$0 Annual Fee
Variable APRs range from 22.24% - 31.74%
$300 - $5,000 credit limits
Earn a credit limit increase in as little as 6 months. Terms and conditions apply.
No credit score? No problem. If eligible, we'll create your Cash Score instead.
2% - 10% cash back at select merchants
See if you're pre-approved within minutes without impacting your credit score.
No annual or foreign transaction fees.
Build credit alongside hundreds of thousands of Petal card members.
Petal's mobile app makes it easy to manage your money, track your spending, and automate payments.
Petal reports to all 3 major credit bureaus
No deposits required
Card issued by WebBank, Member FDIC
August 9, 2022
Let’s get started.
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Let’s get started.
This card is perfect for people with a very limited credit history or a subprime credit score.
What’s a subprime credit score?
A subprime credit score typically refers to one that’s below 620.
If you’re looking for a starter card or rebuilding your credit history, the Petal® 1 "No Annual Fee" Visa® Credit Card is one of the best options in the market today.
Specifically designed for consumers looking at building credit, the Petal 1 “No Annual Fee” Visa Credit Card offers a limited cash back reward program rarely found for subprime cards.
The Petal 1 Visa Credit Card also helps you on your path to building credit by automatically reporting to each major credit bureau (TransUnion, Equifax, and Experian) every month.
Petal has designed the Petal 1 specifically as a credit building card. As a result, you don’t need a stellar credit report to apply. Plus, your credit score isn’t the only determining factor in the application process.
Based on your banking history, the card issuer also calculates a “Cash Score” to evaluate your creditworthiness that factors in your income level and your on-time bill payments. As a result, linking your bank account may be needed for pre-approval.
When applying for pre-approval, the issuer performs a soft pull (credit check) that won’t affect your credit score. The financial institution may deny your application if you don’t link your bank account.
This holistic evaluation approach is ideal for consumers with a poor or good credit report. It also provides them with a chance to qualify for a credit limit increase and better rates as they commit to good financial habits.
Oftentimes, a starter card or credit-building card will charge an annual, monthly, and foreign transaction fee. Fortunately, Petal 1 card users don’t have to pay for any of those expenses.
There’s also no cash advance fee. Generally, taking a cash advance (withdrawing cash with a credit card) incurs heavy fees with other cards, but Petal charges no fees or interest.
The only fees Petal 1 cardholders need to worry about are the $29 returned payment fee and a late fee of up to $40.
What’s a returned payment fee?
It’s a fee levied by the card issuer when your credit card bill payment bounces.
This makes the Petal 1 one of the most affordable credit-building cards available. Additionally, the limited fees that the issuer does charge are easily avoidable with responsible credit card use.
Petal 1 Credit Card comes with a regular purchase APR of 22.24% - 31.74% Variable, based on your creditworthiness.
Note that, since this card is primarily for credit newcomers, you can’t transfer existing balances onto this card. If you have a less-than-perfect credit history and were hoping to perform a balance transfer, you might have to look elsewhere.
Petal 1 Credit Card rewards
Petal cardholders have automatic access to its Petal Perks program, something rarely found in credit cards for bad credit. The cardholder can earn 2% - 10% cash back points at select merchants, redeemable for a statement credit, ACH transfer, or a check.
Users also get access to Visa partnership benefits.
Cardholders have access to theft coverage and roadside dispatch. Additionally, users can earn Uber credits through the Visa Local Offers scheme.
Next, let’s compare the pros and cons of the Petal Visa Card.
Let’s have a look at some of the noteworthy features of the Petal 1 Credit Card:
Here are some alternative cards you could consider:
Now that we’ve examined the pros and cons and looked at some alternatives, let’s have a closer look at Petal.
Petal’s mission to provide fair and transparent credit access has made the company one of the most highly funded and fastest-growing fintech companies in the United States.
The credit card company found early success with their first credit card - the Petal 2 Card - that offers larger cash back rewards that increase when you pay your balance back on time. The company released its 2nd card - the Petal 1 - for Americans with less-than-stellar credit histories. WebBank is the issuer of both cards.
It’s clear that the Petal 1 Visa Credit Card stands out among the rest. It’s rare to find a credit-building card with so many perks. With a cash back reward program, low credit score requirements, no annual fee, and access to a credit line increase, the Petal 1 is a solid choice.
If you have fair or bad credit and want an affordable way to build credit while enjoying a limited cash back rewards program, the Petal 1 Visa Credit Card is one of the best options you can find to help build credit. You can apply for this card online here.