Application Process For Petal 2 Cash Back No Fees Visa Credit Card
The application process for the Petal® 2 Cash Back, No Fees Visa® Credit Card is much different than a traditional credit card. It asks for all of the same information such as name, birthdate, email, rent amount and income. However, it follows a user-friendly format that asks you for one piece of information at a time, rather than the boring template used by many credit card issuers.
Once you submit your application, it is analyzed along with other factors using “clever algorithms” to determine if you are approved or not. Petal’s unique technology generates a “Cash Score” for you, which pulls from your banking history based on your existing bills and your income. This makes it possible for potential cardholders with limited credit histories to qualify.
You may feel leery giving your banking information to a card company that is relatively new. However, rest assured that the Petal® 2 Cash Back, No Fees Visa® Credit Card, is safe to use. WebBank, who manages the card, is FDIC-insured, meaning that the federal government protects consumers against bank failure.
Petal 2 Cash Back No Fees Visa Credit Card Rewards
You don’t need any credit history to start earning rewards with the Petal 2 “Cash Back, No Fees” Visa Credit Card. It uses a tiered cash-back rewards program to encourage you to build good habits and make all of your monthly payments on time.
Follow these rules, and you’ll earn up to 1.5% on eligible purchases according to the following schedule:
- Upon card activation: earn 1%
- After 12 on-time monthly payments: earn up to 1.5%
Your cash back will automatically accrue and become available to redeem during the next billing period. There’s no expiration date and no limit to how much cash back you can earn as long as your account remains in good standing. You can redeem your cash back in the form of a credit statement, an ACH transfer, or a paper check when your balance hits $20 or more.
Select calculated how many rewards the average American can earn if they optimize the way they use their Petal 2 card. We worked with the location intelligence firm Esri, who provided us with a sample annual spending budget of $22,126.
The budget includes six main categories: groceries , gas , dining out , travel , utilities and general purchases .
Assuming you make each payment on time for your first twelve months, here’s a breakdown of how much cash back you could earn in every category:
Bankrates Take: Is 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. Most student cards have no annual fee and may include more cash back opportunities.
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Petal Credit Card Reviews
The Petal Credit Card, by New York based fintech startup Petal, is looking to revolutionize the credit card industry by granting credit cards to applicants who have little-to-no credit history.
To many in the banking and finance this may sound like a recipe for disaster, however the fact that Petal has managed to raise $13 million in funding could mean that the startup is onto something.
How The Petal 1 Visa Card Compares To Other Cards For No Credit History
Jumping into the world of credit can be nerve-racking for beginners. Luckily, issuers are creating more cards designed for new credit users. But which option is best for you? For newbies learning the basics, the Petal 1 Visa is a relatively low-cost option. However, you may want to consider different credit cards if youre looking for more substantial value, such as perks or cash back.
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Petal 1 No Annual Fee Visa Credit Card Vs Discover It Secured Credit Card
The Discover it® Secured Credit Card card charges no annual fee and youll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined spending each quarter and 1% on all other purchases. Opening deposits start at $200 up to a maximum of $2,500. The amount you deposit will equal your credit limit.
Best of all, Discover will automatically match the cash back youve earned at the end of your first year and review your account starting at seven months to see if you qualify to have your deposit returned to you.
Petal 2 Visa Credit Card Review
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The Petal 2 Visa Credit Card, issued by WebBank, makes it easy for credit newbies to earn rewards without any fees. This card is best for people who want to build credit and learn positive credit habits while earning some cash back along the way.
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Tomo Card Customer Reviews And Complaints
Tomo is still a relatively new credit card on the market and hasnt gathered many notable customer reviews yet based on our research. However, Tomocredit is now accredited with the Better Business Bureau and has a B rating as of September 2021.
Tomo credits rating on Trustpilot is 2.8, though theyve not yet claimed their account as of September 2021.
Is Petal 2 Cash Back No Fees Visa Credit Card A Good Card
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is a good card for anyone with a limited credit history. While it doesn’t come with some of the bells and whistles offered by other rewards cards, it has a solid cash back offer. Plus, it’s hard to argue with any card that isn’t going to charge you fees.
Disclaimer: The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author\’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
About Our Ratings
Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another.
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Is The Petal 2 Worth It
If youre a responsible spender with a limited credit history, theres not much downside to the Petal 2. Given that most credit building cards offer little to no rewards, require deposits and fees or have low credit limits, the Petal 2 is an attractive option. As long as you commit to paying your balance in full by the due date each month, this card could be a great first step on the path to building your credit.
The Petal Card is issued by WebBank, Member FDIC
What We Like About The Petal 1 Credit Card
Rewards on some purchases
Earn 2% to 10% cash back at select merchants. Many cards for consumers who need to rebuild credit dont offer rewards at all, so this is a nice feature.
Builds credit history
Petal reports to the three major credit bureaus Equifax, Experian and TransUnion. This means as long as you pay on time and keep your utilization ratio low, youll be building positive credit history and working your way to an excellent credit score.
$0 annual fee
Petal does not charge an annual fee for this card, so you dont have to pay just to carry it.
Foreign transaction fee: None
You can rest easy when traveling outside the United States with the Petal 1 Credit Card, because its foreign transaction fee is none.
Potentially high credit limit
If approved, your credit line will range from $300 to $5,000 based on creditworthiness. For a card aimed at people who are new to or rebuilding their credit, this is a potentially high credit limit.
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Petal 2 Cash Back No Fees Visa Credit Card Vs Discover It Student Cash Back
The Discover it® Student Cash Back offers 1% cash back on everyday purchases, which is equal than what the Petal® 2 Cash Back, No Fees Visa® Credit Card offers depending on how high of a cashback rate you’re currently earning with the Petal® 2 Cash Back, No Fees Visa® Credit Card. However, the Discover it® Student Cash Back offers 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases – automatically These are the categories for 2021:
Even better, for new cardmembers, the Discover it® Student Cash Back offers the following sign-up bonus: Unlimited Cashback Match only from Discover. Discover will automatically match all the cash back youve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. Theres no minimum spending or maximum rewards. Just a dollar-for-dollar match. If you manage to hit the spending maximum for each quarter’s bonus category, you can earn an outstanding rate of cash back, especially in the card’s first year. However, if your shopping does not align with these categories, it may be best to go with the Petal® 2 Cash Back, No Fees Visa® Credit Card
Who Is The Petal 2 Cash Back No Fees Visa Credit Card For
If you’re new to the world of credit cards and don’t know where to start, Petal has designed this card specially for customers like you.
The Petal® 2 Cash Back, No Fees Visa® Credit Card offers outstanding features for building credit, such as increasing cash back, high credit limits and no fees. And because Petal looks at more than just a credit score, it is possible to get the Petal card with no credit history. With Variable APR between 13.24% – 27.24% and credit limits between $300 to $10,000, the Petal® 2 Cash Back, No Fees Visa® Credit Card is the perfect place to start your credit history.
Currently however, Petal cards are only available to legal U.S. residents of the 50 states with a valid SSN or ITIN.
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Petal 2 Cash Back No Fees Visa Credit Card Vs Capital One Quicksilver Cash Rewards Credit Card
You won’t pay an annual fee or foreign transaction fees with either the Petal® 2 “Cash Back, No Fees” Visa® Credit Card or the Capital One Quicksilver Cash Rewards Credit Card. Both cards also offer unlimited 1.5% cash back although Petal requires 12 on-time monthly payments to earn that rate while Capital One offers it immediately.
Capital One Quicksilver Cash Rewards Credit Card also has an advantage over the Petal® 2 “Cash Back, No Fees” Visa® Credit Card in that it offers a welcome bonus opportunity: Spend $500 within the first three months of opening an account and you’ll get a one-time cash back bonus of $200. Capital One also extends intro 0% APR on purchases and balance transfers for the first 15 months of opening an account. The card’s standard APRs are 14.99% – 24.99% .
Another advantage of the Capital One Quicksilver Cash Rewards Credit Card is its extensive perks. In addition to allowing cardholders to redeem cash back for gift cards, statement credits or cash, the card offers extended warranty protection, 24-hour travel assistance, travel accident insurance and a host of other benefits. However, you’ll need very good or excellent credit to qualify for this card.
Earning Points & Rewards
The Petal 2 Visa Credit Card offers a tiered rewards program that incentivizes you to pay your bill on time. Youll start out earning 1% cash back on all purchases. From there, youll earn 1.25% back once you make six on-time payments, then 1.5% back once youve made 12 monthly payments on time.
When compared to other rewards cards like it, the Petal 2 fares well. Its one of the only cards for those with low or no credit scores that provides a 1.5% cash-back rate.
An on-time payment means you make at least the minimum payment by the date on your bill. To avoid debt and interest charges, pay your statement balance full each time it comes due.
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Petal 2 Cash Back No Fees Visa Credit Card: Key Features
Annual fee: $0
Rewards: Up to 1.5% cash back on all purchases. Details:
You start by earning 1% cash back on all purchases.
Make six monthly payments on time, and your rewards rate rises to 1.25% cash back.
Make 12 monthly payments on time, and the rate rises to 1.5% cash back.
Plus, up to 10% cash back when you use the card to make purchases with select merchants.
Penalty APR: None.
Foreign transaction fee: None.
Payments reported to three major credit bureaus, TransUnion, Equifax and Experian.
Account management and budgeting tools via the app or mobile-optimized website. For instance, before making your monthly payment, you can see exactly how much it will cost in interest to carry a balance if you dont pay in full.
Certain Visa partnership benefits, like auto rental collision insurance, theft coverage and roadside dispatch. Petal also supports Visa Local Offers, a way to earn Uber credits.
Is Petal Card A Scam Whats Going On With This Email From Them Im Freaked Out
I apologize if this isn’t in the right sub, but idk which one would be the right one, especially considering that if this isn’t legit my identity and financial stuff is at risk.
TLDR: I got a sketchy-sounding email from a credit card company asking for highly personal info and idk how I feel about this.
Email in question:
Some background / context: I love credit cards, increasing my credit score, and all that good stuff. I recently waited 2 years for the 5/24 rule to roll off and got accepted for the Chase Sapphire Reserve. My credit is mid 700s and after getting the CSR, I applied for like 10 other cards and approved for all except 1 . Currently up to around 27 with only ~6% total utilization.
Anyways, at this point my credit is well established over 7+ years with student loans, car loans, and the like, with no missed payment history… you get the idea.
So… I hear about this relatively new card called Petal Card. They seem like a card that’s trying to HELP people with good habit building practices, rather than charging exorbitant fees. Plus the card is vertical and looks cool as shit.
Seems worth it, so I apply, and get approved . A couple of days later I get the card in the mail and set up my account and download their app.
BUT HERE’S WHERE IT GETS WEIRD
I’ve never used their card to purchase anything
I’ve only logged in once after setting up my account
I’ve put the physical card into my bedroom in a drawer and never took it out
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Petal 1 No Annual Fee Visa Credit Card Vs Opensky Secured Visa Credit Card
If youve had a credit misstep in the form of bankruptcy within the last 48 months, you wont be eligible to apply for the Petal 1 Visa card. In this scenario your best bet may be to get a secured credit card which doesnt have a similar requirement for approval.
The OpenSky® Secured Visa® Credit Card is an option worth considering. The OpenSky Secured card doesnt require a credit check and no bank account is required. Your credit limit is equal to the amount of your deposit, starting at a minimum of $200. It does have an annual fee of $35, but the tradeoff is that theres no credit check. This might make the carrying cost worth it to you.
This Card Is Best For
- Seeks to maximize cash back earnings across spending categoriesCash Back Strategist
- Resists or refuses an annual fee on principle or due to costAnnual Fee Averse
- Motivated to create positive credit historyCredit Builder
High credit limits for a starter card
Earn up to 1.5% cash back
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How To Check For Petal 2 Card Pre
If you are pre-approved online, you will see all Petal credit cards that will give you the highest odds of approval, which may or may not include the Petal 2 Card. Once you are pre-approved, you can apply for the card of your choice directly from the pre-approval site. Simply click the button next to the card you want, and you will be directed to the card’s application page.
To respond to a Petal 2 Card pre-approved offer received in the mail, visit the website listed in your pre-approval letter and enter the invitation code included with your offer. This allows Petal to flag the application as pre-approved.
Petal 2 Card pre-approvals do not affect your credit score, as they’re done using a soft pull, or inquiry. But if you decide to submit an application for the Petal 2 Card, Petal will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.