No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
Variable APRs range from 17.74% - 31.74%
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
1% cash back on eligible purchases right away
2% - 10% cash back at select merchants
$300 - $10,000 credit limits
No credit score? No problem. If eligible, we'll create your Cash Score instead.
See if you're pre-approved within minutes without impacting your credit score.
Build credit alongside hundreds of thousands of Petal card members.
Petal reports to all 3 major credit bureaus.
No deposits required
Card issued by WebBank, Member FDIC
August 9, 2022
In this Petal® 2 “Cash Back, No Fees” Visa® Credit Card review, we’ll cover who this card is best for, the credit score requirements, fees, alternatives, and more.
(Click on a link to jump to the specific section)
Let’s dive in.
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is a great starter card for those looking for a modern, rewarding credit card while trying to build their credit score.
It does this by reporting credit activity to all three major credit bureaus - Equifax, Experian, and TransUnion
This card helps new credit cardholders become responsible credit users with its innovative feature of increasing cash back rates with increased on-time payments. The card is devoid of the fees you typically see in Fair-Good credit score offerings.
This makes it a great card for recent college graduates, young adults, or anyone that hasn’t established a positive credit history yet.
Much like the Petal 1 Credit Card, one of the main purposes behind the Petal 2 card is to help people build credit. While the Petal 1 is specifically for people with limited credit scores, the Petal 2 is primarily aimed towards those within the None - Fair credit score range.
This means you don’t need a credit history when applying for the Petal 2. Rather than basing your application on your previous credit history, the issuer factors in other considerations to arrive at a “Cash Score”. However, if you do have an existing credit score, it will be factored into the decision.
You must be a US citizen with a valid Social Security number to qualify for the Petal credit card. Petal’s card issuer, WebBank, analyzes your income, savings, and spending and factors that into their cash score. You’ll have to link your bank account to do this.
Next, let’s see what kind of fees you can expect from the Petal 2 Visa card.
As its name suggests, the Petal 2 “Cash Back, No Fees” Visa Credit Card includes no fees whatsoever.
Petal’s bank advertiser highlights how there’s no annual fee, no late fee, no foreign transaction fee, and no returned payment fee.
A returned payment fee is a charge levied by a financial institution when a customer bounces a payment.
Typically, cards like this include an annual fee that can range from $30 - $50. If you have multiple cards, this small fee can add up to hundreds of dollars in annual payments just for using a credit card.
Petal makes its money through merchant transaction fees and interest paid on revolving balances. You can avoid these interest charges by paying your credit card off in full every month. Doing so will also ensure your credit score stays healthy.
The Petal 2 comes with a 17.74% - 31.74% Variable APR on purchases. Note that balance transfers and cash advances are not supported by this card.
Frequently exceeding your credit limit will lead to bigger complications than if you had used it up to your given credit limit. In this case, you could consider one of these secured cards.
Petal card owners earn 1% cash back on eligible purchases, which increases to 1.25% after six on-time payments. After a year of on-time payments, you will earn 1.5% cash back, which is fantastic for a starter credit card.
Further, you can earn up to 10% cash back with selected merchants. You can redeem any amount of rewards for a statement credit. Statement credit is money credited back into your account.
Next, we’ll take a look at some of the highlights of the Petal 2.
Here are a few key aspects of this credit card:
If building credit is your goal then these are some cards you should consider:
The Petal 2 Visa Credit Card is an excellent starter card. It’s one of the most rewarding credit cards for those looking to make the most out of average credit or no credit score while attempting to increase it.
The Petal Visa card is beneficial for first-time card users and those who have poor credit management skills. It’s structured so that you get into the habit of becoming more responsible with your spending and repayment actions.
This card also offers a rewards program better than most of the secured and student credit cards out on the market today.
With no fees of any kind, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card should definitely be considered by people with fair - good credit scores wanting to control their finances while receiving decent incentives to do so. You can apply for this card online here.