank account information during the application to calculate its cash score. But once youre approved, your card will arrive in about six to 10 days.

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What’s The Difference Between The Petal 1 And Petal 2 Credit Cards

Both the Petal® 1 No Annual Fee Visa® Credit Card and the Petal® 2 Cash Back, No Fees Visa® Credit Card are for individuals looking to improve their credit score and provide the opportunity to earn 2% – 10% cash back on purchases made with select merchants, but there are noteworthy differences. Petal 1 is geared towards people with lower credit or cash flow, whereas Petal 2 is for individuals with higher credit or cash flow. In addition, the Petal 2 offers exclusive perks not offered by Petal 1, such as no fees at all and cash back on eligible purchases.

What We Like About The Petal 2 Credit Card

Petal is the perfect credit card for anyone looking for an ...
  • Rewards

    Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants. Some beginner credit cards dont offer rewards at all, so this is a nice feature.

  • Builds credit history

    Petal reports your activity to Equifax, Experian and TransUnion, the three major consumer credit bureaus. As long as you pay on time every month and keep your utilization rate low, you can build an excellent credit score with this card.

  • No fees whatsoever

    The annual fee is $0, the foreign transaction fee is none and there are no late fees or any other kind of fees. Even though there isnt a late fee, you should always pay on time, as late payments are still reported to the credit bureaus and payment history accounts for 35% of your FICO Score.

  • Potentially high credit limit

    If approved, the credit limit on your Petal 2 Credit Card will range from $500 to $10,000. This is a potentially high credit limit maximum especially considering the card is aimed at people who are new to credit and is based on Petals analysis of your creditworthiness once you apply.

  • Reasonable APR range

    The Petal 2 Credit Card has Variable APR between 12.99% – 26.99%. We recommend paying off your card in full every month, but if you occasionally need to roll over a balance, having a card with a lower APR can save you money. The lower end of the APR range is competitive compared to many other cards, though you should know theres no guarantee youll qualify for the lower rate until you apply.

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Why Get The Petal 2

  • You have a limited credit history, but want the flexibility of an unsecured card.
  • You have an average credit score, but good bill payment history and income.
  • You dont want to put down a deposit.
  • Youd like a chance at a higher credit limit than whats offered by most credit building cards.
  • Youre confident in your ability to pay off your balance in full each month.

Must Link Your Bank Account

The reason that Petal is able to be so welcoming of borrowers without credit:

You must provide third-party read-only access to your online bank accounts.

Basically:

Petal can see the activity and balances of your bank accounts and other loans to evaluate your credit risk.

On an ongoing basis, Petal reserves the right to change your APR and credit limits based on such activity.

Even though you may not have a history of repaying loans, you can leverage your good history:

  • Consistent income
  • Paying bills
  • Building savings

Unfortunately, customers of certain banks may not qualify for Petal if those banks do not allow such read-only access of customer account data.

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Bankrates Takeis The Petal One Visa Card Worth It

The Petal 1 No Annual Fee Visa Credit Card is a decent low-cost choice if youre dead set on an unsecured card and your credit score doesnt reflect the best financial habits yet. However, the Petal 2 Card is the superior no annual fee card if youre eligible.

You also have a few better options if you qualify for a student credit card or if you can pony up a deposit for a secured card.

What Drawbacks Do Petal Credit Cards Have

Petal Credit Card Review | my experience with Petal Card

As of December 2020, the average APR for credit cards assessed interest is 16.34%, according to Federal Reserve data. Considering that, interest rates at Petal are on the higher side.

Thats not entirely surprising since the cards are geared toward consumers who may not yet have established credit. Some of our best secured credit cards, for example, have interest rates ranging from 11.50% to 26.99%. Paying off the balance each month can help you avoid interest charges.

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How To Get A Good Apr

The best way to work toward a good APR is to keep your as high as possible. Some of the things that boost a low score include:

  • Making your payments on time, even if you can only make the minimum due on your monthly statement. Set up automatic payments if possible.
  • Donât apply for too many cards at once. When you apply, lenders will make a hard credit inquiry, which can drop your score.
  • Lower your credit utilization. If youâve used more than 30 percent of the credit limits of all your cards, your score will go down. Pay some off to keep that utilization number healthy, because itâs a big factor in credit scoring.
  • Donât close out accounts unless they have big annual fees that you canât justify. Instead, make small purchases to rarely-used cards at least quarterly to keep them active and part of your available credit.

Most importantly, monitor your credit score, so youâre not surprised! Keep an eye on the highs and lows, so you are in the best position to apply for those cards with the super low rates and great card perks, too.

If youâre new to credit or looking to build your credit, Petal can help. âLearn more about our card and its many perks today!

Petal Card issued by WebBank, Member FDIC

How Much Purchasing Power Does Petal Offer

With secured credit cards, your spending limit is usually determined by your deposit. With unsecured cards, it may hinge on your credit score.

Petal offers a generous credit limit range.

It’s possible to get a limit ranging from $500 up to $10,000 with the card. The average limit is between $2,000 and $3,000.

If you get approved for a smaller limit initially, you may not be stuck with it for long.

Petal routinely reviews cardmember’s financials.

If you’ve got a bigger balance in your bank account or your income has increased, Petal could bump up your credit limit as a reward.

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What Could Be Improved

Rewards on everyday spending: The Petal® 1 “No Annual Fee” Visa® Credit Card doesnt earn cash back anywhere except participating merchants. That limits the value you’ll get from it, especially compared to other cash back credit cards.

It’s also disappointing when you consider that the Petal® 2 “Cash Back, No Fees” Visa® Credit Card offers cash back on purchases and up to 2% to 10% back with its merchant offers. The Petal® 1 “No Annual Fee” Visa® Credit Card likely doesn’t have those same perks because it’s an option for consumers who are rebuilding credit, whereas Petal’s original card isn’t.

Petal Visa Has Attractive Credit Limits For An Unsecured Card

Card Spotlight: Petal® 2 âCash Back, No Feesâ? Visa® Credit ...

Petal Visa cards high credit limit is not typical of cards for people with little to no credit.

The $10,000 upper limit mirrors that of secured cards with the highest limits which usually state that amount as a security deposit prerequisite.

Other unsecured cards in this same category as Petals offering usually have their credit limit start at around $300 and top out at $1000.

But Petals high credit limit, coupled with the fact that no security deposit is required makes it a mouth-watering option.

Of course, this doesnt mean that youre guaranteed to get that maximum limit when you apply for the card or to even get the card at all.

Petal says they use clever algorithms that analyze a range of personal data beyond the to determine who they qualify for the card.

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Petal Visa Card Additional Benefits

  • You can earn Uber at any of the more than 1000 restaurants, coffee shops, and retailers listed by Visa Local Offers. Your must already be listed in your Uber account for you to qualify for Uber credits

  • The Petal Visa credit card is also compatible for transactions on ApplePay

  • If you pay for a car rental with your card and refuse the rental companys insurance coverage, Petal has a complimentary auto rental insurance coverage for you

  • With a Petal Visa card, you dont have to pay an annual fee or pre-enrol in emergency roadside dispatch services. When youre stuck on the road, make sure to call up dispatch services on 1-800-847-2869 at any time of the day and pay for their services using your Petal Visa card

How To Get The Most Out Of This Card

While the main benefit of the Petal 1 Card is the chance to build your credit history, take advantage of the Petal Offers feature to get more value out of your account. Make sure to check your mobile app regularly to see which offers are available, just in case there are offers that match how you spend your money. Of course, dont spend money you wouldnt normally spend just to get some money backyou may lose more than you gain if you dont pay off the purchase before interest kicks in.

Plan to pay your bill on time and in full every month to keep your balance low and establish a positive payment history for your credit score.

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